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BAINS & BAINS LIMITED

Registered Number
07807704
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

BAINS & BAINS LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

BAINS, Kulwinder Kaur
BAINS, Paramjit Singh

Registered Address

The Beeches
305 Stafford Road
Wolverhampton
WV10 6DQ

Registered Number

07807704 (England and Wales)
BAINS & BAINS LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,9651,339
Investment property4200,000200,000
202,965201,339
Current assets
Debtors5-845
Cash at bank and on hand10,1657,304
10,1658,149
Creditors amounts falling due within one year6(238,273)(228,345)
Net current assets (liabilities)(228,108)(220,196)
Total assets less current liabilities(25,143)(18,857)
Net assets(25,143)(18,857)
Capital and reserves
Called up share capital100100
Revaluation reserve50,00050,000
Profit and loss account(75,243)(68,957)
Shareholders' funds7(25,143)(18,857)
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
BAINS, Paramjit Singh
Director
Registered Company No. 07807704
BAINS & BAINS LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£).
Basis of preparation
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Straight line (years)
Fixtures and fittings25
Office Equipment25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year21
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 November 22-7,3597,359
Additions3443,1613,505
Disposals-(1,799)(1,799)
At 31 October 233448,7219,065
Depreciation and impairment
At 01 November 22-6,0206,020
Charge for year431,3871,430
On disposals-(1,350)(1,350)
At 31 October 23436,0576,100
Net book value
At 31 October 233012,6642,965
At 31 October 22-1,3391,339
4.Investment property
The investment properties have been valued on the following basis: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arms length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

£
Fair value at 01 November 22200,000
At 31 October 23200,000
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-845
Total-845
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-600
Other creditors238,273227,745
Total238,273228,345
7.Fair value reserve

£
Fair value reserve at 01 November 2250,000
At 31 October 2350,000