Bayham Street Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09892209 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 NOVEMBER 2019

FOR

BAYHAM STREET PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D A Altman

Mr M Placks

SECRETARY:

Mr M Placks

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

09892209 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

2,951

3,934

CURRENT ASSETS

Stocks

5

1,720,666

2,589,610

Debtors

6

169,165

111,325

Cash at bank

1,410

520

1,891,241

2,701,455

CREDITORS

Amounts falling due within one year

7

1,888,831

2,721,013

NET CURRENT ASSETS/(LIABILITIES)

2,410

(19,558

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,361

(15,624

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

5,161

(15,824

)

SHAREHOLDERS' FUNDS

5,361

(15,624

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 November 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2020 and were signed on its behalf by:

Mr D A Altman - Director

Mr M Placks - Director

1.	STATUTORY INFORMATION

Bayham Street Properties Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the

company will have adequate resources to meet its liabilities to third parties as they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

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

of financial position date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 29 November 2018

and 28 November 2019

4,918

DEPRECIATION

At 29 November 2018

984

Charge for year

983

At 28 November 2019

1,967

NET BOOK VALUE

At 28 November 2019

2,951

At 28 November 2018

3,934

5.

STOCKS

2019

2018

£

£

Stocks

1,720,666

2,589,610

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

100

1,095

Amounts owed by related companies

119,065

110,230

Other debtors

50,000

-

169,165

111,325

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

470,318

1,390,320

Trade creditors

1,993

-

Amounts owed to group undertakings

1,377,779

1,311,583

Amounts owed to related companies

6,040

1,399

Tax

519

-

Social security and other taxes

6,400

6,400

Other creditors

23,625

5,382

Directors' loan accounts

57

1,158

Accrued expenses

2,100

4,771

1,888,831

2,721,013

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

470,318

1,390,320

Bank loans are secured against the company's stock.

9.	RELATED PARTY DISCLOSURES

As at the year end, the company owes an interest free amount of £1,377,779 (2018: £1,311,583) to Bucks Estates

Limited, a company which owns 50% of the company's share capital.

As at the year end, the company owes an interest free amount of £6,040 (2018: £Nil) to Kingley Estates Limited, a

company with common directors.

As at the year end, the company was owed an interest free amount of £100 (2018: £1,095) by Altman Placks

Limited, a company which owns 50% of the company's share capital.

As at the year end, the company was owed an interest free amount of £39,556 (2018: £47,230) by Hale Court

Properties Liminted, a company with common directors.

As at the year end, the company was owed an interest free amount of £79,108 (2018: £63,000) by Parade

Developments Limited, a company with common directors.

As at the year end, the company was owed an interest free amount of £401 (2018: £1,399) by Hammers Lane

Properties Limited, a company with common directors.

10.	ULTIMATE CONTROLLING PARTY