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Registration number: 05449058

Prepared for the registrar

BBMore Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

BBMore Ltd

(Registration number: 05449058)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

400,000

400,000

Current assets

 

Debtors

5

3,803

2,598

Cash at bank and in hand

 

20,062

6

 

23,865

2,604

Creditors: Amounts falling due within one year

6

(190,118)

(188,491)

Net current liabilities

 

(166,253)

(185,887)

Total assets less current liabilities

 

233,747

214,113

Deferred tax liabilities

 

(28,651)

(28,651)

Net assets

 

205,096

185,462

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

112,133

140,784

Profit and loss account

92,763

44,478

Shareholders' funds

 

205,096

185,462

For the financial year ending 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 


Mr K J Bell
Director

 

BBMore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the rental income received or receivable in respect of the investment property. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in the profit or loss.

 

BBMore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

BBMore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Investment Property
£

Cost or valuation

At 1 February 2022

400,000

At 31 January 2023

400,000

On 31 January 2023, the investment property was valued by the directors on an open market basis.

There has been no valuation of the investment property by an independent valuer.

The historical cost of the investment property is £259,216 (2022: £259,216).

 

5

Debtors

2023
 £

2022
 £

Trade debtors

1,350

251

Prepayments

2,453

2,347

 

3,803

2,598

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

164,096

161,096

Trade creditors

 

2,641

-

Social security and other taxes

 

2,555

1,871

Other creditors

 

12,200

12,200

Accrued expenses

 

1,311

1,236

Corporation tax liability

4,596

9,606

Deferred income

 

2,719

2,482

 

190,118

188,491

 

BBMore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

7

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

8

164,096

161,096

 

8

Related party transactions

Summary of transactions with other related parties

At 31 January 2023, the company owed £164,096 (2022 - £161,096) to the directors. The loans are interest free with no fixed terms for repayment.