Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Norma Bibby 16/06/2005 13 November 2023 The principle activity of the Company during the financial year was that of property letting. SC165582 2023-06-30 SC165582 bus:Director1 2023-06-30 SC165582 2022-06-30 SC165582 core:CurrentFinancialInstruments 2023-06-30 SC165582 core:CurrentFinancialInstruments 2022-06-30 SC165582 core:ShareCapital 2023-06-30 SC165582 core:ShareCapital 2022-06-30 SC165582 core:RevaluationReserve 2023-06-30 SC165582 core:RevaluationReserve 2022-06-30 SC165582 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC165582 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC165582 core:PlantMachinery 2022-06-30 SC165582 core:ComputerEquipment 2022-06-30 SC165582 core:PlantMachinery 2023-06-30 SC165582 core:ComputerEquipment 2023-06-30 SC165582 bus:OrdinaryShareClass1 2023-06-30 SC165582 core:KeyManagementPersonnel 2023-06-30 SC165582 core:KeyManagementPersonnel 2022-06-30 SC165582 2022-07-01 2023-06-30 SC165582 bus:FilletedAccounts 2022-07-01 2023-06-30 SC165582 bus:SmallEntities 2022-07-01 2023-06-30 SC165582 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC165582 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC165582 bus:Director1 2022-07-01 2023-06-30 SC165582 core:PlantMachinery 2022-07-01 2023-06-30 SC165582 core:ComputerEquipment core:TopRangeValue 2022-07-01 2023-06-30 SC165582 2021-07-01 2022-06-30 SC165582 core:ComputerEquipment 2022-07-01 2023-06-30 SC165582 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC165582 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 SC165582 core:KeyManagementPersonnel 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC165582 (Scotland)

BIBBY PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

BIBBY PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

BIBBY PROPERTIES LTD

BALANCE SHEET

AS AT 30 JUNE 2023
BIBBY PROPERTIES LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,932 2,756
Investment property 4 364,000 335,000
365,932 337,756
Current assets
Debtors 5 0 41,851
Cash at bank and in hand 6 83,182 35,210
83,182 77,061
Creditors: amounts falling due within one year 7 ( 7,886) ( 9,974)
Net current assets 75,296 67,087
Total assets less current liabilities 441,228 404,843
Provision for liabilities ( 20,936) ( 13,892)
Net assets 420,292 390,951
Capital and reserves
Called-up share capital 8 1,000 1,000
Revaluation reserve 126,268 104,518
Profit and loss account 293,024 285,433
Total shareholders' funds 420,292 390,951

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Bibby Properties Ltd (registered number: SC165582) were approved and authorised for issue by the Director on 13 November 2023. They were signed on its behalf by:

Norma Bibby
Director
BIBBY PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
BIBBY PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bibby Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Ochil Rigg, Ruthven Street, Auchterarder, PH3 1BX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rent receivable.

Rental income is recognised on a straight line basis over the term of the lease.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 July 2022 2,517 1,821 4,338
At 30 June 2023 2,517 1,821 4,338
Accumulated depreciation
At 01 July 2022 672 910 1,582
Charge for the financial year 369 455 824
At 30 June 2023 1,041 1,365 2,406
Net book value
At 30 June 2023 1,476 456 1,932
At 30 June 2022 1,845 911 2,756

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 335,000
Fair value movement 29,000
As at 30 June 2023 364,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 June 2023 by the director. The valuation was made on an open market basis by reference to market evidence of the transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Other debtors 0 41,851

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 83,182 35,210

7. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 3,122 6,257
Other creditors 4,764 3,717
7,886 9,974

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2023 2022
£ £
Director's loan account 0 41,851

Amounts owed to director

2023 2022
£ £
Director's loan account 58 0

Advances totalling £13,352 were made to the director in this period of which interest of £625 (at an interest rate of 2%) is included. Amounts repaid by the directors in the year totals £55,261. The loan is unsecured and repayable on demand.