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Company registration number: 11264939







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 AUGUST 2023


60BC LIMITED






































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60BC LIMITED
REGISTERED NUMBER:11264939



STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

31 August
31 May
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,760,969
1,589,542

Cash at bank and in hand
  
10,836
9,579

  
2,771,805
1,599,121

Creditors: amounts falling due within one year
 5 
(2,462,934)
(1,240,262)

Net current assets
  
 
 
308,871
 
 
358,859

Total assets less current liabilities
  
308,871
358,859

  

Net assets
  
308,871
358,859


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
308,771
358,759

  
308,871
358,859


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Jaitej Walia
Director

Date: 21 October 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


60BC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

1.


General information

60BC  Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
During the year, the company changed its reporting period. As such these accounts represent a period of 15 months and are not directly comparable with the previous set of financials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 in the countries where the company operates and generates income.

 
2.4

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).

Page 2

 


60BC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

4.


Debtors

31 August
31 May
2023
2022
£
£


Amounts owed by group undertakings
156,000
520,932

Other debtors
104,025
25

Prepayments and accrued income
2,500,944
1,068,585

2,760,969
1,589,542



5.


Creditors: Amounts falling due within one year

31 August
31 May
2023
2022
£
£

Trade creditors
-
3,763

Corporation tax
-
70,507

Other taxation and social security
-
96,578

Other creditors
2,458,134
1,066,364

Accruals and deferred income
4,800
3,050

2,462,934
1,240,262



6.


Controlling party

The immediate and ultimate parent undertaking is JT Agro Limited, a company registered in England and Wales. The company's registered address is Lees Mill Lane, Linthwaite, Huddersfield, West Yorkshire, HD7 5QE.
JT Agro Limited prepares group financial statements, which are the largest and the smallest group financial statements within which the results of the company are included, and which are publicly available from Companies House.


7.


Related party disclosures

During the year, the company received fees of £1,432,359 (2022: £948,585) from a fellow subsidiary.
During the year, the company reimbursed registration costs of £492,215 (2022: £327,893), legal and professional fees of £318,727 (2022: £NIL)  and consultancy fees of £649,829 (2022: £245,961) to its parent undertaking.
At the year end, the company owed £2,458,134 (2022: £1,066,364) to its parent undertaking and was owed £2,656,944 (2022: £1,589,517) by a fellow subsidiary.
At the year end, the company was owed £80,000 by a fellow entity under common control.
The above transactions were carried out under normal commercial terms.

Page 3

 


60BC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 August 2023 was unqualified.

The audit report was signed on 21 October 2024 by Robin Hopkins (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 4