BJP Properties Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC081656 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

BJP PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

B J Porteous

SECRETARY:

Mrs E Porteous

REGISTERED OFFICE:

Lautrec

2 North Road

Dunbar

East Lothian

EH42 1AY

REGISTERED NUMBER:

SC081656 (Scotland)

ACCOUNTANTS:

Brown, Scott & Main

Chartered Accountants

91 West Savile Terrace

Edinburgh

EH9 3DP

BANKERS:

Royal Bank of Scotland

105 High Street

Dunbar

EH42 1ES

SOLICITORS:

Garden Stirling & Burnet

39 High Street

Dunbar

East Lothian

FIXED ASSETS

Tangible assets

4

-

-

Investment properties

5

4,064,000

3,396,000

4,064,000

3,396,000

CURRENT ASSETS

Debtors

6

17,676

13,438

Cash at bank

4,360

63,155

22,036

76,593

CREDITORS

Amounts falling due within one year

7

(43,560

)

(28,870

)

NET CURRENT (LIABILITIES)/ASSETS

(21,524

)

47,723

TOTAL ASSETS LESS CURRENT LIABILITIES

4,042,476

3,443,723

CREDITORS

Amounts falling due after more than one year

8

(97,949

)

-

PROVISIONS FOR LIABILITIES

9

(90,000

)

(56,000

)

NET ASSETS

3,854,527

3,387,723

CAPITAL AND RESERVES

Called up share capital

500

500

Fair value reserve

10

1,107,624

719,399

Retained earnings

10

2,746,403

2,667,824

SHAREHOLDERS' FUNDS

3,854,527

3,387,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 5 July 2018 and were signed by:

B J Porteous - Director

1.	STATUTORY INFORMATION

BJP Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and

the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by

the revaluation of investment properties.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual

provisions of the instrument.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts

discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are

presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured

at amortised cost using the effective rate of interest.

Turnover

Turnover represents the amount of rent and insurance receivable for the year.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write

off the cost less residual value of each asset over its expected useful life as follows:

Fixtures, fittings and equipment

15-25% per annum straight line

Investment properties

Investment properties are shown at fair valuation. Any aggregate surplus or deficit arising from changes in fair value during

the year is recognised in profit or loss. This is transferred, for ease of identification, to fair value reserve which displays the

cumulative unrealised surplus on revaluation.This transfer and the resultant balances are shown in note 11 to the financial

statements

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

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

date. The inclusion of deferred taxation on unrealised revaluation gains in the profit and loss account and the balance sheet

under FRS 102 represented a change in accounting policy from the year end 2017.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs

The pension costs charged in the financial statements represent contributions paid to a defined contribution scheme for the

company's director. The assets of the scheme are held separately from those of the company in independently administered

funds.

Going concern

The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as

the company is supported by the increasing value of its investment properties and it continues to meet its day to day

commitments from working capital as they fall due. The director has a reasonable expectation that the company has

adequate resources to continue in operational existence for the foreseeable future and remains committed to funding capital

commitments from personal funds if required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

1,006

DEPRECIATION

At 1 April 2017

and 31 March 2018

1,006

NET BOOK VALUE

At 31 March 2018

-

5.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 April 2017

3,396,000

Additions

245,775

Revaluations

422,225

At 31 March 2018

4,064,000

NET BOOK VALUE

At 31 March 2018

4,064,000

At 31 March 2017

3,396,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2018

4,064,000

Investment properties have been valued at 31 March 2018 by the director at fair value determined by reference to similar

properties in comparable locations.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

9,734

7,157

Other debtors

702

702

Directors' current accounts

2,000

-

Prepayments and accrued income

5,240

5,579

17,676

13,438

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loan (secured)

7,414

-

Credit card

-

133

Tax

19,775

16,902

Directors' current accounts

2,000

-

Accruals and deferred income

14,371

11,835

43,560

28,870

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loan - 1-2 years

7,414

-

Bank loan - 2-5 years

90,535

-

97,949

-

The company received a bank loan of £150,000 during the year to acquire an additional property. This loan is secured over

one of the company's heritable properties and is repayable over five years with interest charged at 4.95%.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

90,000

56,000

Deferred

tax

£

Balance at 1 April 2017

56,000

Provided during year

34,000

Balance at 31 March 2018

90,000

The deferred tax provision arises from deferred tax on investment properties fair value gains.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2017

2,667,824

719,399

3,387,223

Profit for the year

472,379

472,379

Dividends

(5,575

)

(5,575

)

Transfer of non-distributable amounts

(388,225

)

388,225

-

At 31 March 2018

2,746,403

1,107,624

3,854,027

The retained earnings reserve comprises distributable amounts recognised in the profit and loss account.

The fair value reserve comprises non-distributable amounts recognised in the profit and loss account.

An interim dividend totalling £5,575 was declared and paid during the year to the director and his spouse.

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 BJP Properties Limited for the year ended 31 March 2018 which comprise the Profit and Loss Account, 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 BJP Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of BJP Properties Limited and state those matters that we have agreed to state to the director of BJP 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 BJP 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 BJP Properties Limited. You consider that BJP 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 BJP 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.

Brown, Scott & Main

Chartered Accountants

91 West Savile Terrace

Edinburgh

EH9 3DP

5 July 2018