REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
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B3 PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
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FOR |
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B3 PROPERTY INVESTMENTS LIMITED |
B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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Statement of Financial Position | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2021 |
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31.5.21 | 31.5.20 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Undistributable reserve |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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1. | STATUTORY INFORMATION |
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B3 PROPERTY INVESTMENTS LIMITED is a
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Registered number: |
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Registered office: |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Valuation of investment property |
As described in the notes to the financial statements, the investment property is stated in the balance sheet at cost, which is deemed the fair value at 31st May 2021. The directors are of the opinion that this valuation is not materially different to current market prices observed. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Investment properly is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
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Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
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If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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 future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2020 |
and 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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4. | INVESTMENT PROPERTY - continued |
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Investment properties are stated at cost which the directors consider to be the fair value at 31st May 2021. |
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In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £4,796,270 (2020: £4,796,270), Aggregate depreciation £nil (2020: £nil) and carrying value £4,796,270 (2020: £4,796,270). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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The total amount of creditors falling due within one year for which security has been given amounted to £244,535 (2020: £170,507). |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 1,107,747 | 1,352,283 |
1,107,747 | 1,352,283 |
B3 PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09447942) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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Included within creditors: amounts falling due after more than one year is an amount of £1,107,747 (2020: £1,352,282) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date. |
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The first loan amounted to £2,603,000 and was taken out on 17 April 2015. Repayments commenced on 16 November 2015 at a rate of £43,645 per quarter. The loan is repayable over a 15 year term and bears interest at LIBOR + 2.5%. |
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The second loan amounted to £700,000 and was taken out on 5 April 2018. Repayments commenced on 11 October 2018 at a rate of £11,667 per quarter. The loan is repayable over a 15 year term and bears interest at LIBOR + 2.95%. |
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The total amount of creditors falling due after one year for which security has been given amounted to £1,992,733 (2020: £2,237,268). |
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8. | RELATED PARTY DISCLOSURES |
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Transactions with directors are under normal market conditions and/or not material. |
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During the year the company undertook transactions with related parties as follows: |
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1) B3 Shopfitting Limited, a connected company: |
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2021 |
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Amounts owed to related party at 1 June 2020 | 248,250 |
Receipts from related party | 119,773 |
Invoices to related party | (211,937 | ) |
Payments to related party | (54,001 | ) |
Amounts owed to related party at 31 May 2021 | 102,085 |
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9. | POST BALANCE SHEET EVENTS |
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There were no material events up to the date of approval of the financial statements by the board. |