BBRC Co-Living Limited
BBRC Co-Living Limited
Registered number: 12508428
Unaudited Financial Statements
For The Year Ended
31 March 2022
Godfrey Wilson Limited
Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
BBRC Co-Living Limited
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
BBRC Co-Living Limited
Accountant's Report
For The Year Ended
31 March 2022
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of
BBRC Co-Living Limited
For The Year Ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
BBRC Co-Living Limited
For The Year Ended 31 March 2022 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
BBRC Co-Living Limited
, as a body, in accordance with the terms of our engagement letter dated 17 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of
BBRC Co-Living Limited
and state those matters that we have agreed to state to the directors of
BBRC Co-Living Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
BBRC Co-Living Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
BBRC Co-Living 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 or loss of
BBRC Co-Living Limited
. You consider that
BBRC Co-Living Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
BBRC Co-Living 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 financial statements.
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Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
BBRC Co-Living Limited
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
12508428
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 31 March 2022 | 31 March 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET (LIABILITIES)/ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (9,015) | 10 | |||
BBRC Co-Living Limited
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
BBRC Co-Living Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2021: NIL)
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
| Investment Properties | |
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| Cost | |
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| Additions | 936,414 |
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| Net Book Value | |
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4.
Stocks
| 31 March 2022 | 31 March 2021 | ||
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| £ | £ | ||
| Development plot - work in progress |
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5.
Debtors
| 31 March 2022 | 31 March 2021 | ||
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| Due within one year | |||
| Prepayments and accrued income |
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| Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
| 31 March 2022 | 31 March 2021 | ||
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| Trade creditors |
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| Bank loans and overdrafts |
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| Accruals |
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| Amounts owed to group undertakings |
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Creditors include an unsecured overdraft from Lloyds Bank Corporate Markets plc (10399850) with an interest rate of 2% per annum.
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
7.
Creditors: Amounts Falling Due After More Than One Year
| 31 March 2022 | 31 March 2021 | ||
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| Amounts owed to group undertakings |
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Included within creditors are the following loans
An unsecured loan from Bristol & Bath Regional Capital CIC (09672937) of £144,500 with an interest rate of 6% per annum due to be re-paid by 31 December 2024.
An unsecured loan from Bristol & Bath Regional Capital CIC (09672937) of £60,000 with an interest rate of 6% per annum due to be re-paid by 31 December 2024.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
An unsecured loan from Bristol & Bath Regional Capital CIC (09672937) of £375,000 with an interest rate of 4% per annum due to be re-paid by 31 December 2041.
| 31 March 2022 | 31 March 2021 | ||
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| £ | £ | ||
| Other Creditors | 375,000 | - |
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
9.
Related Party Transactions
Controlling party
The company is 100% owned by BBRC Homes Ltd (12471293), a company under the control of Bristol & Bath Regional Capital CIC (09672937). Laura Barrow is a director of the company, Bristol & Bath Regional Capital CIC and BBRC Homes Ltd.
William Marshall is a director of the company and BBRC Homes Ltd.
Transactions with related parties
During the period under review the following transactions took place with BBRC Co-Living Limited and BBRC Homes Ltd.
As at 31 March 2022 BBRC Homes Ltd owes BBRC Co-Living Limited £10.
During the period under review the following transactions took place with BBRC Co-Living Limited and Bristol & Bath Regional Capital CIC.
During the period ending 31 March 2022, BBRC Co-Living Limited paid £8,577 (2021: £nil) in interest on loans provided by Bristol & Bath Regional Capital CIC.
At 31 March 2022 £22,105 (2021: £nil) was owed to Bristol & Bath Regional Capital CIC by BBRC Co-Living Limited. This is due within 1 year.
At 31 March 2022 £582,000 (2021: £nil) was owed to Bristol & Bath Regional Capital CIC by BBRC Co-Living Limited. This is due after 1 year.
10.
General Information
BBRC Co-Living Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12508428
. The registered office is C/O Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow Quay, Bristol, BS1 4QA.