Company registration number 08940020 (England and Wales)
CARLY BB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CARLY BB LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CARLY BB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
4,370,000
3,915,000
Current assets
Inventories
106,218
106,218
Trade and other receivables
5
7,369,206
6,851,527
Cash at bank and in hand
90,386
143,256
7,565,810
7,101,001
Current liabilities
6
(7,843,877)
(7,843,992)
Net current liabilities
(278,067)
(742,991)
Total assets less current liabilities
4,091,933
3,172,009
Provisions for liabilities
(89,000)
(28,000)
Net assets
4,002,933
3,144,009
Equity
Called up share capital
8
452
452
Share premium account
1,259,650
1,259,650
Retained earnings
9
2,742,831
1,883,907
Total equity
4,002,933
3,144,009
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 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 year 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 13 March 2025 and are signed on its behalf by:
B Doltis
Director
Company Registration No. 08940020
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Carly BB Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the reporting date the company had net current liabilities of £278,067 (2023 - £742,991). However, as at that date £2,281,209 (2023 - £3,592,709) was due to a director who has agreed to provide such financial support as is necessary to enable the company to meet its working capital requirements for the foreseeable future. On the basis of this undertaking, it is considered appropriate to prepare the accounts on a going concern basis.true
1.3
Revenue
Revenue represents amounts receivable for rent net of VAT.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of income.
1.5
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.6
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.9
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The comparative number has been adjusted to exclude those directors who are not employed under contracts of service.
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
5,307
Depreciation and impairment
At 1 April 2023 and 31 March 2024
5,307
Carrying amount
At 31 March 2024
At 31 March 2023
4
Investment properties
2024
£
Fair value
At 1 April 2023
3,915,000
Revaluations
455,000
At 31 March 2024
4,370,000
The investment properties were valued by the director at 31 March 2024 on an open market basis by reference to market evidence of transaction prices for similar properties.
5
Trade and other receivables
2024
2023
£
£
Amounts falling due within one year:
Trade receivables
23,265
Other receivables
7,345,941
6,851,527
7,369,206
6,851,527
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Current liabilities
2024
2023
£
£
Trade payables
10,500
505
Amount owed to parent company
5,181,000
4,136,000
Amounts owed to group undertakings
210,000
-
Corporation tax
83,506
Other taxation and social security
4,415
Other payables
2,354,456
3,707,487
7,843,877
7,843,992
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
89,000
28,000
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
450
450
450
450
Ordinary A Shares of £1 each
2
2
2
2
452
452
452
452
9
Retained earnings
Non-
Distributable
distributable
Total
retained
retained
retained
earnings
earnings
earnings
£
£
£
Balance at 1 April 2023
1,850,945
32,962
1,883,907
Profit for the financial year
403,924
455,000
858,924
2,254,869
487,962
2,742,831
Deferred tax
61,000
(61,000)
-
Balance at 31 March 2024
2,315,869
426,962
2,742,831
CARLY BB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £91,550 (2023 - £7,929).
11
Related party disclosures
At the reporting date £210,000 (2023 - £nil) was due to PCB Hub Limited, a fellow subsidiary.
At the reporting date £199,218 (2023 - £199,218) was due from a connected company.
12
Parent company
MPB Holdings Limited, registered in England & Wales, was regarded as the company's parent company at the Statement of Financial Position date.
The registered office address of MPB Holdings Limited is First Floor, 5 Fleet Place, London EC4M 7RD.