Registration number:
BJP Properties Limited
for the Year Ended 31 March 2024
BJP Properties Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
BJP Properties Limited
Company Information
Director |
Mr BJ Porteous |
Company secretary |
Mrs E Porteous |
Registered office |
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Accountants |
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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.
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Edinburgh
Lothian
EH9 3DP
BJP Properties Limited
(Registration number: SC081656)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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|
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|
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Current assets |
|||
Debtors |
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|
|
Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
500 |
500 |
|
Non distributable reserve |
2,327,994 |
2,081,287 |
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Retained earnings |
3,339,089 |
3,246,896 |
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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:
• |
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• |
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
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BJP Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
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
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)
Staff numbers |
The average number of employees during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Director's remuneration |
8,400 |
8,400 |
Director's pensions (Defined contribution) |
60,000 |
36,000 |
Taxation |
Analysis of the tax charge |
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The tax charge on the profit for the year was as follows: |
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2024 |
2023 |
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£ |
£ |
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Current tax: |
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UK corporation tax |
27,026 |
31,922 |
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Deferred tax |
83,289 |
151,729 |
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110,315 |
183,651 |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 April 2023 |
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- |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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- |
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Charge for the year |
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- |
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At 31 March 2024 |
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- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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- |
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BJP Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Investment properties |
2024 |
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At 1 April |
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Additions |
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Disposals |
( |
Fair value adjustments |
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At 31 March |
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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).
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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|
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Other creditors |
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- |
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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 |
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Due after one year |
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Finance lease liabilities and hire purchase |
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- |
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)
Provision for Liabilities |
2024 |
2023 |
||||
£ |
£ |
||||
Deferred tax |
466,518 |
383,229 |
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Deferred tax |
|||||
£ |
|||||
At |
1 April 2023 |
383,229 |
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Provision during year |
83,289 |
||||
At |
31 March 2024 |
466,518 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
500 |
|
500 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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HP and finance lease liabilities |
75,948 |
- |
Current loans and borrowings
2024 |
2023 |
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Other borrowings |
|
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HP and finance lease liabilities |
11,507 |
- |
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BJP Properties Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
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Turnover |
289,014 |
294,658 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
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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 |
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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 |
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Turnover |
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Rental income from investment property |
289,014 |
294,658 |
Employment costs |
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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) |
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Establishment costs |
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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) |
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General administrative expenses |
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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 |
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Bank charges |
(82) |
(85) |
Depreciation costs |
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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 |
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Investment properties fair value adjustments |
306,130 |
396,000 |
Other interest receivable and similar income |
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Bank interest receivable |
9,993 |
446 |
Net finance income |
316,123 |
396,446 |
Profit before tax |
449,215 |
563,582 |