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Company registration number: 14356992
(England and Wales)
BAKER MACKAY WHITTLE LIMITED
Unaudited filleted financial statements
for the period 14 September 2022 to
31 July 2023
BAKER MACKAY WHITTLE LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
BAKER MACKAY WHITTLE LIMITED
Directors and other information
Directors Mr R J Baker (Appointed 14 September 2022)
Mr A I R Mackay (Appointed 14 September 2022)
Mr S D Whittle (Appointed 14 September 2022)
Company number 14356992
Registered office Old Ipswich Road
Colchester
Essex
CO7 7QR
Business address 43 Heckworth Close
Severalls Industrial Estate
Colchester
Essex
CO4 9TB
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
BAKER MACKAY WHITTLE LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of BAKER MACKAY WHITTLE LIMITED
Period ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BAKER MACKAY WHITTLE LIMITED for the period ended 31 July 2023 which comprise the statement of financial position 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 BAKER MACKAY WHITTLE LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BAKER MACKAY WHITTLE LIMITED and state those matters that we have agreed to state to the board of directors of BAKER MACKAY WHITTLE 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 BAKER MACKAY WHITTLE LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that BAKER MACKAY WHITTLE 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 BAKER MACKAY WHITTLE LIMITED. You consider that BAKER MACKAY WHITTLE LIMITED is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of BAKER MACKAY WHITTLE 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.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
11 October 2023
BAKER MACKAY WHITTLE LIMITED
Statement of financial position
31 July 2023
31/07/23
Note £ £
Fixed assets
Tangible assets 5 628,712
_______
628,712
Current assets
Cash at bank and in hand 526
_______
526
Creditors: amounts falling due
within one year 6 ( 391,739)
_______
Net current liabilities ( 391,213)
_______
Total assets less current liabilities 237,499
Creditors: amounts falling due
after more than one year 7 ( 221,618)
_______
Net assets 15,881
_______
Capital and reserves
Called up share capital 8 3
Profit and loss account 15,878
_______
Shareholders funds 15,881
_______
For the period ending 31 July 2023 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 period 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 11 October 2023 , and are signed on behalf of the board by:
Mr R J Baker
Director
Company registration number: 14356992
BAKER MACKAY WHITTLE LIMITED
Notes to the financial statements
Period ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of property investment.
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.
Turnover
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Revenue from rent is recognised with reference to the stage of completion of the rental period; when the amount of revenue can be measured reliably and when it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil.
5. Tangible assets
Freehold property Total
£ £
Cost
At 14 September 2022 - -
Additions 628,712 628,712
_______ _______
At 31 July 2023 628,712 628,712
_______ _______
Depreciation
At 14 September 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 628,712 628,712
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 628,712
_______
_______
The investment property has been valued by the directors of the company by reference to current open market values at the year end.
6. Creditors: amounts falling due within one year
31/07/23
£
Bank loans and overdrafts 9,208
Taxation and social security 4,057
Other creditors 378,474
_______
391,739
_______
The bank loan is secured by way of a 1st legal charge over the investment property.
7. Creditors: amounts falling due after more than one year
31/07/23
£
Bank loans and overdrafts 221,618
_______
Included within creditors: amounts falling due after more than one year is an amount of £ 180,787 (2022 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
31/07/23
No £
Ordinary shares of £ 1.00 each 3 3
_______ _______
Share movements
No £
Ordinary :
At 14 September 2022 - -
Issue of shares 3 3
_______ _______
At 31 July 2023 3 3
_______ _______