Registered number
05865842
Baker McVeigh and Clements Limited
Unaudited Filleted Accounts
28 February 2023
Baker McVeigh and Clements Limited
Registered number: 05865842
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 637,062 813,363
Current assets
Stocks 83,987 84,636
Debtors 4 1,865,664 2,715,647
Cash at bank and in hand 710,040 105,882
2,659,691 2,906,165
Creditors: amounts falling due within one year 5 (481,870) (426,598)
Net current assets 2,177,821 2,479,567
Total assets less current liabilities 2,814,883 3,292,930
Creditors: amounts falling due after more than one year 6 (534,995) (580,910)
Provisions for liabilities - deferred tax (67,500) (56,000)
Net assets 2,212,388 2,656,020
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 2 2
Fair value reserve (revaluation) 8 43,439 46,612
Profit and loss account 2,168,847 2,609,306
Shareholders' funds 2,212,388 2,656,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J P Clements
Director
Approved by the board on 28 October 2023
Baker McVeigh and Clements Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the work.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings nil (see note below)
Leasehold land and buildings over 7 years, now written off
Plant and machinery 25% reducing balance method
Fixtures, fittings, tools and equipment 25% reducing balance method
Motor vehicles 25% reducing balance method
Freehold buildings have not been depreciated because the Directors consider the value shown in the accounts to be a fair reflection of the true market value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 35 30
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 558,500 868,010 9,950 1,436,460
Additions - 69,384 - 69,384
Surplus on revaluation 20,000 - - 20,000
Disposals (180,000) - - (180,000)
At 28 February 2023 398,500 937,394 9,950 1,345,844
Depreciation
At 1 March 2022 18,499 598,844 5,754 623,097
Charge for the year - 84,637 1,048 85,685
At 28 February 2023 18,499 683,481 6,802 708,782
Net book value
At 28 February 2023 380,001 253,913 3,148 637,062
At 28 February 2022 540,001 269,166 4,196 813,363
Freehold land and buildings: 2023 2022
£ £
Historical cost 322,061 483,388
Cumulative depreciation based on historical cost - -
322,061 483,388
Freehold buildings were revalued by the Directors at their best estimate based on comparable property values in February 2023.
4 Debtors 2023 2022
£ £
Trade debtors 1,180,215 1,524,060
Amounts owed by related company undertakings 633,464 1,120,526
Other debtors 51,985 71,061
1,865,664 2,715,647
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 46,300 45,700
Trade creditors 106,309 85,079
Corporation tax 127,092 120,000
Other taxes and social security costs 127,527 118,934
Other creditors 74,642 56,885
481,870 426,598
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 534,995 580,910
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 357,000 398,110
Secured bank loans 581,295 626,610
National Westminster Bank plc hold a charge over the freehold land and buildings together with a floating charge over other assets owned by the company. Two of the Directors have additionally provided a personal guarantee for part of the bank loans.
8 Revaluation reserve 2023 2022
£ £
At 1 March 2022 46,612 46,612
Gain on revaluation of land and buildings 1,327 -
Deferred taxation arising on the revaluation of land and buildings (4,500) -
At 28 February 2023 43,439 46,612
The revaluation reserve represents the fair value reserve on the freehold property. The balance is after providing for related deferred taxation of £14,500 (2022: £10,000).
9 Related party transactions
Hoyos Largos Ltd, a UK registered company with common directors and shareholders with Baker McVeigh and Clements Limited ("BMVC"), received a loan from BMVC. The balance owing at the year end was £633,464 (2022: £1,120,526). Included in this loan is a bank loan that BMCV has borrowed from National Westminster Bank of an original amount of £600,000, and now outstanding at the year end of £520,208 (2022: £554,817). Interest paid on the loan to the bank has been recharged to Hoyos Largos. The remainder of the loan to Hoyos Largos is interest free. The loan from Hoyos Largos is repayable upon demand.
10 Controlling party
The ultimate controlling party is the group of directors.
11 Other information
Baker McVeigh and Clements Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Cowen Suite
Kinetic Centre
Theobald Street
Borehamwood
Herts. WD6 4PJ
Baker McVeigh and Clements Limited 05865842 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 A J P Clements No description of principal activity 05865842 2021-03-01 2022-02-28 05865842 core:RevaluationReserve core:LandBuildings 2021-03-01 2022-02-28 05865842 core:RevaluationReserve 2021-03-01 2022-02-28 05865842 core:WithinOneYear 2022-02-28 05865842 core:AfterOneYear 2022-02-28 05865842 core:ShareCapital 2022-02-28 05865842 core:SharePremium 2022-02-28 05865842 core:OtherReservesSubtotal 2022-02-28 05865842 core:RetainedEarningsAccumulatedLosses 2022-02-28 05865842 core:RevaluationReserve 2021-02-28 05865842 2022-03-01 2023-02-28 05865842 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05865842 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 05865842 bus:Director40 2022-03-01 2023-02-28 05865842 1 2022-03-01 2023-02-28 05865842 2 2022-03-01 2023-02-28 05865842 core:LandBuildings 2022-03-01 2023-02-28 05865842 core:PlantMachinery 2022-03-01 2023-02-28 05865842 core:Vehicles 2022-03-01 2023-02-28 05865842 core:RevaluationReserve core:LandBuildings 2022-03-01 2023-02-28 05865842 core:RevaluationReserve 2022-03-01 2023-02-28 05865842 countries:England 2022-03-01 2023-02-28 05865842 bus:FRS102 2022-03-01 2023-02-28 05865842 bus:FullAccounts 2022-03-01 2023-02-28 05865842 2023-02-28 05865842 core:WithinOneYear 2023-02-28 05865842 core:AfterOneYear 2023-02-28 05865842 core:ShareCapital 2023-02-28 05865842 core:SharePremium 2023-02-28 05865842 core:OtherReservesSubtotal 2023-02-28 05865842 core:RetainedEarningsAccumulatedLosses 2023-02-28 05865842 core:LandBuildings 2023-02-28 05865842 core:PlantMachinery 2023-02-28 05865842 core:Vehicles 2023-02-28 05865842 core:RevaluationReserve 2023-02-28 05865842 2022-02-28 05865842 core:LandBuildings 2022-02-28 05865842 core:PlantMachinery 2022-02-28 05865842 core:Vehicles 2022-02-28 05865842 core:RevaluationReserve 2022-02-28 iso4217:GBP xbrli:pure