BBM (HORTON CUM STUDLEY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
Company Registration Number: 09214342
BBM (HORTON CUM STUDLEY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
BBM (HORTON CUM STUDLEY) LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024
DIRECTORS
K E Heathcote
J M Higgs
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
The Straight Mile
Horton cum Studley
Oxford
OX33 1BF
COMPANY REGISTRATION NUMBER
09214342 England and Wales
BBM (HORTON CUM STUDLEY) LTD
BALANCE SHEET
AS AT 30 APRIL 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 3,048,056 3,048,056
Investments 6 1 1
3,048,057 3,048,057
CURRENT ASSETS
Debtors 7 274,592 275,924
CREDITORS: Amounts falling due within one year 8 3,153,350 3,152,500
NET CURRENT LIABILITIES (2,878,758) (2,876,576)
TOTAL ASSETS LESS CURRENT LIABILITIES 169,299 171,481
Provisions for liabilities and charges 55,845 55,845
NET ASSETS 113,454 115,636
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account (54,181) (51,999)
Non distributable profit and loss account 167,535 167,535
SHAREHOLDERS' FUNDS 113,454 115,636
BBM (HORTON CUM STUDLEY) LTD
BALANCE SHEET
AS AT 30 APRIL 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
K E Heathcote J M Higgs
Director Director
Date approved by the board: 31 January 2025
BBM (HORTON CUM STUDLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1 GENERAL INFORMATION
BBM (Horton cum Studley) Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Straight Mile
Horton cum Studley
Oxford
OX33 1BF
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes one of the shareholders a total of £3,150,850, which could be required for repayment without notice. The company is therefore dependent upon the continued support of this shareholder. The directors and shareholders do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Tangible fixed assets
Fixed assets are stated at fair value.
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
BBM (HORTON CUM STUDLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
BBM (HORTON CUM STUDLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
BBM (HORTON CUM STUDLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
5 TANGIBLE ASSETS
Freehold land and buildings
£
Cost
At 1 May 2023 3,048,056
At 30 April 2024 3,048,056
Net book value
At 1 May 2023 3,048,056
At 30 April 2024 3,048,056
6 FIXED ASSET INVESTMENTS
Investment in subsidiary
£
Cost
At 1 May 2023 1
At 30 April 2024 1
Net book value
At 1 May 2023 1
At 30 April 2024 1
7 DEBTORS
2024 2023
£ £
Other debtors 274,592 275,924
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 2,500 2,500
Other creditors 3,150,850 3,150,000
3,153,350 3,152,500
BBM (HORTON CUM STUDLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
9 SECURED DEBTS
K E Heathcote has a charge over the company of £100,000 which is secured on the land. There are no fixed repayment terms or interest charges.
S C Drennan, a shareholder in the company, has a charge over the company of £3,000,000 which is secured on the land. There are no fixed repayment terms or interest charges.
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 May 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 April 2024
£ £ £ £ £
K E Heathcote 3,007 7,083 3,007 - 7,083
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
11 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Horton Cum Studley Golf Ltd Subsidiary
During the year, the following transactions with related parties took place:
S C Drennan
Shareholder 2024 2023
£ £
Advances to company The shareholder has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the shareholder the following amount: 3,150,850 3,150,000
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