BJP Properties Limited - Period Ending 2019-03-31

Registration number: SC081656

BJP Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Brown, Scott & Main
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

BJP Properties Limited

Contents

Company Information	1
Statement of Director's Responsibilities	2
Accountants' Report	3
Balance Sheet	4
Notes to the Financial Statements	5 to 9

BJP Properties Limited

Company Information

Director

Mr BJ Porteous

Company secretary

Mrs E Porteous

Registered office Registered Number:

Lautrec 2 North Road Dunbar East Lothian EH42 1AY SC081656 (Scotland)

Accountants

Brown, Scott & Main Chartered Accountants 91 West Savile Terrace Edinburgh EH9 3DP

Page 1

BJP Properties Limited

Statement of Director's Responsibilities

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
BJP Properties Limited
for the Year Ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BJP Properties Limited for the year ended 31 March 2019 as set out on pages 4 to 9 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. . Our work has been undertaken solely to prepare for your approval the financial information of BJP Properties Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland, as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that BJP Properties 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 BJP Properties Limited. You consider that BJP Properties 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 BJP Properties 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.

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

Brown, Scott & Main
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

23 May 2019

Page 3

BJP Properties Limited

(Registration number: SC081656)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	6	4,380,000	4,064,000
Current assets
Debtors	7	15,999	15,676
Cash at bank and in hand		2,085	4,360
		18,084	20,036
Creditors: Amounts falling due within one year	8	(40,877)	(41,560)
Net current liabilities		(22,793)	(21,524)
Total assets less current liabilities		4,357,207	4,042,476
Creditors: Amounts falling due after more than one year	8	(11,599)	(97,949)
Provisions for liabilities	9	(129,000)	(90,000)
Net assets		4,216,608	3,854,527
Capital and reserves
Called up share capital	10	500	500
Fair value reserve		1,384,624	1,107,624
Profit and loss account		2,831,484	2,746,403
Total equity		4,216,608	3,854,527

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 May 2019
 

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

Mr BJ Porteous
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

BJP Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Lautrec
2 North Road
Dunbar
East Lothian
EH42 1AY

2	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.

Basis of preparation

These Financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006 using the historical cost convention as modified by the revaluation of investment properties

The presentation currency is Sterling
 

Revenue recognition

Turnover represents the total value, excluding value added tax, of the revenue earned on rent and insurance receivable for the year. Turnover recognised in advance of the client being billed is included in debtors

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 15 - 25% per annum straight line

Investment property

Investment properties are shown at fair valuation. Any aggregate surplus or deficit arising from changes in fair value during the year is recognised in the profit or loss. This is transferred, for ease of identification, to fair value reserve which displays the cumulative unrealised surplus on revaluation. This transfer and the resultant balances are shown in the statement of changes in equity on page 7.

Page 5

BJP Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Financial instruments

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 and are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic Financial Assets
Basic financial assets, including debtors 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 value rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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 rate of interest.

 
 

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Going concern

The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as the company is supported by the increasing value of its investment properties and it continues to meet its day to day commitments from working capital as they fall due. The director has a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future and remains committed to funding capital commitments from personal funds if required.

Defined contribution pension obligation

The pension costs charged in the financial statements represent the contributions paid to a defined contribution scheme for the company’s director. The assets of the scheme are held separately from those of the company in independently administered funds.

3	Staff numbers

The average number of employees during the year was 2 (2018 - 2).

Page 6

BJP Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4

Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
	2019		2018
	£		£
Current tax:
UK corporation tax	20,895		19,775
Deferred tax	39,000		34,000
	59,895		53,775

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2018	1,006	1,006
At 31 March 2019	1,006	1,006
Depreciation
At 1 April 2018	1,006	1,006
At 31 March 2019	1,006	1,006
Carrying amount
At 31 March 2019	-	-

6	Investment properties

	2019 £
At 1 April	4,064,000
Fair value adjustments	316,000
At 31 March	4,380,000

The valuation of investment property has been carried out by the director as of 31st March 2019.

Page 7

BJP Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

7

Debtors

	2019 £	2018 £
Trade debtors	9,855	9,734
Prepayments	5,442	5,240
Other debtors	702	702
	15,999	15,676

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	11	7,414	7,414
Accruals and deferred income		12,568	14,371
Other creditors		20,895	19,775
		40,877	41,560

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	11	11,599	97,949

9	Provision for Liabilities

			2019		2018
			£		£
Deferred tax			129,000		90,000
					Deferred tax
					£
At	1 April 2018				90,000
Provision during year					39,000
At	31 March 2019				129,000

Page 8

BJP Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

10	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Shares of £1 each	500	500	500	500

11	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	11,599	97,949

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	7,414	7,414

Standard security over a number of the companies properties has been provided as security for this loan.

12	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	7,200	7,200
Contributions paid to money purchase schemes	36,000	36,000
	43,200	43,200

Page 9