B J D (GB) Limited - Period Ending 2017-11-30

Registration number: 05272092

B J D (GB) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

B J D (GB) Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Statement of Comprehensive Income	4
Balance Sheet	5 to 6
Statement of Changes in Equity	7
Notes to the Financial Statements	8 to 17

B J D (GB) Limited

Company Information

Director

Mr Roger James Dickens

Company secretary

Mrs Lisa Ann Lewis

Registered office

Lower Wavensmere Farm Wawensmere Road Wootton Wawen Henley-in-Arden West Midlands B95 6BP

Accountants

Titanium Accountants Limited 8th Floor, Newater House 11 Newhall Street Birmingham West Midlands B3 3NY

Page 1

B J D (GB) Limited

Director's Report for the Year Ended 30 November 2017

The director presents his report and the financial statements for the year ended 30 November 2017.

Director of the company

The director who held office during the year was as follows:

Mr Roger James Dickens

Principal activity

The principal activity of the company is project management, property development and investment.

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 by the Board on 2 August 2018 and signed on its behalf by:

.........................................
Mrs Lisa Ann Lewis
Company secretary

Page 2

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
B J D (GB) Limited
for the Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of B J D (GB) Limited for the year ended 30 November 2017 as set out on pages 4 to 17 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that B J D (GB) 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 of B J D (GB) Limited. You consider that B J D (GB) 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 accounts of B J D (GB) 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.

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

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

2 August 2018

Page 3

B J D (GB) Limited

Statement of Comprehensive Income for the Year Ended 30 November 2017

	Note	2017 £	2016 £
Profit for the year		181,551	192,112
Surplus/(deficit) on revaluation of other assets		105,000	-
Total comprehensive income for the year		286,551	192,112

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 4

B J D (GB) Limited

(Registration number: 05272092)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	105,622	88,947
Investment property	5	3,092,534	2,987,534
Investments	6	1,000	1,000
		3,199,156	3,077,481
Current assets
Stocks	7	756,789	756,789
Debtors	8	195,323	36,166
Cash at bank and in hand		604,498	109,285
		1,556,610	902,240
Creditors: Amounts falling due within one year	9	(821,649)	(240,709)
Net current assets		734,961	661,531
Total assets less current liabilities		3,934,117	3,739,012
Creditors: Amounts falling due after more than one year	9	(3,429,161)	(3,515,247)
Provisions for liabilities		(12,429)	(17,789)
Net assets		492,527	205,976
Capital and reserves
Called up share capital		1,000	1,000
Revaluation reserve		(213,063)	(318,063)
Profit and loss account		704,590	523,039
Total equity		492,527	205,976

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 5

B J D (GB) Limited

(Registration number: 05272092)
Balance Sheet as at 30 November 2017

Approved and authorised by the director on 2 August 2018
 

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

Mr Roger James Dickens

Director

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 6

B J D (GB) Limited

Statement of Changes in Equity for the Year Ended 30 November 2017

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 December 2016	1,000	(318,063)	523,039	205,976
Profit for the year	-	-	181,551	181,551
Other comprehensive income	-	105,000	-	105,000
Total comprehensive income	-	105,000	181,551	286,551
At 30 November 2017	1,000	(213,063)	704,590	492,527

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 December 2015	1,000	(318,063)	330,927	13,864
Profit for the year	-	-	192,112	192,112
Total comprehensive income	-	-	192,112	192,112
At 30 November 2016	1,000	(318,063)	523,039	205,976

The notes on pages 8 to 17 form an integral part of these financial statements.

Page 7

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Lower Wavensmere Farm
Wawensmere Road
Wootton Wawen
Henley-in-Arden
West Midlands
B95 6BP

These financial statements were authorised for issue by the director on 2 August 2018.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Short leasehold land and buildings	10% on cost
Plant and machinery	20% on cost
Fixtures and fittings	20% on cost
Office equipment	20% on cost

Page 8

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 9

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 3).

Page 10

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £
Cost or valuation
At 1 December 2016	115,212	34,860	-	11,884
Additions	-	19,239	3,000	17,222
At 30 November 2017	115,212	54,099	3,000	29,106
Depreciation
At 1 December 2016	34,565	31,597	-	6,847
Charge for the year	11,521	4,694	750	5,821
At 30 November 2017	46,086	36,291	750	12,668
Carrying amount
At 30 November 2017	69,126	17,808	2,250	16,438
At 30 November 2016	80,647	3,263	-	5,037

	Total £
Cost or valuation
At 1 December 2016	161,956
Additions	39,461
At 30 November 2017	201,417
Depreciation
At 1 December 2016	73,009
Charge for the year	22,786
At 30 November 2017	95,795
Carrying amount
At 30 November 2017	105,622
At 30 November 2016	88,947

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings and £69,125 (2016 - £80,647) in respect of short leasehold land and buildings.
 

Page 11

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

5	Investment properties

	2017 £
At 1 December	2,987,534
Fair value adjustments	105,000
At 30 November	3,092,534

One of the investment properties was sold after the year end and the director has increased the value of that property on the balance sheet by £105,000 to reflect the actual sale price received. The Director has also reviewed the valuation placed on the other properties and is of the opinion that they are included at fair value.

There has been no valuation of investment property by an independent valuer.

6	Investments

	2017 £	2016 £
Investments in subsidiaries	1,000	1,000

Subsidiaries	£
Cost or valuation
At 1 December 2016	1,000
Provision
Carrying amount
At 30 November 2017	1,000
At 30 November 2016	1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Residence 23 Limited	3 Devonshire Street. London. W1W 5DT	Ordinary £1 shares	33.3%	33.3%
	England & Wales

Page 12

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

The principal activity of Residence 23 Limited is Property development

7

Stocks

	2017 £	2016 £
Work in progress	756,789	756,789

8

Debtors

	2017 £	2016 £
Trade debtors	111,976	32,673
Other debtors	83,347	3,493
Total current trade and other debtors	195,323	36,166

9

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	10	120,000	198,672
Taxation and social security		58,104	39,451
Other creditors		643,545	2,586
		821,649	240,709
Due after one year
Loans and borrowings	10	3,429,161	3,515,247

10	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	3,429,161	3,515,247

Other borrowings
This relates to monies borrowed from Mr Roger James Dickens, the Director (£413,914) and the James Dickens 2002 Settlement Trust (£3,015,247). See related party note below.

Page 13

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

	2017 £	2016 £
Current loans and borrowings
Other borrowings	120,000	198,672

This relates to monies borrowed from the Director and are repayable within one year (see related party note below).

Page 14

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

11	Related party transactions

Transactions with directors

2017	At 1 December 2016 £	Other payments made to company by director £	At 30 November 2017 £
Mr Roger James Dickens
	(653,913)	119,999	(533,914)

2016	At 1 December 2015 £	Other payments made to company by director £	At 30 November 2016 £
Mr Roger James Dickens
	(773,946)	120,033	(653,913)

Other transactions with directors

The Company entered into a ten year lease with Mr R James Dickens on 9th January 2014 in respect of land and buildings at Lower Wavensmere Farm, Wooten Wawen, Warwickshire, B95 6BP. The annual rent payable by the Company being £3,125. The lease was entered into at arms length and on normal commercial terms.

Summary of transactions with other related parties

James Dickens 2002 Settlement Trust
 The company has an unsecured loan from the Trust, of which Mr R James Dickens is a beneficiary.
 No interest has been charged on the said loan and no repayments were made in the year. At the balance sheet date the amount due from James Dickens 2002 Settlement Trust was £3,015,247 (2016 - £3,015,247).
 

Page 15

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

12	Transition to FRS 102

The Company transitioned to FRS 102 (Section 1A) from previously extant UK GAAP as at 1 December 2015. The impact of the transition to FRS 102 (Section 1A) is as follows;

Balance Sheet at 1 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		103,251	-	-	103,251
Investments		2,988,534	-	-	2,988,534
		3,091,785	-	-	3,091,785
Current assets
Stocks		756,789	-	-	756,789
Debtors		8,437	-	-	8,437
Cash at bank and in hand		15,887	-	-	15,887
		781,113	-	-	781,113
Creditors: Amounts falling due within one year		(321,753)	-	-	(321,753)
Net current assets		459,360	-	-	459,360
Total assets less current liabilities		3,551,145	-	-	3,551,145
Creditors: Amounts falling due after more than one year		(3,515,247)	-	-	(3,515,247)
Provisions for liabilities		(22,034)	-	-	(22,034)
Net assets		13,864	-	-	13,864
Capital and reserves
Called up share capital		1,000	-	-	1,000
Revaluation reserve		(318,063)	-	-	(318,063)
Profit and loss account		330,927	-	-	330,927
Total equity		13,864	-	-	13,864

Page 16

B J D (GB) Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Balance Sheet at 30 November 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		88,947	-	-	88,947
Investments		2,988,534	-	-	2,988,534
		3,077,481	-	-	3,077,481
Current assets
Stocks		756,789	-	-	756,789
Debtors		36,167	-	-	36,167
Cash at bank and in hand		109,285	-	-	109,285
		902,241	-	-	902,241
Creditors: Amounts falling due within one year		(240,710)	-	-	(240,710)
Net current assets		661,531	-	-	661,531
Total assets less current liabilities		3,739,012	-	-	3,739,012
Creditors: Amounts falling due after more than one year		(3,515,247)	-	-	(3,515,247)
Provisions for liabilities		(17,789)	-	-	(17,789)
Net assets		205,976	-	-	205,976
Capital and reserves
Called up share capital		1,000	-	-	1,000
Revaluation reserve		(318,063)	-	-	(318,063)
Profit and loss account		523,039	-	-	523,039
Total equity		205,976	-	-	205,976

Page 17