Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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7,803,414 | 7,778,124 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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8,083,830 | 9,541,191 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 238,274 | 729,584 | ||
Total assets less current liabilities | 8,041,688 | 8,507,708 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Capital redemption reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of M. Baker (Property Services) Limited (registered number:
Mr A E Browne
Director |
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.
M. Baker (Property Services) 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: 01701350). The address of the Company's registered office is Senate Court, Southernhay Gardens, Exeter, England, 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 (Property Services) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
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.
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 Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
General
The profit and loss account account represents the accumulated profits less dividends.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 April 2021 |
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At 31 March 2022 |
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Provisions for impairment | |
At 01 April 2021 |
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Impairment | (
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At 31 March 2022 | (
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Carrying value at 31 March 2022 |
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Carrying value at 31 March 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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VAT recoverable |
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Corporation tax |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to fellow subsidiaries |
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Amounts owed to related parties |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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2022 | 2021 | ||
£ | £ | ||
Other loans |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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5,538,100 | 5,538,100 |
The redeemable preference shares are redeemable at the option of the Company at any time on giving not less than ten working days notice. No premium is payable on redemption.
Included in other creditors is £5,096,448 (2021: £5,624,381) owed to the Executors of the Estates of Mrs P R Baker and Mr M T Baker, shareholders in the company's parent company.
Also included in other creditors is £3,335,476 (2021: £3,511,451) owed to entities under common control, family members, and trusts with beneficiaries being close family members.
Included in other debtors was £130,373 (2021: £Nil) owed by family members, entities under common control, and trusts with beneficiaries being close family members.