Company registration number SC732022 (Scotland)
BFB PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BFB PROPERTY LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
BFB PROPERTY LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BFB PROPERTY LTD FOR THE PERIOD ENDED 31 MAY 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BFB Property Ltd for the period ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of BFB Property Ltd, as a body, in accordance with the terms of our engagement letter dated 9 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of BFB Property Ltd and state those matters that we have agreed to state to the board of directors of BFB Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BFB Property Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that BFB Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BFB Property Ltd. You consider that BFB Property Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of BFB Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Azets
21 February 2024
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
BFB PROPERTY LTD
BALANCE SHEET
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2023
Notes
£
£
Fixed assets
Investment property
3
1,067,988
Current assets
Debtors
4
2,610
Cash at bank and in hand
1
2,611
Creditors: amounts falling due within one year
5
(1,040,261)
Net current liabilities
(1,037,650)
Net assets
30,338
Capital and reserves
Called up share capital
100
Profit and loss reserves
30,238
Total equity
30,338
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 period ended 31 May 2023 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Ms P M Wetzel
Director
Company Registration No. SC732022
BFB PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
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1
Accounting policies
Company information
BFB Property Limited is a private company limited by shares incorporated in Scotland. The registered office is 15 Binnie Place, Glasgow, Scotland, G40 1AW.
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 £.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment property
Investment property is included at fair value at the balance sheet date. Any surplus on revaluation is recognised in the income statement. No amortisation or depreciation is provided in respect of freehold investment properties and leasehold investment properties. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
BFB PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
1
Accounting policies
(Continued)
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Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and law that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Investment property
2023
£
Fair value
At 10 May 2022
Additions
1,067,988
At 31 May 2023
1,067,988
Investment property comprises various properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
2,610
BFB PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
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5
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
468,670
Corporation tax
7,093
Other taxation and social security
3,646
Other creditors
560,852
1,040,261
6
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
Amounts due to related parties
£
Amounts due to associated companies
568,670