Company registration number 04005019 (England and Wales)
B & G PROPERTIES (GB) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
B & G PROPERTIES (GB) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
B & G PROPERTIES (GB) LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
6,267,500
5,842,369
Current assets
Debtors
5
298,080
33,017
Cash at bank and in hand
11,711
88,160
309,791
121,177
Creditors: amounts falling due within one year
6
(379,540)
(424,565)
Net current liabilities
(69,749)
(303,388)
Total assets less current liabilities
6,197,751
5,538,981
Creditors: amounts falling due after more than one year
7
(1,268,686)
(1,242,796)
Provisions for liabilities
8
(820,975)
(553,278)
Net assets
4,108,090
3,742,907
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
4,107,890
3,742,707
Total equity
4,108,090
3,742,907

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 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

B & G PROPERTIES (GB) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2022
31 May 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
A Bacheta
Director
Company Registration No. 04005019
B & G PROPERTIES (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information

B & G Properties (GB) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

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 amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

B & G PROPERTIES (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 4 -
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.5
Taxation

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
4
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2021 and 31 May 2022
21,421
Depreciation and impairment
At 1 June 2021 and 31 May 2022
21,421
Carrying amount
At 31 May 2022
-
0
At 31 May 2021
-
0
4
Investment property
2022
£
Fair value
At 1 June 2021
5,842,369
Revaluations
425,131
At 31 May 2022
6,267,500
B & G PROPERTIES (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
4
Investment property
(Continued)
- 5 -

The fair value of the investment properties have been arrived at on the basis of valuations undertaken by the directors of the company, who have recent experience in the locations and classes of the investment properties being valued. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties and the directors consider the carrying amount of the investment properties approximates to their fair value.

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
298,080
33,017
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
68,105
113,257
Trade creditors
8,532
-
0
Corporation tax
91,491
56,600
Other taxation and social security
988
988
Other creditors
210,424
253,720
379,540
424,565
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,268,686
1,242,796

The Bank of Cyprus UK has charges against certain properties held by the Company that restrict the Company from creating further security that ranks equally or ahead of their charge.

8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
820,975
553,278

A provision has been raised to account for deferred tax on the fair value adjustment of the investment property. This has been calculated by comparing the indexed cost of the properties against the fair values of the properties and applying the corporation tax rate of 25% to the difference.

9
Related party transactions
B & G PROPERTIES (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
9
Related party transactions
(Continued)
- 6 -

At the year end, the company owed £24,991 (2021 - £32,679) to the director in respect of an interest free loan which is repayable on demand.

 

The company was owed £88,433 (2021 - £84,423) by B & G Partnership, a partnership jointly owned by G Bacheta and A Bacheta.

 

The company was owed £120,589 (2021 - £83,285) by Rocky Worldwide Limited, both companies are controlled by A Bacheta.

 

The company owed £119,253 (2021 - £132,690) to Bachetta Ltd, a company controlled by A Bacheta.

 

The company also owed £3,680 (2021 - £2,000) to Tradelink (Ilford) Limited, a company controlled by G Bacheta.

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