BBRC Co-Living Limited
BBRC Co-Living Limited
Registered number: 12508428
Unaudited Financial Statements
For The Year Ended
31 March 2023
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 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| 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 2023
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 2023
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 2023 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.
| Signed |
|
|
|
|
Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
BBRC Co-Living Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
12508428
For the year ending 31 March 2023 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.
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.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investment Properties | 4 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 5 |
|
|
||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
( |
||
| NET LIABILITIES |
( |
( |
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
|
|
||
| Profit and Loss Account |
( |
( |
|||
| SHAREHOLDERS' FUNDS | (113,487) | (9,015) | |||
BBRC Co-Living Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
|
Director
|
|
|
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 2023
Notes to the Financial Statements
1.
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.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
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.
2.3.
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.
2.4.
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.
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
4.
Investment Property
| 2023 | |
|---|---|
| £ | |
| Fair Value | |
| As at
|
|
| Revaluations | (1,414) |
| As at
|
|
5.
Stocks
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Development plot - work in progress |
|
|
|
|
|
|
||
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
6.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other loans |
|
|
|
| Deferred income |
|
|
|
| Accruals |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
| Other loans |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
Included within creditors are the following loans:
An unsecured loan from Bristol & Bath Regional Capital CIC (09672937) of £155,670 with an interest rate of 6% per annum due to be repaid 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 repaid by 31 December 2024.
An unsecured loan from Bristol & Bath Regional Capital CIC (09672937) of £375,000 with an interest rate of 4% per annum due to be repaid by 31 December 2041.
A secured loan from the University of Bristol of £1,004,199 with interest at a fixed rate of 2% per annum, payable quarterly, plus an additional rate of 3% per annum, payable at the end of the loan term. The balance is due to be repaid by 31 March 2033.
A secured mortgage of £560,000 with a fixed interest rate of 5.07% for the first 3 years and then base rate plus 2.75% thereafter, repayable in monthly instalments over 9 years from May 2023.
BBRC Co-Living Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
10.
Related Party Transactions
Controlling party
The company is 100% owned by Place Based Investments Limited (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 Place Based Investments Limited. William Marshall was a director of the company until 24 April 2023 and Place Based Investments Limited.
Transactions with related parties
As at 31 March 2023 BBRC Co-Living Limited was owed £10 (2022: £10) by Place Based Investments Limited.
As at 31 March 2023 BBRC Co-Living Limited owed £590,670 (2022: £582,000) to Bristol & Bath Regional Capital CIC. This is due after 1 year.
During the period ending 31 March 2023, BBRC Co-Living Limited was charged £27,270 (2022: £8,577) in interest on loans and a £50,000 (2022: nil) brokerage fee by Bristol & Bath Regional Capital CIC.