Baronguild Limited Filleted accounts for Companies House (small and micro)

BARONGUILD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02229160

Baronguild Limited

Financial Statements

31 July 2019

Baronguild Limited

Strategic Report

Year ended 31 July 2019

The company contnues to trade profitably and remain solvent. This is despite the company's freehold property being revalued by the directors to reflect its current value.

This report was approved by the board of directors on 5 May 2020 and signed on behalf of the board by:

Mrs D Feldman

Director

Registered office:

Hallswelle House,

1 Hallswelle Road,

London,

NW11 ODH

Baronguild Limited

Directors' Report

Year ended 31 July 2019

The directors present their report and the financial statements of the company for the year ended 31 July 2019 .

Directors

The directors who served the company during the year were as follows:

Mr H Feldman
Mrs D Feldman

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

The directors are of the opinion that there is no current need to prepare a Strategic Report in addition to their report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 5 May 2020 and signed on behalf of the board by:

Mrs D Feldman

Director

Registered office:

Hallswelle House,

1 Hallswelle Road,

London,

NW11 ODH

Baronguild Limited

Independent Auditor's Report to the Members of Baronguild Limited

Year ended 31 July 2019

Opinion

We have audited the financial statements of Baronguild Limited (the 'company') for the year ended 31 July 2019 which comprise the statement of comprehensive income, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 July 2019 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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 an auditor's report 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.

Phillip Smulovitch

(Senior Statutory Auditor)

For and on behalf of

GK & Co. LLP

Chartered accountants & statutory auditor

Hallswelle House

1 Hallswelle Road

London

NW11 0DH

5 May 2020

Baronguild Limited

Statement of Comprehensive Income

Year ended 31 July 2019

		2019	2018
Note		£	£
Rents receivable	4	400,000	455,842

Property outgoings	35,376	72,563
	---------	---------
Gross profit	364,624	383,279

Administrative expenses	54,604	54,763
	---------	---------
Operating profit	310,020	328,516

Other interest receivable and similar income	7	400	240
Interest payable and similar expenses	8	133,255	144,912
		---------	---------
Profit before taxation		177,165	183,844

Tax on profit	9	33,661	34,930
		---------	---------
Profit for the financial year		143,504	148,914
		---------	---------

Revaluation of tangible assets	( 1,489,213)	–
	------------	---------
Total comprehensive income for the year	( 1,345,709)	148,914
	------------	---------

All the activities of the company are from continuing operations.

Baronguild Limited

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	10		4,400,000	5,889,213

Current assets

Debtors	11	175,483	172,096
Cash at bank and in hand		94,423	685,865
		---------	---------
		269,906	857,961

Creditors: amounts falling due within one year	12	4,577,429		3,658,988
		------------		------------
Net current liabilities			4,307,523	2,801,027
			------------	------------
Total assets less current liabilities			92,477	3,088,186

Creditors: amounts falling due after more than one year	13	–	1,650,000
		--------	------------
Net assets		92,477	1,438,186
		--------	------------

Capital and reserves

Called up share capital	14	2	2
Revaluation reserve	15	( 1,489,213)	–
Profit and loss account	15	1,581,688	1,438,184
		------------	------------
Shareholders funds		92,477	1,438,186
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 5 May 2020 , and are signed on behalf of the board by:

Mrs D Feldman

Director

Company registration number: 02229160

Baronguild Limited

Statement of Cash Flows

Year ended 31 July 2019

	2019	2018
	£	£

Cash flows from operating activities

Profit for the financial year	143,504	148,914

Adjustments for:
Other interest receivable and similar income	( 400)	( 240)
Interest payable and similar expenses	133,255	144,912
Tax on profit	33,661	34,930

Changes in:
Trade and other debtors	( 3,387)	( 51)
Trade and other creditors	1,272,288	3,107,992
	------------	------------
Cash generated from operations	1,578,921	3,436,457

Interest paid	( 133,255)	( 144,912)
Interest received	400	240
Tax (paid)/received	( 59,025)	1
	------------	------------
Net cash from operating activities	1,387,041	3,291,786
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 1,978,483)	( 305,521)
Proceeds from loans from group undertakings	–	( 3,073,148)
	------------	------------
Net cash used in financing activities	( 1,978,483)	( 3,378,669)
	------------	------------

Net decrease in cash and cash equivalents	( 591,442)	( 86,883)
Cash and cash equivalents at beginning of year	685,865	772,748
	---------	---------
Cash and cash equivalents at end of year	94,423	685,865
	---------	---------

Baronguild Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House,, 1 Hallswelle Road,, London,, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover of the company consists solely of rental income.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Rents receivable

Rents receivable arises from:

	2019	2018
	£	£
Rents receivable	400,000	455,842
	---------	---------

The whole of the rents receivable is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Auditor's remuneration

	2019	2018
	£	£
Fees payable for the audit of the financial statements	3,000	–
	-------	----

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2019	2018
	No.	No.
Administrative staff	6	6
Management staff	2	2
	----	----
	8	8
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2019	2018
	£	£
Wages and salaries	38,367	37,500
	--------	--------

7. Other interest receivable and similar income

	2019	2018
	£	£
Interest on cash and cash equivalents	400	240
	----	----

8. Interest payable and similar expenses

	2019	2018
	£	£
Interest on banks loans and overdrafts	115,263	141,686
Other interest payable and similar charges	17,992	3,226
	---------	---------
	133,255	144,912
	---------	---------

9. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	33,661	34,930
	--------	--------
Tax on profit	33,661	34,930
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2018: the same as) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	177,165	183,844
	---------	---------
Profit on ordinary activities by rate of tax	33,661	34,930
	---------	---------

10. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 August 2018	5,889,213
Revaluations	( 1,489,213)
	------------
At 31 July 2019	4,400,000
	------------
Depreciation
At 1 August 2018 and 31 July 2019	–
	------------
Carrying amount
At 31 July 2019	4,400,000
	------------
At 31 July 2018	5,889,213
	------------

11. Debtors

	2019	2018
	£	£
Loan debtors	166,295	166,295
Other debtors	9,188	5,801
	---------	---------
	175,483	172,096
	---------	---------

12. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	328,483
Accruals and deferred income	95,954	126,318
Corporation tax	68,591	93,955
Social security and other taxes	16,146	15,389
Amounts due to related undertakings	4,396,738	3,094,843
	------------	------------
	4,577,429	3,658,988
	------------	------------

13. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	–	1,650,000
	----	------------

14. Called up share capital

Authorised share capital

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

15. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.