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Registration number: SC711888

PB Properties (Oban) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

PB Properties (Oban) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

 

PB Properties (Oban) Limited

Company Information

Directors

Mr Bryan Livingston

Mr Paul Sloan

Registered office

Ranald Hotel
41 Stevenson Street
Oban
Argyll
Argyll
PA34 5NA

Accountants

Jack MacDonald & Co Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

PB Properties (Oban) Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Bryan Livingston

Mr Paul Sloan

Principal activity

The principal activity of the company is provision of self catering accommodation

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr Bryan Livingston
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PB Properties (Oban) Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PB Properties (Oban) Limited for the year ended 31 October 2024 as set out on pages 4 to 11 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of PB Properties (Oban) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PB Properties (Oban) Limited and state those matters that we have agreed to state to the Board of Directors of PB Properties (Oban) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PB Properties (Oban) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PB Properties (Oban) 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 PB Properties (Oban) Limited. You consider that PB Properties (Oban) 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 PB Properties (Oban) 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.

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

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

25 April 2025

 

PB Properties (Oban) Limited

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

 

25,510

907

Gross profit

 

25,510

907

Administrative expenses

 

(13,341)

(70,772)

Operating profit/(loss)

 

12,169

(69,865)

Interest payable and similar expenses

 

(6,500)

(6,888)

Profit/(loss) before tax

3

5,669

(76,753)

Profit/(loss) for the financial year

 

5,669

(76,753)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

PB Properties (Oban) Limited

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Profit/(loss) for the year

5,669

(76,753)

Total comprehensive income for the year

5,669

(76,753)

 

PB Properties (Oban) Limited

(Registration number: SC711888)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

219,518

221,525

Current assets

 

Cash at bank and in hand

 

13,298

8,011

Creditors: Amounts falling due within one year

5

(219,854)

(219,354)

Net current liabilities

 

(206,556)

(211,343)

Total assets less current liabilities

 

12,962

10,182

Creditors: Amounts falling due after more than one year

5

(139,461)

(142,350)

Net liabilities

 

(126,499)

(132,168)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(126,599)

(132,268)

Shareholders' deficit

 

(126,499)

(132,168)

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

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr Bryan Livingston
Director

 

PB Properties (Oban) Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Retained earnings
£

Total
£

At 1 November 2023

100

(132,268)

(132,168)

Profit for the year

-

5,669

5,669

At 31 October 2024

100

(126,599)

(126,499)

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

(55,515)

(55,415)

Loss for the year

-

(76,753)

(76,753)

At 31 October 2023

100

(132,268)

(132,168)

 

PB Properties (Oban) Limited

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

1

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

in accordance with the property

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

PB Properties (Oban) Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

3

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,007

2,508

 

PB Properties (Oban) Limited

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

211,490

12,543

224,033

At 31 October 2024

211,490

12,543

224,033

Depreciation

At 1 November 2023

-

2,508

2,508

Charge for the year

-

2,007

2,007

At 31 October 2024

-

4,515

4,515

Carrying amount

At 31 October 2024

211,490

8,028

219,518

At 31 October 2023

211,490

10,035

221,525

Included within the net book value of land and buildings above is £211,490 (2023 - £211,490) in respect of freehold land and buildings.
 

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

219,854

219,354

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

139,461

142,350

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £139,461 (2023 - £142,350).

6

Share capital

Allotted, called up and fully paid shares

 

PB Properties (Oban) Limited

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

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

139,461

142,350

Bank borrowings

Cumberland Building Society is denominated in GBP with a nominal interest rate of 4.84%%, and the final instalment is due on 30 June 2037. The carrying amount at year end is £139,461 (2023 - £142,350).

Secured on freehold property

8

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

195,354

195,354

At end of period

195,354

195,354

2023

Key management
£

Total
£

At start of period

127,949

127,949

Advanced

67,405

67,405

At end of period

195,354

195,354