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Registration number: 08326701

Bubbles Realty Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Bubbles Realty Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Bubbles Realty Ltd

(Registration number: 08326701)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

1,080,000

1,080,000

Other financial assets

6

250

250

 

1,080,250

1,080,250

Current assets

 

Debtors

7

10,718

9,969

Cash at bank and in hand

 

7,730

64,012

 

18,448

73,981

Creditors: Amounts falling due within one year

8

(505,997)

(569,314)

Net current liabilities

 

(487,549)

(495,333)

Total assets less current liabilities

 

592,701

584,917

Creditors: Amounts falling due after more than one year

8

(131,950)

(130,000)

Provisions for liabilities

(60,992)

(60,992)

Net assets

 

399,759

393,925

Capital and reserves

 

Called up share capital

100

100

Other reserves

260,023

260,023

Retained earnings

139,636

133,802

Shareholders' funds

 

399,759

393,925

For the financial year ending 31 July 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bubbles Realty Ltd

(Registration number: 08326701)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 4 November 2023 and signed on its behalf by:
 

.........................................
B M Cass
Director

 

Bubbles Realty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
7a King Street
Frome
Somerset
BA11 1BH

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable arising from the letting of the properties owned by the company in the ordinary course of the company’s activities.

Tax

The tax expense for the year comprises current tax, and is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than freehold properties, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% per annum on cost

 

Bubbles Realty Ltd

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from tenants for rent receivable in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.

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.

3

Staff numbers

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

 

Bubbles Realty Ltd

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

4

Tangible assets

Equipment
£

Total
£

Cost or valuation

At 1 August 2022

1,154

1,154

At 31 July 2023

1,154

1,154

Depreciation

At 1 August 2022

1,154

1,154

At 31 July 2023

1,154

1,154

Net book value

At 31 July 2023

-

-

5

Investment properties

2023
£

At 1 August

1,080,000

At 31 July

1,080,000

It is of the directors' belief that the investment properties are valued at a fair value.

 

Bubbles Realty Ltd

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

250

250

At 31 July 2023

250

250

Impairment

Carrying amount

At 31 July 2023

250

250

7

Debtors

2023
£

2022
£

Trade debtors

5,550

4,906

Other debtors

5,168

5,063

10,718

9,969

8

Creditors

Amounts falling due within one year

2023
£

2022
£

Trade creditors

4,890

4,890

Other creditors

499,738

561,160

Corporation tax

1,369

3,264

505,997

569,314

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

131,950

130,000

 

Bubbles Realty Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

131,950

130,000

Bank borrowings

Interest only Mortgage is denominated in £ with a nominal interest rate of 2.84%, and the final instalment is due on 28 December 2046. The carrying amount at year end is £131,950 (2022 - £130,000).

Contains fixed charge and negative pledge on 7 Bridge Court, Westbury, Wiltshire BA13 3FB.

10

Related party transactions

Summary of transactions with other related parties

Included in other creditors is the amount of £64,030 (2021 - £64,030) which relates to a loan received from another company jointly owned by the Directors.