PB Properties (Oban) Limited - Period Ending 2022-10-31

PB Properties (Oban) Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Unaudited Financial Statements	8 to 10

PB Properties (Oban) Limited

Company Information

Directors

Mr Bryan Livingston Mr Paul Sloan

Registered office

Ranald Hotel 41 Stevenson Street Oban Argyll Argyll PA34 5NA

Accountants

Jack MacDonald & Co Cuan Aille 1 Aldersyde Taynuilt Argyll PA35 1AG

PB Properties (Oban) Limited

Directors' Report for the Period from 11 October 2021 to 31 October 2022

The directors present their report and the financial statements for the period from 11 October 2021 to 31 October 2022.

Incorporation

The company was incorporated on 11 October 2021.

Directors of the company

The directors who held office during the period were as follows:

Mr Bryan Livingston (appointed 11 October 2021)

Mr Paul Sloan (appointed 11 October 2021)

Principal activity

The principal activity of the company is provision of self catering accommadation

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 June 2023 and signed on its behalf by:
 

......................................... Mr Bryan Livingston Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PB Properties (Oban) Limited
for the Period Ended 31 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PB Properties (Oban) Limited for the period ended 31 October 2022 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm 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/regulation.

This report is made solely to the Board of Directors of PB Properties (Oban) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PB Properties (Oban) Limited and state those matters that we have agreed to state to the Board of Directors of PB Properties (Oban) 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 PB Properties (Oban) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PB Properties (Oban) 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 loss of PB Properties (Oban) Limited. You consider that PB Properties (Oban) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of PB Properties (Oban) 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

5 June 2023

PB Properties (Oban) Limited

Profit and Loss Account for the Period from 11 October 2021 to 31 October 2022

	Note	2022 £
Turnover		-
Gross profit/(loss)		-
Administrative expenses		(53,114)
Operating loss		(53,114)
Interest payable and similar expenses		(2,401)
Loss before tax		(55,515)
Loss for the financial period		(55,515)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

PB Properties (Oban) Limited

Statement of Comprehensive Income for the Period from 11 October 2021 to 31 October 2022

	2022 £
Loss for the period	(55,515)
Total comprehensive income for the period	(55,515)

PB Properties (Oban) Limited

(Registration number: SC711888)
Balance Sheet as at 31 October 2022

	Note	2022 £
Fixed assets
Tangible assets	3	211,490
Current assets
Cash at bank and in hand		7,070
Creditors: Amounts falling due within one year	4	(127,949)
Net current liabilities		(120,879)
Total assets less current liabilities		90,611
Creditors: Amounts falling due after more than one year	4	(146,026)
Net liabilities		(55,415)
Capital and reserves
Called up share capital	5	100
Retained earnings		(55,515)
Shareholders' deficit		(55,415)

For the financial period ending 31 October 2022 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 June 2023 and signed on its behalf by:
 

......................................... Mr Bryan Livingston Director

PB Properties (Oban) Limited

Statement of Changes in Equity for the Period from 11 October 2021 to 31 October 2022

	Share capital £	Retained earnings £	Total £
Loss for the period	-	(55,515)	(55,515)
New share capital subscribed	100	-	100
At 31 October 2022	100	(55,515)	(55,415)

PB Properties (Oban) Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2021 to 31 October 2022

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	in accordance with the property

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

PB Properties (Oban) Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2021 to 31 October 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
Additions	211,490	211,490
At 31 October 2022	211,490	211,490
Depreciation
Carrying amount
At 31 October 2022	211,490	211,490

Included within the net book value of land and buildings above is £211,490 in respect of freehold land and buildings.
 

PB Properties (Oban) Limited

Notes to the Unaudited Financial Statements for the Period from 11 October 2021 to 31 October 2022

4

Creditors

Creditors: amounts falling due within one year

	2022 £
Due within one year
Other creditors	127,949

Creditors: amounts falling due after more than one year

	Note	2022 £
Due after one year
Loans and borrowings	6	146,026

5	Share capital

Allotted, called up and fully paid shares

	2022
	No.	£
Ordinary of £1 each	100	100

6	Loans and borrowings

	2022 £
Non-current loans and borrowings
Bank borrowings	146,026

Bank borrowings

Cumberland Building Society is denominated in GBP with a nominal interest rate of 4.84%%, and the final instalment is due on 30 June 2037. The carrying amount at period end is £146,026. Secured on freehold property