Registration number:
Baxi Partnership Limited
for the Year Ended 31 December 2023
Baxi Partnership Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Baxi Partnership Limited
Company Information
Directors |
R J Naudi J G Alexander J R Brooks C J Jones T M Davis |
Company secretary |
D French |
Registered office |
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Solicitors |
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Auditors |
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Baxi Partnership Limited
(Registration number: 00367875)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
7,987,003 |
7,937,570 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The functional and presentational currency is GBP and these financial statements are rounded to the nearest £1.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% straight line |
Office and computer equipment |
25%/33.33% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Associates |
£ |
Cost |
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At 1 January 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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England |
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England |
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Scotland |
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Scotland |
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Associates |
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England |
Ordinary £1 shares |
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The principal activity of Baxendale Advisory Limited is specialist management consultancy.
The principal activity of Partnership Trustee Limited is dormant.
The principal activity of Partnership Directors Limited is dormant.
The principal activity of Baxendale Limited is dormant.
The principal activity of Baxendale Employee Ownership Limited is the provision of employee ownership support.
Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at amortised cost |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2023 |
7,783,516 |
154,054 |
15,000 |
7,952,570 |
Additions |
74,225 |
- |
- |
74,225 |
Disposals |
- |
(24,792) |
- |
(24,792) |
At 31 December 2023 |
7,857,741 |
129,262 |
15,000 |
8,002,003 |
Impairment |
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At 1 January 2023 |
- |
- |
15,000 |
15,000 |
At 31 December 2023 |
- |
- |
15,000 |
15,000 |
Carrying amount |
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At 31 December 2023 |
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- |
7,987,003 |
At 31 December 2022 |
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- |
7,937,570 |
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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- |
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Prepayments |
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Other debtors |
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Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
- |
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12,090 |
40,027 |
Amounts owed to related parties are interest free, unsecured and repayable on demand.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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450,000 |
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450,000 |
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464,870 |
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464,870 |
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Baxi Partnership Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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HP and finance lease liabilities |
12,090 |
23,249 |
Current loans and borrowings
2023 |
2022 |
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HP and finance lease liabilities |
11,160 |
11,160 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of contingencies not included in the balance sheet is £823,084 (2022 - £823,084). On 6 December 2022, the company sold 50.001% of the share capital in the subsidiary, Baxendale Employee Ownership Limited, to an Employee Ownership Trust set up solely for the benefit of the employees of the subsidiary company. Part of the consideration is deferred and payable to the company only at the discretion of the subsidiary company or if at least one of the certain events occur to either the parent or subsidiary, including the sale of all or part of the company, the company becomes insolvent or ceases to operate or negotiates an arrangement to reschedule debts.
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.