BJM Property Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08351292

BJM PROPERTY LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2020

BJM PROPERTY LTD

FINANCIAL STATEMENTS

Year ended 31 January 2020

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

BJM PROPERTY LTD

BALANCE SHEET

31 January 2020

	2020	2019
Note	£	£

FIXED ASSETS

Tangible assets	4	1,299,411	137,703

CURRENT ASSETS

Debtors	5	221,833	–
Cash at bank and in hand		39,708	4,941
		---------	-------
		261,541	4,941

CREDITORS: amounts falling due within one year	6	( 875,646)	( 118,108)
		---------	---------
NET CURRENT LIABILITIES		( 614,105)	( 113,167)
		------------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		685,306	24,536

CREDITORS: amounts falling due after more than one year	7	( 627,689)	–
		---------	--------
NET ASSETS		57,617	24,536
		---------	--------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	57,517	24,436
	--------	--------
SHAREHOLDERS FUNDS	57,617	24,536
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 January 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BJM PROPERTY LTD

BALANCE SHEET (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 22 June 2020 , and are signed on behalf of the board by:

Mr M J Moody
Director

Company registration number: 08351292

BJM PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 January 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 20, Pant Glas Industrial Estate, Bedwas, Caerphilly, CF83 8DR.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received for the rental of its investment property, net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. TANGIBLE ASSETS

	Investment property
	£
Cost
At 1 February 2019	137,703
Additions	1,161,708
	------------
At 31 January 2020	1,299,411
	------------
Depreciation
At 1 February 2019 and 31 January 2020	–
	------------
Carrying amount
At 31 January 2020	1,299,411
	------------
At 31 January 2019	137,703
	------------

The Investment Property has been valued on the basis of open market value by the director, Mr M J Moody , at the year end.

Tangible fixed assets with a carrying value of £1,299,411 are pledged as security for the company's bank loans.

5. DEBTORS

	2020	2019
	£	£
Other debtors	221,833	–
	---------	----

6. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	34,483	–
Corporation tax	7,773	917
Other creditors	833,390	117,191
	---------	---------
	875,646	118,108
	---------	---------

Included within bank loans due within one year is an amount of £34,483 (2019 - £nil) secured by the investment property held by the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	627,689	–
	---------	----

Included within bank loans due after more than one year is an amount of £627,689 (2019 - £nil) secured by the investment property held by the company.

8. RELATED PARTY TRANSACTIONS

Included within other creditors is a balance of £832,291 (2019 - £116,291) due a company related by common control. During the year the company purchased a property for £1,100,000 from a company related by common control and received rental income totalling £40,000 from the same company.