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Company No: 04005019 (England and Wales)

B & G PROPERTIES (GB) LIMITED

Unaudited Financial Statements
For the financial period from 01 June 2023 to 30 April 2024
Pages for filing with the registrar

B & G PROPERTIES (GB) LIMITED

Unaudited Financial Statements

For the financial period from 01 June 2023 to 30 April 2024

Contents

B & G PROPERTIES (GB) LIMITED

COMPANY INFORMATION

For the financial period from 01 June 2023 to 30 April 2024
B & G PROPERTIES (GB) LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 June 2023 to 30 April 2024
DIRECTORS G Bacheta
A Bacheta
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 04005019 (England and Wales)
ACCOUNTANT Gravita Business Services II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
B & G PROPERTIES (GB) LIMITED

BALANCE SHEET

As at 30 April 2024
B & G PROPERTIES (GB) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024 31.05.2023
£ £
Fixed assets
Investment property 4 6,142,500 6,267,500
6,142,500 6,267,500
Current assets
Debtors 5 235,530 214,494
Cash at bank and in hand 97,327 152,038
332,857 366,532
Creditors: amounts falling due within one year 6 ( 242,246) ( 326,846)
Net current assets 90,611 39,686
Total assets less current liabilities 6,233,111 6,307,186
Creditors: amounts falling due after more than one year 7 ( 1,280,213) ( 1,300,444)
Provision for liabilities ( 815,975) ( 820,975)
Net assets 4,136,923 4,185,767
Capital and reserves
Called-up share capital 200 200
Profit and loss account 4,136,723 4,185,567
Total shareholders' funds 4,136,923 4,185,767

For the financial period ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of B & G Properties (GB) Limited (registered number: 04005019) were approved and authorised for issue by the Board of Directors on 30 June 2025. They were signed on its behalf by:

G Bacheta
Director
B & G PROPERTIES (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 30 April 2024
B & G PROPERTIES (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

B & G Properties (GB) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

These financial statements have been prepared to 30 April 2024, a period of 11 months. The comparative financial statements cover a 12 month period ending 31 May 2023, therefore figures are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
01.06.2023 to
30.04.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 4 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 June 2023 21,421 21,421
At 30 April 2024 21,421 21,421
Accumulated depreciation
At 01 June 2023 21,421 21,421
At 30 April 2024 21,421 21,421
Net book value
At 30 April 2024 0 0
At 31 May 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 6,267,500
Fair value movement (125,000)
As at 30 April 2024 6,142,500

The fair value of the investment properties have been arrived at on the basis of valuations undertaken by the directors of the company, who have recent experience in the locations and classes of the investment properties being valued. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties and the directors consider the carrying amount of the investment properties approximates to their fair value.

Valuation

A full market valuation of investment property was completed by [insert date] at the Balance Sheet date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 30 April 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

5. Debtors

30.04.2024 31.05.2023
£ £
Trade debtors 1,500 0
Amounts owed by connected companies 750 0
Other debtors 233,280 214,494
235,530 214,494

6. Creditors: amounts falling due within one year

30.04.2024 31.05.2023
£ £
Bank loans 10,225 9,994
Trade creditors 1,403 3,626
Amounts owed to connected companies 65,442 128,722
Corporation tax 109,688 118,568
Other taxation and social security 124 114
Other creditors 55,364 65,822
242,246 326,846

The Bank of Cyprus UK has charges against certain properties held by the company that restrict the company from creating further security that ranks equally or ahead of their charge.

7. Creditors: amounts falling due after more than one year

30.04.2024 31.05.2023
£ £
Bank loans 1,280,213 1,300,444

The Bank of Cyprus UK has charges against certain properties held by the company that restrict the company from creating further security that ranks equally or ahead of their charge.

8. Related party transactions

Other related party transactions

At the year end, the company was owed £16,756 by (2023 - owed £7,105 to) G Bacheta, in respect of a loan bearing 2.25% interest. The loan was repaid within 9 months of the year end.

The company was owed £109,807 (2023 - £113,433) by B & G Partnership, a partnership jointly controlled by the directors G Bacheta and A Bacheta.

The company owed £65,412 (2023 - £125,042) to Bachetta Ltd, a company controlled by A Bacheta.

The company was owed £750 by (2023 - owed £3,680 to) Tradelink (Ilford) Limited, a company controlled by G Bacheta.