Bb Projects Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC466561 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2019

for

Bb Projects Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mr B Beech

SECRETARY:

Mr B Beech

REGISTERED OFFICE:

Offices 1 & 8, Unit 1A

Burghmuir Circle

Blackhall Industrial Estate

Inverurie

Aberdeenshire

AB51 4FS

REGISTERED NUMBER:

SC466561 (Scotland)

ACCOUNTANTS:

Keltic Accounting Limited

Offices 1 & 8, Unit 1A

Burghmuir Circle

Blackhall Industrial Estate

Inverurie

Aberdeenshire

AB51 4FS

FIXED ASSETS

Tangible assets

5

10,875

7,981

Investment property

6

264,723

-

275,598

7,981

CURRENT ASSETS

Debtors

7

8,923

10,980

Cash at bank

24,062

184,941

32,985

195,921

CREDITORS

Amounts falling due within one year

8

53,568

23,149

NET CURRENT (LIABILITIES)/ASSETS

(20,583

)

172,772

TOTAL ASSETS LESS CURRENT LIABILITIES

255,015

180,753

CREDITORS

Amounts falling due after more than one year

9

(52,710

)

-

PROVISIONS FOR LIABILITIES

(2,066

)

(1,516

)

NET ASSETS

200,239

179,237

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

200,139

179,137

SHAREHOLDERS' FUNDS

200,239

179,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 October 2019 and were signed by:

Mr B Beech - Director

1.	STATUTORY INFORMATION

Bb Projects Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and

registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 £.

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are

physically delivered to the customer. Turnover from the supply of services represents the value of services provided under

contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the

contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to

date based on a proportion of the total contract value. Where payments are received from customers in advance of services

provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment

losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value

of the asset and is included in the profit and loss account.

Investment property

Investment property is shown at fair value. This fair value is calculated following review of recent sales of similar properties

in the same area.There has been no change in the fair value.

An independent valuation has not been carried out by an independent valuer.

Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Companies House has a security charge over the property from The Royal Bank of Scotland PLC bank loan taken out for the

purchase of the Furnished Holiday Let Property.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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/period end and that are expected to apply to the reversal of the timing differences.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the

company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at transaction price

and are subsequently carried at amortised cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is

probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value

of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that

reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar

charges.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2018

125

12,623

2,068

14,816

Additions

4,239

-

990

5,229

At 31 January 2019

4,364

12,623

3,058

20,045

DEPRECIATION

At 1 February 2018

31

5,522

1,282

6,835

Charge for year

178

1,775

382

2,335

At 31 January 2019

209

7,297

1,664

9,170

NET BOOK VALUE

At 31 January 2019

4,155

5,326

1,394

10,875

At 31 January 2018

94

7,101

786

7,981

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

264,723

At 31 January 2019

264,723

NET BOOK VALUE

At 31 January 2019

264,723

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

8,223

10,531

Other debtors

700

449

8,923

10,980

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts

32,618

-

Trade creditors

1

-

Taxation and social security

20,546

23,149

Other creditors

403

-

53,568

23,149

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans

52,710

-

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B Beech.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not

required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements

of Bb Projects Ltd for the year ended 31 January 2019 which comprise the Income Statement, Balance Sheet, Statement of Changes in

Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Bb Projects Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bb Projects Ltd and state those matters that we have agreed to state to the director of Bb Projects Ltd in this report in accordance with the requirements of ICAS 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 and its director for our work or for this report.

It is your duty to ensure that Bb Projects Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bb Projects Ltd. You consider that Bb Projects Ltd 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 financial statements of Bb Projects Ltd. 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 financial statements.

Keltic Accounting Limited

Offices 1 & 8, Unit 1A

Burghmuir Circle

Blackhall Industrial Estate

Inverurie

Aberdeenshire

AB51 4FS

Date: .............................................