Silverfin false 31/03/2022 31/03/2022 01/04/2021 Mr A E Browne Mr S H Gregory 02 September 2022 The principal activity of the Company during the financial year was commercial property investment. 09840160 2022-03-31 09840160 2021-03-31 09840160 core:CurrentFinancialInstruments 2022-03-31 09840160 core:CurrentFinancialInstruments 2021-03-31 09840160 core:Non-currentFinancialInstruments 2022-03-31 09840160 core:Non-currentFinancialInstruments 2021-03-31 09840160 core:ShareCapital 2022-03-31 09840160 core:ShareCapital 2021-03-31 09840160 core:RetainedEarningsAccumulatedLosses 2022-03-31 09840160 core:RetainedEarningsAccumulatedLosses 2021-03-31 09840160 core:CurrentFinancialInstruments core:Secured 2022-03-31 09840160 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-03-31 09840160 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2021-03-31 09840160 bus:OrdinaryShareClass1 2022-03-31 09840160 2021-04-01 2022-03-31 09840160 bus:FullAccounts 2021-04-01 2022-03-31 09840160 bus:SmallEntities 2021-04-01 2022-03-31 09840160 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 09840160 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09840160 bus:Director1 2021-04-01 2022-03-31 09840160 bus:Director2 2021-04-01 2022-03-31 09840160 2020-04-01 2021-03-31 09840160 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 09840160 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 09840160 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 09840160 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 09840160 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09840160 (England and Wales)

M BAKER (ROCHE) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

M BAKER (ROCHE) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

M BAKER (ROCHE) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
M BAKER (ROCHE) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Investment property 3 6,119,123 4,115,000
6,119,123 4,115,000
Current assets
Debtors 4 175,427 51,589
Cash at bank and in hand 1,086,074 667,671
1,261,501 719,260
Creditors
Amounts falling due within one year 5 ( 7,407,124) ( 2,921,495)
Net current liabilities (6,145,623) (2,202,235)
Total assets less current liabilities (26,500) 1,912,765
Creditors
Amounts falling due after more than one year 6 0 ( 2,160,053)
Net liabilities ( 26,500) ( 247,288)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 26,501 ) ( 247,289 )
Total shareholder's deficit ( 26,500) ( 247,288)

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M Baker (Roche) Limited (registered number: 09840160) were approved and authorised for issue by the Director on 02 September 2022. They were signed on its behalf by:

Mr A E Browne
Director
M BAKER (ROCHE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
M BAKER (ROCHE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M Baker (Roche) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (registered number: 09840160). The address of the Company's registered office is Senate Court, Southernhay Gardens, Exeter, Devon, United Kingdom, EX1 1NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of M Baker (Roche) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The Company has an excess of liabilities over assets. The Company relies on the continued support from other group companies which is expected to continue. The Group has expressed willingness to continue to support the Company for the foreseeable future. On that basis, the directors consider it appropriate to continue to prepare the financial statements on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Reserves - Profit and loss account

General
The profit and loss account represents the accumulated profits less dividends.


Non distributable
The profit and loss account - non distributable represents the accumulated difference between the cost and valuations of the investment property held by the company less deferred tax.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2021 4,115,000
Additions 2,004,123
As at 31 March 2022 6,119,123

Assumptions

The 2022 valuations were made by the directors, on an open market value for existing use basis.

4. Debtors

2022 2021
£ £
Trade debtors 37,000 11,502
Amounts owed by Group undertakings 131,616 0
Prepayments and accrued income 6,811 32,270
VAT recoverable 0 7,817
175,427 51,589

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans (secured) 3,144,553 83,532
Amounts owed to Group undertakings 2,235,952 632,585
Amounts owed to fellow subsidiaries 1,815,787 2,076,306
Accruals and deferred income 175,161 109,017
Corporation tax 12,733 20,055
Other taxation and social security 22,938 0
7,407,124 2,921,495

The loans are secured by fixed charges over the Company's investment property and floating charge over the assets of the Company.

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

2022 2021
£ £
Bank loans (secured) 0 2,160,053

The loans are secured by fixed charges over the Company's investment property and floating charge over the assets of the Company.

7. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Ultimate controlling party

The directors consider that the ultimate parent undertaking of this company is its parent company, M Baker (Holdings) Limited, a company incorporated in Great Britain.