Braidbar Properties Limited - Accounts to registrar (filleted) - small 18.2

Braidbar Properties Limited - Accounts to registrar (filleted) - small 18.2

BRAIDBAR PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: SC402216 (Scotland)













BRAIDBAR PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020






BRAIDBAR PROPERTIES LIMITED (REGISTERED NUMBER: SC402216)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

BRAIDBAR PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DIRECTOR: Mrs A W McCallum





REGISTERED OFFICE: 505 Mearns Road
Mearnskirk
Glasgow
G77 6RS





REGISTERED NUMBER: SC402216 (Scotland)





ACCOUNTANTS: Hardie Caldwell LLP
Chartered Accountants
Citypoint 2
25 Tyndrum Street
Glasgow
G4 0JY
Page 1
BRAIDBAR PROPERTIES LIMITED (REGISTERED NUMBER: SC402216)

BALANCE SHEET
31 MARCH 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,040,000 1,040,000

CURRENT ASSETS
Debtors 5 4,065 37,208
Cash at bank 469,661 401,436
473,726 438,644
CREDITORS
Amounts falling due within one year 6 766,945 831,021
NET CURRENT LIABILITIES (293,219 ) (392,377 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
746,781
647,623

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 746,779 647,621
SHAREHOLDERS' FUNDS 746,781 647,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 notes form part of these financial statements

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BRAIDBAR PROPERTIES LIMITED (REGISTERED NUMBER: SC402216)

BALANCE SHEET - continued
31 MARCH 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 22 December 2020 and were signed by:





Mrs A W McCallum - Director


The notes form part of these financial statements

Page 3
BRAIDBAR PROPERTIES LIMITED (REGISTERED NUMBER: SC402216)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020


1. STATUTORY INFORMATION

Braidbar Properties Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC402216 and its registered office is 505 Mearns Road, Mearnskirk Glasgow G77 6RS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Going concern
The Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In her assessment of going concern the director has considered the current and developing impact on the
business as a result of the COVID-19 virus. This has not had a significant, immediate impact on the company's operations however the director is aware that if the current situation becomes prolonged then this may change.

Having regard to the above, the director continues to believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable.

Turnover represents income received from the rental of the company's investment property.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on those gains at the rate expected to apply when the property is sold.

Financial instruments
Debtors
Trade debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors
Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

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BRAIDBAR PROPERTIES LIMITED (REGISTERED NUMBER: SC402216)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


4. INVESTMENT PROPERTY

Total
£
FAIR VALUE
At 1 April 2018 and 31 March 20191,040,000

The investment property was valued by the directors based on the rental yield rate.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 2,349 2,500
Other debtors 1,716 34,708
4,065 37,208

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 100 240
Taxation and social security 29,424 29,847
Other creditors 737,421 800,934
766,945 831,021

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
2 Ordinary £1 2 2

Page 5
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BRAIDBAR PROPERTIES LIMITED


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 Braidbar Properties Limited for the year ended 31 March 2020 which comprise the Income Statement, Other Comprehensive Income, 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 Braidbar Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Braidbar Properties Limited and state those matters that we have agreed to state to the director of Braidbar Properties Limited 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 Braidbar Properties Limited 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 Braidbar Properties Limited. You consider that Braidbar 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 financial statements of Braidbar 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 financial statements.






Hardie Caldwell LLP
Chartered Accountants
Citypoint 2
25 Tyndrum Street
Glasgow
G4 0JY


22 December 2020

This page does not form part of the statutory financial statements

Page 6