BB Property Ventures Limited - Limited company accounts 16.1

REGISTERED NUMBER: 06661845 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 March 2016

for

BB Property Ventures Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

R G St J Rowlandson FCA

G C Price

SECRETARY:

The Finance & Industrial Trust Limited

REGISTERED OFFICE:

Graham House

7 Wyllyotts Place

Potters Bar

Hertfordshire

EN6 2JD

REGISTERED NUMBER:

06661845 (England and Wales)

AUDITORS:

MHA MacIntyre Hudson

Statutory Auditors

Euro House

1394 High Road

London

N20 9YZ

BANKERS:

NatWest Bank Plc

Portsmouth Commercial Office

1st Floor, Bay House

North Harbour Business Park

Portsmouth

Hampshire

PO6 4RS

The directors present their report with the financial statements of the company for the year ended 31 March 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development of residential properties.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2015 to the date of this report.

R G St J Rowlandson FCA

G C Price

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, MHA MacIntyre Hudson, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

BY ORDER OF THE BOARD:

The Finance & Industrial Trust Limited - Secretary

7 October 2016

We have audited the financial statements of BB Property Ventures Limited for the year ended 31 March 2016 on pages

five to ten. The financial reporting framework that has been applied in their preparation is applicable law and the

Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted

Accounting Practice applicable to Smaller Entities).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial

statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Brendan Sharkey FCA (Senior Statutory Auditor)

for and on behalf of MHA MacIntyre Hudson

Statutory Auditors

Euro House

1394 High Road

London

N20 9YZ

7 October 2016

TURNOVER

15,410,139

11,752,463

Cost of sales

11,553,756

9,451,960

GROSS PROFIT

3,856,383

2,300,503

Administrative costs

1,005,519

772,360

OPERATING PROFIT

2

2,850,864

1,528,143

Interest receivable and similar income

335

-

2,851,199

1,528,143

Interest payable and similar charges

142,063

445,013

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2,709,136

1,083,130

Tax on profit on ordinary activities

3

541,827

227,457

PROFIT FOR THE FINANCIAL YEAR

2,167,309

855,673

CURRENT ASSETS

Stocks and work in progress

5

232,242

7,046,775

Debtors

6

1,381,962

603,246

Cash at bank

19,971

16,071

1,634,175

7,666,092

CREDITORS

Amounts falling due within one year

7

(1,613,945

)

(7,644,171

)

NET CURRENT ASSETS

20,230

21,921

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,230

21,921

CAPITAL AND RESERVES

Called up share capital

8

1,000

Profit and loss account

9

19,230

20,921

SHAREHOLDERS' FUNDS

20,230

21,921

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The accounts were approved by the Board of Directors on 7 October 2016 and were signed on its behalf by:

R G St J Rowlandson FCA - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises land

purchases, building costs and directly attributable overheads. Net realisable value is based on estimated selling

price less further costs expected to be incurred to completion and disposal.

Taxation

Corporation tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted

by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or

right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.16

31.3.15

£

Auditors' remuneration

3,000

1,500

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.3.16

31.3.15

£

Current tax:

UK corporation tax

541,827

227,457

Tax on profit on ordinary activities

541,827

227,457

UK corporation tax has been charged at 20% (2015 - 21%).

4.

DIVIDENDS

31.3.16

31.3.15

£

Ordinary shares of £1 each

Final

2,169,000

1,170,000

5.	STOCKS AND WORK IN PROGRESS

31.3.16

31.3.15

£

Stocks and work in progress

232,242

7,046,775

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

Trade debtors

27,877

154,757

Amounts owed by group undertakings

1,291,374

-

Other debtors

-

163,128

VAT

-

1,261

Prepayments and accrued income

62,711

284,100

1,381,962

603,246

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

Trade creditors

5,822

1,845

Bank loans

-

2,482,687

Amounts due to related

undertaking

-

3,841,482

Tax

541,831

227,457

Other creditors

-

244,730

Accruals and deferred income

1,066,292

845,970

1,613,945

7,644,171

Bank loans are secured on stocks and work in progress.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

1,000

Ordinary

£1

1,000

9.

RESERVES

Profit

and loss

account

£

At 1 April 2015

20,921

Profit for the year

2,167,309

Dividends

(2,169,000

)

At 31 March 2016

19,230

10.	RELATED PARTY DISCLOSURES

Metis Homes Limited

Joint owners of the company

During the year management services to the value of £500,000 (2015: £385,000) were provided by the company.

Interest charges of £112,697 (2015: £313,733) were also charged by the company during the year on the

outstanding loan. Dividends of £1,084,500 (2015: £585,00) were proposed for payment to the company during

the year.

31.3.16

31.3.15

£

Amount due from/(to) related party at the balance sheet date

645,687

(2,157,716

)

Bargate Homes Limited

Joint owners of the company

During the year management services to the value of £500,000 (2015: £385,000) were provided by the company.

Dividends of £1,084,500 (2015: £585,000) were proposed for payment to the company during the year.

31.3.16

31.3.15

£

Amount due from/(to) related party at the balance sheet date

645,687

(1,683,766

)

11.	POST BALANCE SHEET EVENTS

There have been no other events since the balance sheet date that materially affect the state of affairs of the

company as at 31 March 2016 or that requires disclosure.

12.	CONTROLLING PARTY

The company is jointly owned by Metis Homes Limited and Bargate Homes Limited. Both of these companies

are incorporated in the UK.