Bailey & Passmore Properties Limited - Period Ending 2023-08-31
Bailey & Passmore Properties Limited - Period Ending 2023-08-31
Registration number:
Bailey & Passmore Properties Limited
for the Year Ended 31 August 2023
Bailey & Passmore Properties Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bailey & Passmore Properties Limited
(Registration number: 09161556)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
1,132,152 |
860,923 |
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Retained earnings |
(744,875) |
(576,783) |
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Shareholders' funds |
387,377 |
284,240 |
Bailey & Passmore Properties Limited
(Registration number: 09161556)
Balance Sheet as at 31 August 2023
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
The Coach House
Cranhams Lane
Cirencester
Gloucestershire
GL7 1TZ
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises deferred tax.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
25% reducing balance |
Investment property
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Investment properties |
2023 |
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At 1 September 2022 |
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Fair value adjustments |
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At 31 August 2023 |
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There has been no valuation of investment property by an independent valuer.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Details of undertakings
Details of the investments 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 |
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2023 |
2022 |
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Subsidiary undertakings |
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2 Old Bath Road, Newbury, Berkshire, RG14 1QL England |
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Subsidiary undertakings |
Bailey and Passmore Lettings Limited The principal activity of Bailey and Passmore Lettings Limited is |
Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Bailey & Passmore Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Related party transactions |
Inter-company transactions |
Bailey & Passmore Properties Limited have an inter-company loan with Bailey and Passmore Lettings Limited, a wholly owned subsidiary. At the balance sheet date the amount due from Bailey and Passmore Lettings Limited was £56,609 (2022: £56,609).
Bailey & Passmore Properties Limited have an inter-company loan with Passmore Developments Limited. N Passmore is a director of both companies. At the balance sheet date the amount due to Passmore Developments Limited was £12,000 (2022: £nil).
Bailey & Passmore Properties Limited have an inter-company loan with Dan Bailey Building Limited. D Bailey is a director of both companies. At the balance sheet date the amount due to Dan Bailey Building Limited was £79,014 (2022: £nil).