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

BARONGUILD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02229160

Baronguild Limited

Unaudited Financial Statements

31 July 2023

Baronguild Limited

Directors' Report

Year ended 31 July 2023

The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2023 .

Directors

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

Mrs D Feldman
Mr M Feldman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 2 May 2024 and signed on behalf of the board by:

Mrs D Feldman

Director

Registered office:

Hallswelle House

1 Hallswelle Road

London

NW11 ODH

Baronguild Limited

Statement of Income and Retained Earnings

Year ended 31 July 2023

		2023	2022
Note		£	£
Rents receivable	4	355,556	385,185

Property outgoings	48,038	34,688
	---------	---------
Gross profit	307,518	350,497

Administrative expenses	90,786	88,409
	---------	---------
Operating profit	216,732	262,088

Other interest receivable and similar income	7	6	–
Interest payable and similar expenses	8	112,578	64,939
		---------	---------
Profit before taxation		104,160	197,149

Tax on profit	9	21,879	37,458
		---------	---------
Profit for the financial year and total comprehensive income		82,281	159,691
		---------	---------

All the activities of the company are from continuing operations.

Baronguild Limited

Statement of Financial Position

31 July 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	10		4,400,000	4,400,000

Current assets

Debtors	11	208,016	254,554
Cash at bank and in hand		882,214	874,035
		------------	------------
		1,090,230	1,128,589

Creditors: amounts falling due within one year	12	3,469,168		3,444,426
		------------		------------
Net current liabilities			2,378,938	2,315,837
			------------	------------
Total assets less current liabilities			2,021,062	2,084,163

Creditors: amounts falling due after more than one year	13	1,521,564	1,666,946
		------------	------------
Net assets		499,498	417,217
		------------	------------

Capital and reserves

Called up share capital	14	2	2
Revaluation reserve	15	( 1,489,213)	( 1,489,213)
Profit and loss account	15	1,988,709	1,906,428
		------------	------------
Shareholders funds		499,498	417,217
		------------	------------

For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Baronguild Limited

Statement of Financial Position (continued)

31 July 2023

These financial statements were approved by the board of directors and authorised for issue on 2 May 2024 , 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 2023

	2023	2022
	£	£

Cash flows from operating activities

Profit for the financial year	82,281	159,691

Adjustments for:
Other interest receivable and similar income	( 6)	–
Interest payable and similar expenses	112,578	64,939
Tax on profit	21,879	37,458

Changes in:
Trade and other debtors	46,538	( 82,478)
Trade and other creditors	39,516	( 23,061)
	---------	---------
Cash generated from operations	302,786	156,549

Interest paid	( 112,578)	( 64,939)
Interest received	6	–
Tax paid	( 37,458)	( 107,307)
	---------	---------
Net cash from/(used in) operating activities	152,756	( 15,697)
	---------	---------

Cash flows from financing activities

Proceeds from borrowings	( 144,577)	( 164,669)
	---------	---------
Net cash used in financing activities	( 144,577)	( 164,669)
	---------	---------

Net increase/(decrease) in cash and cash equivalents	8,179	( 180,366)
Cash and cash equivalents at beginning of year	874,035	1,054,401
	---------	------------
Cash and cash equivalents at end of year	882,214	874,035
	---------	------------

Baronguild Limited

Notes to the Financial Statements

Year ended 31 July 2023

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:

	2023	2022
	£	£
Rents receivable	355,556	385,185
	---------	---------

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

5. Staff costs

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

	2023	2022
	No.	No.
Administrative staff	8	8
Management staff	2	1
	----	----
	10	9
	----	----

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

	2023	2022
	£	£
Wages and salaries	49,522	46,855
	--------	--------

6. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2023	2022
	£	£
Remuneration	3,890	–
	-------	----

7. Other interest receivable and similar income

	2023	2022
	£	£
Interest on bank deposits	6	–
	----	----

8. Interest payable and similar expenses

	2023	2022
	£	£
Interest on banks loans and overdrafts	111,085	64,805
Interest on overdue tax	1,493	134
	---------	--------
	112,578	64,939
	---------	--------

9. Tax on profit

Major components of tax expense

	2023	2022
	£	£

Current tax:

UK current tax expense	21,879	37,458
	--------	--------
Tax on profit	21,879	37,458
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2022: the same as) the standard rate of corporation tax in the UK of - % (2022: 19 %).

	2023	2022
	£	£
Profit on ordinary activities before taxation	104,160	197,149
	---------	---------
Profit on ordinary activities by rate of tax	–	37,458
	---------	---------

10. Tangible assets

	Land and buildings
	£
Cost
At 1 August 2022 and 31 July 2023	4,400,000
	------------
Depreciation
At 1 August 2022 and 31 July 2023	–
	------------
Carrying amount
At 31 July 2023	4,400,000
	------------
At 31 July 2022	4,400,000
	------------

11. Debtors

	2023	2022
	£	£
Loan debtors	166,295	166,295
Other debtors	41,721	88,259
	---------	---------
	208,016	254,554
	---------	---------

12. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	170,370	169,565
Accruals and deferred income	107,473	122,707
Corporation tax	21,879	37,458
Social security and other taxes	17,898	550
Amounts due to related undertakings	3,151,548	3,114,146
	------------	------------
	3,469,168	3,444,426
	------------	------------

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

	2023	2022
	£	£
Bank loans and overdrafts	1,521,564	1,666,946
	------------	------------

14. Called up share capital

Authorised share capital

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Issued, called up and fully paid

	2023		2022
	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.

16. Analysis of changes in net debt

	At 1 Aug 2022	Cash flows	At 31 Jul 2023
	£	£	£
Cash at bank and in hand	874,035	8,179	882,214
Debt due within one year	(169,565)	(805)	(170,370)
Debt due after one year	(1,666,946)	145,382	(1,521,564)
	------------	---------	------------
	( 962,476)	152,756	( 809,720)
	------------	---------	------------