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 the acquisition of land for building development and the provision of property related services. 01701350 2022-03-31 01701350 2021-03-31 01701350 core:CurrentFinancialInstruments 2022-03-31 01701350 core:CurrentFinancialInstruments 2021-03-31 01701350 core:Non-currentFinancialInstruments 2022-03-31 01701350 core:Non-currentFinancialInstruments 2021-03-31 01701350 core:ShareCapital 2022-03-31 01701350 core:ShareCapital 2021-03-31 01701350 core:CapitalRedemptionReserve 2022-03-31 01701350 core:CapitalRedemptionReserve 2021-03-31 01701350 core:RetainedEarningsAccumulatedLosses 2022-03-31 01701350 core:RetainedEarningsAccumulatedLosses 2021-03-31 01701350 core:CostValuation 2021-03-31 01701350 core:CostValuation 2022-03-31 01701350 core:ProvisionsForImpairmentInvestments 2021-03-31 01701350 core:ImpairmentLossProvisionsForImpairmentInvestments 2022-03-31 01701350 core:ProvisionsForImpairmentInvestments 2022-03-31 01701350 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-03-31 01701350 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2021-03-31 01701350 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 01701350 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-03-31 01701350 bus:OrdinaryShareClass1 2022-03-31 01701350 bus:PreferenceShareClass1 2022-03-31 01701350 2021-04-01 2022-03-31 01701350 bus:FullAccounts 2021-04-01 2022-03-31 01701350 bus:SmallEntities 2021-04-01 2022-03-31 01701350 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01701350 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01701350 bus:Director1 2021-04-01 2022-03-31 01701350 bus:Director2 2021-04-01 2022-03-31 01701350 2020-04-01 2021-03-31 01701350 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 01701350 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 01701350 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01701350 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 01701350 bus:PreferenceShareClass1 2021-04-01 2022-03-31 01701350 bus:PreferenceShareClass1 2020-04-01 2021-03-31 01701350 1 2021-04-01 2022-03-31 01701350 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01701350 (England and Wales)

M. BAKER (PROPERTY SERVICES) LIMITED

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

M. BAKER (PROPERTY SERVICES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

M. BAKER (PROPERTY SERVICES) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
M. BAKER (PROPERTY SERVICES) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Investments 3 7,803,414 7,778,124
7,803,414 7,778,124
Current assets
Stocks 39,582 29,062
Debtors 4 7,906,880 9,285,214
Cash at bank and in hand 137,368 226,915
8,083,830 9,541,191
Creditors
Amounts falling due within one year 5 ( 7,845,556) ( 8,811,607)
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 ( 5,037,095) ( 5,532,130)
Net assets 3,004,593 2,975,578
Capital and reserves
Called-up share capital 7 5,538,100 5,538,100
Capital redemption reserve 462,000 462,000
Profit and loss account ( 2,995,507 ) ( 3,024,522 )
Total shareholders' funds 3,004,593 2,975,578

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 (Property Services) Limited (registered number: 01701350) 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 (PROPERTY SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
M. BAKER (PROPERTY SERVICES) 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 (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

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.

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 sale of goods is recognised when the goods are physically delivered to the customer. 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 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.

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.

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 Profit and Loss Account as described below.

Fixed asset investments

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.

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal business practice basis.

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.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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 account represents the accumulated profits less dividends.

2. Employees

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

3. Fixed asset investments

Investments in subsidiaries

2022
£
Cost
At 01 April 2021 7,778,124
At 31 March 2022 7,778,124
Provisions for impairment
At 01 April 2021 0
Impairment ( 25,290)
At 31 March 2022 ( 25,290)
Carrying value at 31 March 2022 7,803,414
Carrying value at 31 March 2021 7,778,124

4. Debtors

2022 2021
£ £
Trade debtors 250 18,846
Amounts owed by Group undertakings 7,511,555 8,104,777
Prepayments and accrued income 260,076 1,138,334
VAT recoverable 4,607 6,010
Corporation tax 19 0
Other debtors 130,373 17,247
7,906,880 9,285,214

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 0 3,225,000
Trade creditors 22,930 10,026
Amounts owed to Group undertakings 4,184,718 1,663,700
Amounts owed to fellow subsidiaries 200,875 184,875
Amounts owed to related parties 3,288,699 3,134,250
Other creditors 106,128 404,401
Accruals and deferred income 42,206 91,975
Corporation tax 0 97,380
7,845,556 8,811,607

The loans are secured by fixed charges and floating charges over the assets of the company. They have been paid off in full in the year ended 31/03/2022.

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

2022 2021
£ £
Other loans 5,037,095 5,532,130

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
5,538,000 Redeemable Preference shares of £ 1.00 each 5,538,000 5,538,000
5,538,100 5,538,100

The redeemable preference shares are non-voting; otherwise they rank pari passu with the ordinary shares.

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.

8. Related party transactions

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.

9. Events after the Balance Sheet date

The land at Southbrook held as stock at 31 March 2022 was sold post year end. The effects of this transaction will be reflected in the financial statements to 31 March 2023.

10. 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.