Baobao Ltd - Accounts to registrar (filleted) - small 23.1
Baobao Ltd - Accounts to registrar (filleted) - small 23.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2022 |
| for |
| Baobao Ltd |
| Baobao Ltd (Registered number: 05965968) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Baobao Ltd |
| Company Information |
| for the Year Ended 31 August 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 173 Cleveland Street |
| London |
| W1T 6QR |
| Baobao Ltd (Registered number: 05965968) |
| Balance Sheet |
| 31 August 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Equity contribution reserve |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| Baobao Ltd (Registered number: 05965968) |
| Balance Sheet - continued |
| 31 August 2022 |
| 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 |
| Baobao Ltd (Registered number: 05965968) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2022 |
| 1. | STATUTORY INFORMATION |
| Baobao Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Consolidation |
| In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
| Investments in subsidiaries |
| Investments in subsidiary company by the parent company are stated at the net asset values of the subsidiary companies, which is considered to be their fair values, unless the net asset value is negative, in which case the investment's carrying value is considered to be nil. Differences between the net asset value and historical cost are recognised in other comprehensive income (OCI), with net revaluation gains recognised in OCI and net revaluation losses in profit and loss to the extent that these are not reversals of previous revaluation gain. |
| Financial instruments |
| Borrowings classified as basic financial instruments |
| Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
| Going concern |
| The directors have no reason to believe that a material uncertainty exists that may cast their significant doubt about the ability of the company to continue as a going concern. On the basis of assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Baobao Ltd (Registered number: 05965968) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 September 2021 |
| Revaluations |
| At 31 August 2022 |
| NET BOOK VALUE |
| At 31 August 2022 |
| At 31 August 2021 |
| Cost or valuation at 31 August 2022 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2022 | 1,136,195 |
| Cost | 502,366 |
| 1,638,561 |
| The company owns 100% of the issued share capital of Cool Inn Ltd, a company incorporated in England. |
| 6. | DEBTORS |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| Amounts owed by group undertakings bear interest at 4.71% per annum (2021: 3.68% per annum). |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Amounts owed to related undertakings | 1,499,993 | - |
| Other creditors |
| Baobao Ltd (Registered number: 05965968) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| The bank loan is secured by first legal charges over freehold properties owned by certain group undertakings and unlimited cross guarantees from certain group undertakings.The company is in the process of renewing the loan with the same lender which is likely to be renewed until June 2024. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Amounts owed to group undertakings |
| Amounts owed to related undertaking bear interest at SONIA plus a margin of 1.88% per annum (2021: LIBOR plus a margin of 1.88% per annum). |
| 9. | RELATED PARTY DISCLOSURES |
| As the company is a wholly owned subsidiary of Sycamore Limited, a company registered in Isle of Man, the company has taken advantage of the exemption contained in FRS 102.33 and has therefore not disclosed transactions on balances with entities which form part of the group headed by Sycamore Ltd. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Sycamore Ltd, a company incorporated in Isle of Man. |