Registered number
13667123
BAGGA PROPERTIES LTD
Filleted Accounts
31 October 2023
BAGGA PROPERTIES LTD
Registered number: 13667123
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 74,462 73,916
Current assets
Cash at bank and in hand 4,005 1,926
Creditors: amounts falling due within one year 4 (2,571) (1,833)
Net current assets 1,434 93
Total assets less current liabilities 75,896 74,009
Creditors: amounts falling due after more than one year 5 (74,058) (76,320)
Net assets/(liabilities) 1,838 (2,311)
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,837 (2,312)
Shareholder's funds 1,838 (2,311)
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 member has 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 S Bagga
Director
Approved by the board on 25 July 2024
BAGGA PROPERTIES LTD
Notes to the Accounts
for the year ended 31 October 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).
Going Concern
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company has financial support from the shareholder. Based on this the director believes the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Property Income
Property income represents rental income and is recognised in the profit and loss account on a straight line basis over the term of the tenancy agreement.
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 contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments Properties
Investment properties are initially recognised at purchase price plus other directly attributable costs. Where fair value can be measured reliably without undue cost or effort the property shall be measured at fair value. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on these changes in fair value at the rate expected to apply when the property is sold.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 73,916 - 73,916
Additions - 555 555
At 31 October 2023 73,916 555 74,471
Depreciation
Charge for the year - 9 9
At 31 October 2023 - 9 9
Net book value
At 31 October 2023 73,916 546 74,462
At 31 October 2022 73,916 - 73,916
All investment properties were purchased in the last year. It is considered that the initial purchase cost plus attributable expenses represent the fair value of these properties for the current year.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 1,453 1,333
Deposits 500 500
2,571 1,833
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 52,500 52,500
Amounts owed to shareholder 21,558 23,820
74,058 76,320
The bank loan is secured over the investment properties. The interest rate is fixed at 3.39% for five years and will later revert to 5.24% variable rate. The loan is repayable after 23 years.
6 Other information
BAGGA PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
2 Viscount House, Flat 2
8 Lakeside Drive
LONDON
NW10 7GS
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