Company registration number 11463371 (England and Wales)
BACHES PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BACHES PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Detailed Profit and Loss Account
BACHES PROPERTY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
435,885
435,885
Current assets
Debtors
4
629
1,146
Cash at bank and in hand
4,046
253
4,675
1,399
Creditors: amounts falling due within one year
5
(22,235)
(25,526)
Net current liabilities
(17,560)
(24,127)
Total assets less current liabilities
418,325
411,758
Creditors: amounts falling due after more than one year
6
(313,960)
(327,362)
Net assets
104,365
84,396
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
104,265
84,296
Total equity
104,365
84,396
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
Mrs L S Newell
Director
Company registration number 11463371 (England and Wales)
BACHES PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
64,288
64,388
Year ended 31 December 2022:
Profit and total comprehensive income
-
20,008
20,008
Balance at 31 December 2022
100
84,296
84,396
Year ended 31 December 2023:
Profit and total comprehensive income
-
19,969
19,969
Balance at 31 December 2023
100
104,265
104,365
BACHES PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Baches Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and is modified by the revaluation of certain assets.
1.2
Going concern
As there is excess of current liabilities over current assets the directors believe the going concern basis remains appropriate in the preparation of the financial statements. true
1.3
Turnover
Turnover consists of rent receivable from the freehold investment property held as an operating lease, excluding value added tax. Rent receivable is recognised in the profit and loss account om a straight line basis over the period of the lease.
1.4
Investment property
Investment properties are included at fair value. Gains and losses are recognised in the Income Statement and included within the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold or at the rate applicable at the balance sheet date.
1.5
Financial instruments
With few exceptions, the company only enters into basic financial instrument transactions that result in the recognition of financial asset and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.
Basic financial instruments such as those above are recognised in the financial statements at amortised cost.
Any exception to the above are either immaterial or do not affect more than one accounting period.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BACHES PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Cash and cash equivalents
Cash is represented by cash at bank and on hand, and bank overdrafts.
Operating leases
Assets leased out under operating leases are included in tangible fixed assets.
Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
2
Employees
The average monthly number of persons (including unpaid directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
435,885
Investment properties are included at fair value. Gains and losses are recognised in the Income Statement and included within the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold or at the rate applicable at the balance sheet date.
BACHES PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
629
1,146
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,402
13,402
Corporation tax
4,684
4,693
Other creditors
4,149
7,431
22,235
25,526
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
313,960
327,362
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
233,371
243,333
7
Secured Debts
The following secured debts are included within creditors;
Bank loans £327,362 (2023), £340,764 (2022).
The loan is secured on the company's freehold investment property and is repayable by monthly installments including interest.
8
Ultimate Controlling Party
The controlling party is Baches Solicitors LLP, a Limited Liability Partnership registered in England and Wales.