BJP Properties Limited SC081656 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment and management. Digita Accounts Production Advanced 6.30.9574.0 true true SC081656 2023-04-01 2024-03-31 SC081656 2024-03-31 SC081656 bus:OrdinaryShareClass1 2024-03-31 SC081656 core:CurrentFinancialInstruments 2024-03-31 SC081656 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC081656 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC081656 core:FurnitureFittingsToolsEquipment 2024-03-31 SC081656 core:MotorVehicles 2024-03-31 SC081656 bus:SmallEntities 2023-04-01 2024-03-31 SC081656 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC081656 bus:FilletedAccounts 2023-04-01 2024-03-31 SC081656 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC081656 bus:RegisteredOffice 2023-04-01 2024-03-31 SC081656 bus:CompanySecretary1 2023-04-01 2024-03-31 SC081656 bus:Director2 2023-04-01 2024-03-31 SC081656 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC081656 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC081656 bus:Agent1 2023-04-01 2024-03-31 SC081656 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC081656 core:MotorVehicles 2023-04-01 2024-03-31 SC081656 countries:Scotland 2023-04-01 2024-03-31 SC081656 2023-03-31 SC081656 core:FurnitureFittingsToolsEquipment 2023-03-31 SC081656 core:MotorVehicles 2023-03-31 SC081656 2022-04-01 2023-03-31 SC081656 2023-03-31 SC081656 bus:OrdinaryShareClass1 2023-03-31 SC081656 core:CurrentFinancialInstruments 2023-03-31 SC081656 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC081656 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC081656 core:FurnitureFittingsToolsEquipment 2023-03-31 SC081656 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC081656

BJP Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

BJP Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

Detailed Profit and Loss Account

9 to 10

 

BJP Properties Limited

Company Information

Director

Mr BJ Porteous

Company secretary

Mrs E Porteous

Registered office






Registered Number:

Lautrec
2 North Road
Dunbar
East Lothian
EH42 1AY


SC081656 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
EH9 3DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
BJP Properties Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BJP Properties Limited for the year ended 31 March 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. . Our work has been undertaken solely to prepare for your approval the financial information of BJP Properties Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland, as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that BJP Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of BJP Properties Limited. You consider that BJP Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of BJP Properties Limited. 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 accounts.

......................................

Brown, Scott & Main
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

17 September 2024

 

BJP Properties Limited

(Registration number: SC081656)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

95,852

389

Investment property

7

5,838,000

5,645,000

 

5,933,852

5,645,389

Current assets

 

Debtors

8

15,785

11,501

Cash at bank and in hand

 

315,680

100,591

 

331,465

112,092

Creditors: Amounts falling due within one year

9

(55,268)

(45,569)

Net current assets

 

276,197

66,523

Total assets less current liabilities

 

6,210,049

5,711,912

Creditors: Amounts falling due after more than one year

9

(75,948)

-

Provisions for liabilities

(466,518)

(383,229)

Net assets

 

5,667,583

5,328,683

Capital and reserves

 

Called up share capital

11

500

500

Non distributable reserve

2,327,994

2,081,287

Retained earnings

3,339,089

3,246,896

Shareholders' funds

 

5,667,583

5,328,683

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr BJ Porteous
Director

 

BJP Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Lautrec
2 North Road
Dunbar
East Lothian
EH42 1AY

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.

Basis of preparation

These Financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006 using the historical cost convention as modified by the revaluation of investment properties

The presentation currency is Sterling
 

Revenue recognition

Turnover represents the total value, excluding value added tax, of the revenue earned on rent and insurance receivable for the year. Turnover recognised in advance of the client being billed is included in debtors

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment loss. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment 15 - 25% per annum straight line
Motor vehicles 14% per annum straight line

Investment property

Investment properties are shown at fair valuation. Any aggregate surplus or deficit arising from changes in fair value during the year is recognised in the profit or loss. This is transferred, for ease of identification, to a non distributable reserve which displays the cumulative net unrealised surplus on revaluation. This transfer and the resultant balances are shown in the statement of changes in equity on page 7.

 

BJP Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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 and are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic Financial Assets
Basic financial assets, including debtors 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 value rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of 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.

 

Tax

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

The current corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Going concern

The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as the company is supported by the increasing value of its investment properties and it continues to meet its day to day commitments from working capital as they fall due. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and remains committed to funding capital commitments from personal funds if required.

Defined contribution pension obligation

The company operates a defined contribution scheme for the company’s director and pension costs charged in the financial statements represent contributions paid in the year.The assets of the scheme are held separately from those of the company in independently administered funds.

Hire purchase contracts and leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the hire purchase or finance lease creditor is included in the balance sheet as a creditor.

 

BJP Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of employees during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

629

428

Director's remuneration

8,400

8,400

Director's pensions (Defined contribution)

60,000

36,000

5

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

27,026

31,922

Deferred tax

83,289

151,729

110,315

183,651

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

2,719

-

2,719

Additions

1,637

94,455

96,092

At 31 March 2024

4,356

94,455

98,811

Depreciation

At 1 April 2023

2,330

-

2,330

Charge for the year

629

-

629

At 31 March 2024

2,959

-

2,959

Carrying amount

At 31 March 2024

1,397

94,455

95,852

At 31 March 2023

389

-

389

 

BJP Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Investment properties

2024
£

At 1 April

5,645,000

Additions

156,870

Disposals

(270,000)

Fair value adjustments

306,130

At 31 March

5,838,000


 

The valuation of investment property has been carried out by the director as of 31st March 2024. The historic cost of these properties is £3,222,091 (2023 - £3,185,200).

8

Debtors

Current

2024
£

2023
£

Trade debtors

8,796

5,405

Prepayments

6,287

5,394

Other debtors

702

702

 

15,785

11,501

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

11,536

29

Taxation and social security

 

27,026

31,922

Accruals and deferred income

 

16,143

13,618

Other creditors

 

563

-

 

55,268

45,569


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £11,507 (2023 - £Nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Finance lease liabilities and hire purchase

12

75,948

-


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £75,948 (2023 - £Nil).

 

BJP Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Provision for Liabilities

2024

2023

£

£

Deferred tax

466,518

383,229

Deferred tax

£

At

1 April 2023

383,229

Provision during year

83,289

At

31 March 2024

466,518

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

500

500

500

500

       

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

75,948

-

Current loans and borrowings

2024
£

2023
£

Other borrowings

29

29

HP and finance lease liabilities

11,507

-

11,536

29

 

BJP Properties Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
 £

2023
 £

Turnover

289,014

294,658

Gross profit (%)

100%

100%

Administrative expenses

Employment costs

80,513

56,850

Establishment costs

65,570

62,230

General administrative expenses

9,128

7,929

Finance charges

82

85

Depreciation costs

629

428

155,922

127,522

Operating profit

133,092

167,136

Gain on financial assets at fair value through profit and loss account

306,130

396,000

Other interest receivable and similar income

9,993

446

316,123

396,446

Profit before tax

449,215

563,582

 

BJP Properties Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024 (continued)

2024
 £

2023
 £

Turnover

Rental income from investment property

289,014

294,658

Employment costs

Wages and salaries (excluding directors)

(8,400)

(8,400)

Director's remuneration

(8,400)

(8,400)

Director's pensions (Defined contribution)

(60,000)

(36,000)

Travelling

(3,713)

(4,050)

(80,513)

(56,850)

Establishment costs

Factoring costs

(25,591)

(22,495)

Light, heat and power

(2,173)

(2,160)

Insurance

(8,559)

(6,757)

Repairs and maintenance

(29,247)

(30,818)

(65,570)

(62,230)

General administrative expenses

Telephone and fax

(3,410)

(2,771)

Printing, postage and stationery

(30)

-

Trade subscriptions

(97)

(75)

Motor insurance

(563)

-

Advertising

-

(100)

Entertainment

(78)

-

Accountancy fees

(4,740)

(4,380)

Legal and professional fees

(210)

(603)

(9,128)

(7,929)

Finance charges

Bank charges

(82)

(85)

Depreciation costs

Depreciation of fixtures and fittings (owned)

(629)

(428)

Operating profit

133,092

167,136

Gain/(loss) on financial assets at fair value through profit and loss account

Investment properties fair value adjustments

306,130

396,000

Other interest receivable and similar income

Bank interest receivable

9,993

446

Net finance income

316,123

396,446

Profit before tax

449,215

563,582