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Registered number: 10420636
3B INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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3B INVESTMENTS LIMITED
REGISTERED NUMBER:10420636
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STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2020.
The notes on pages 2 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The Company is a limited liability company registered in England and Wales with its registered office at 383a Euston Road, London, NW1 3AU.
The principal activity of the Company is that of a holding company.
The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have considered the impact of recent worldwide events in relation to the Covid-19 pandemic and the ongoing impact on the Company's operations and are taking all necessary action to ensure that the Company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. After making enquiries, the directors have a reasonable expectation that the Company will continue to receive support from the parent company as required and therefore have adequate resources to continue in operational existence for the foreseeable future.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.Accounting policies (continued)
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
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The Company had no employees other than the director during the current and preceding year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Investments in subsidiary companies
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The cost of the Company’s investment in its subsidiary, Clyde Care Limited, previously included an amount of £25,000 paid in connection with the acquisition of intangible assets and stock by that company which should have been classified as a loan to group undertakings and not a cost of investment in subsidiaries. The comparative figures have been restated to reclassify £25,000 from investments to amounts due from group companies.
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The following were subsidiary undertakings of the Company:
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Springhill Properties (No. 1) Limited
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The registered office of the above subsidiaries is at 383a Euston Road, London, NW1 3AU.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Allotted, called up and fully paid
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80 (2018 - 80) Ordinary A shares of £1 each
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20 (2018 - 20) Ordinary B shares of £1 each
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Related party transactions
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As at the Statement of Financial Position date, the Company owed £2,671,593 (2019 - £2,567,780) to and paid interest of £321,130 (2018 - £Nil) to its immediate parent company, Bellerive Capital (BCP) 31 Limited. The loan bears interest at 6% per annum and the loan is due for repayment after more than 5 years from Statement of Financial Position date.
The Company has taken advantage of the exemption under FRS102 33. 1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
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Post balance sheet events
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There have been 2 significant events since the year end:
Brexit
The Brexit withdrawal agreement was signed after the year end on 24 January 2020. The withdrawal agreement provides for a transition period until at least 31 December 2020, during which the UK remains in the single market, in order to ensure frictionless trade until a long-term relationship is agreed.
However, as at the date of the directors’ approval of these financial statements, the latter remains subject of negotiations yet to be concluded. If no such agreement is reached by that date and the transition period is not extended, a no-deal Brexit would be the default outcome in 2021. In the opinion of the directors, the impact on the Company will be insignificant.
COVID-19
The worldwide outbreak of the COVID-19 virus has had a significant impact upon the general economic environment.
In view of the above events, the Company has reviewed its cash flow forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the likely cash flow impact of operations 12 months from the date of signing this report. Please refer to note 2.2 for further detail on the Company’s going concern basis of preparation.
Brexit and COVID-19 are considered to be non-adjusting post balance sheet events and therefore have not been taken into account in preparing the Statement of Financial Position as at 30 September 2019.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
The ultimate parent company and controlling party is Bellerive Capital (BCP) 31 Limited, a company registered in British Virgin Islands.
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