Company registration number SC343501 (Scotland)
BAMMA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
BAMMA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BAMMA PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,208,714
12,208,714
Investments
5
1,332,546
1,421,209
13,541,260
13,629,923
Current assets
Debtors
6
1,247,563
1,254,481
Cash at bank and in hand
3,631,838
2,975,332
4,879,401
4,229,813
Creditors: amounts falling due within one year
7
(650,941)
(655,232)
Net current assets
4,228,460
3,574,581
Total assets less current liabilities
17,769,720
17,204,504
Provisions for liabilities
(172,338)
(128,132)
Net assets
17,597,382
17,076,372
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
17,597,381
17,076,371
Total equity
17,597,382
17,076,372

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

BAMMA PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
4 October 2023
04 October 2023
2023-10-04
and are signed on its behalf by:
Alexander Thomson
Director
Company Registration No. SC343501
BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Bamma Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The principal activity of the company during the year was that of property holding and site development.

1.2
Turnover

Turnover comprises revenue by the company in respect of rental income, excluding any Value Added Tax which may be applicable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and investment property is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Listed investments are measured at fair value with changes in fair value being recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Employees

The average number of persons employed by the company during the year:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Land and investment property is not depreciated.
£
Cost
At 1 February 2022 and 31 January 2023
12,208,714
Depreciation and impairment
At 1 February 2022 and 31 January 2023
-
0
Carrying amount
At 31 January 2023
12,208,714
At 31 January 2022
12,208,714

The investment properties were revalued on 31 January 202 3 by the company directors at open market value. The original cost of the investment properties was £12,928,576.

No liability to tax would arise if the investment properties were all disposed of at the above valuation.

The investment properties are rented out under operating leases.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,332,546
1,421,209
BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2022
1,421,209
Movements
17,033
Valuation changes
(105,696)
At 31 January 2023
1,332,546
Carrying amount
At 31 January 2023
1,332,546
At 31 January 2022
1,421,209
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
243,193
264,358
Corporation tax recoverable
68,908
68,908
Amounts owed by group undertakings
1
1
Other debtors
935,461
921,214
1,247,563
1,254,481

Included within other debtors is £201,720 (2022, £207,000) being a loan to a family member of the directors. Interest is charged at commercial rates.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,157
30,643
Corporation tax
174,473
153,383
Other taxation and social security
3,446
15,720
Other creditors
463,865
455,486
650,941
655,232
8
Related party transactions

Throughout the year, the company was controlled by its directors, Mr A D Thomson and Mr D S Thomson.

BAMMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
9
Parent company

The immediate and ultimate parent company undertaking is Bamma Investments Limited, a company incorporated in Scotland.

2023-01-31 2022-02-01 false 04 October 2023 CCH Software CCH Accounts Production 2023.100 No description of principal activity Alexander Thomson Mr D S Thomson LC Secretaries Limited SC343501 2022-02-01 2023-01-31 SC343501 2023-01-31 SC343501 2022-01-31 SC343501 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC343501 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 SC343501 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 SC343501 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 SC343501 core:CurrentFinancialInstruments 2023-01-31 SC343501 core:CurrentFinancialInstruments 2022-01-31 SC343501 core:ShareCapital 2023-01-31 SC343501 core:ShareCapital 2022-01-31 SC343501 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC343501 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC343501 bus:Director1 2022-02-01 2023-01-31 SC343501 2021-02-01 2022-01-31 SC343501 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 SC343501 core:WithinOneYear 2023-01-31 SC343501 core:WithinOneYear 2022-01-31 SC343501 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC343501 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC343501 bus:FRS102 2022-02-01 2023-01-31 SC343501 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC343501 bus:Director2 2022-02-01 2023-01-31 SC343501 bus:CompanySecretary1 2022-02-01 2023-01-31 SC343501 bus:FullAccounts 2022-02-01 2023-01-31 xbrli:pure xbrli:shares iso4217:GBP