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Company registration number: 00373008
Baxter's Holdings Limited
Unaudited filleted financial statements
05 April 2022
Baxter's Holdings Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Baxter's Holdings Limited
Directors and other information
Directors Mrs S M Clements
Mr D B Gentle
Secretary Mrs S M Clements
Company number 00373008
Registered office 45 Willian Road
Hitchin
Hertfordshire
SG4 0LN
Accountants Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Barclays Bank
5/6 High Street
Hitchin
Hertfordshire
SG5 1BJ
Baxter's Holdings Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Baxter's Holdings Limited
Year ended 5 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baxter's Holdings Limited for the year ended 5 April 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Baxter's Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Baxter's Holdings Limited and state those matters that we have agreed to state to the board of directors of Baxter's Holdings Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baxter's Holdings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Baxter's Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Baxter's Holdings Limited. You consider that Baxter's Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Baxter's Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
10 August 2022
Baxter's Holdings Limited
Statement of financial position
5 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 16,891 16,891
Investments 6 661,195 703,831
_______ _______
678,086 720,722
Current assets
Debtors 7 550 550
Cash at bank and in hand 120,481 14,243
_______ _______
121,031 14,793
Creditors: amounts falling due
within one year 8 ( 6,105) ( 5,937)
_______ _______
Net current assets 114,926 8,856
_______ _______
Total assets less current liabilities 793,012 729,578
Provisions for liabilities ( 55,870) ( 48,186)
_______ _______
Net assets 737,142 681,392
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 341,089 265,509
Profit and loss account 395,053 414,883
_______ _______
Shareholders funds 737,142 681,392
_______ _______
For the year ending 05 April 2022 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 August 2022 , and are signed on behalf of the board by:
Mrs S M Clements
Director
Company registration number: 00373008
Baxter's Holdings Limited
Statement of changes in equity
Year ended 5 April 2022
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 6 April 2020 1,000 160,110 408,466 569,576
Profit for the year 131,816 131,816
Other comprehensive income for the year:
Fair value adjustment to fixed asset investments - 129,313 ( 129,313) -
Tax relating to components of other comprehensive income ( 23,914) 23,914 -
_______ _______ _______ _______
Total comprehensive income for the year - 105,399 26,417 131,816
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 20,000) ( 20,000)
_______ _______ _______ _______
At 5 April 2021 and 6 April 2021 1,000 265,509 414,883 681,392
Profit for the year 75,750 75,750
Other comprehensive income for the year:
Fair value adjustment to fixed asset investments - 83,264 ( 83,264) -
Tax relating to components of other comprehensive income ( 7,684) 7,684 -
_______ _______ _______ _______
Total comprehensive income for the year - 75,580 170 75,750
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 20,000) ( 20,000)
_______ _______ _______ _______
At 5 April 2022 1,000 341,089 395,053 737,142
_______ _______ _______ _______
Baxter's Holdings Limited
Notes to the financial statements
Year ended 5 April 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 45 Willian Road, Hitchin, Hertfordshire, SG4 0LN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 .
Turnover
Turnover represents the income from investments.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold land
£
Cost
At 6 April 2021 and 5 April 2022 16,891
_______
Depreciation
At 6 April 2021 and 5 April 2022 -
_______
Carrying amount
At 5 April 2022 16,891
_______
At 5 April 2021 16,891
_______
6. Investments
Investments
£
Cost or valuation
At 6 April 2021 703,831
Additions 929
Disposals ( 114,086)
Revaluations 70,521
_______
At 5 April 2022 661,195
_______
Impairment
At 6 April 2021 and 5 April 2022 -
_______
Carrying amount
At 5 April 2022 661,195
_______
At 5 April 2021 703,831
_______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investments Total
£ £
At 5 April 2022
Aggregate cost 264,237 264,237
Aggregate depreciation - -
_______ _______
Carrying amount 264,237 264,237
_______ _______
At 5 April 2021
Aggregate cost 390,136 390,136
Aggregate depreciation - -
_______ _______
Carrying amount 390,136 390,136
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 550 550
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 6,105 5,937
_______ _______
9. Financial instruments
2022 2021
£ £
Financial assets measured at fair value through profit or loss
Listed investments 661,195 703,831
_______ _______