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Company No: 01701350 (England and Wales)

M. BAKER (PROPERTY SERVICES) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

M. BAKER (PROPERTY SERVICES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

M. BAKER (PROPERTY SERVICES) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
M. BAKER (PROPERTY SERVICES) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 7,633,925 7,633,925
7,633,925 7,633,925
Current assets
Debtors 4 8,589,474 8,370,507
Cash at bank and in hand 64,026 87,298
8,653,500 8,457,805
Creditors: amounts falling due within one year 5 ( 8,064,560) ( 8,101,615)
Net current assets 588,940 356,190
Total assets less current liabilities 8,222,865 7,990,115
Creditors: amounts falling due after more than one year 6 ( 4,479,112) ( 4,534,275)
Net assets 3,743,753 3,455,840
Capital and reserves
Called-up share capital 7 5,538,100 5,538,100
Capital redemption reserve 462,000 462,000
Profit and loss account ( 2,256,347 ) ( 2,544,260 )
Total shareholder's funds 3,743,753 3,455,840

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M. Baker (Property Services) Limited (registered number: 01701350) were approved and authorised for issue by the Board of Directors on 16 October 2024. They were signed on its behalf by:

Mr A E Browne
Director
M. BAKER (PROPERTY SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
M. BAKER (PROPERTY SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M. Baker (Property Services) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (registered number: 01701350). The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 7,803,414
At 31 March 2024 7,803,414
Provisions for impairment
At 01 April 2023 169,489
At 31 March 2024 169,489
Carrying value at 31 March 2024 7,633,925
Carrying value at 31 March 2023 7,633,925

4. Debtors

2024 2023
£ £
Trade debtors 0 1,000
Amounts owed by Parent undertakings 2,785,740 2,753,605
Amounts owed by fellow subsidiaries 5,263,865 5,323,841
Prepayments and accrued income 442,438 242,297
VAT recoverable 2,387 0
Other debtors 95,044 49,764
8,589,474 8,370,507

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 150 1,388
Amounts owed to Group undertakings 235,875 200,875
Amounts owed to own subsidiaries 3,983,102 3,993,102
Amounts owed to related parties 3,615,650 3,447,438
Accruals and deferred income 6,300 37,473
Corporation tax 46,750 101,970
Other taxation and social security 0 2,807
Other creditors 176,733 316,562
8,064,560 8,101,615

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 4,479,112 4,534,275

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
5,538,000 Redeemable Preference shares of £ 1.00 each 5,538,000 5,538,000
5,538,100 5,538,100

The redeemable preference shares are non-voting; otherwise they rank pari passu with the ordinary shares.

The redeemable preference shares are redeemable at the option of the Company at any time on giving not less than ten working days notice. No premium is payable on redemption.

8. Related party transactions

Included in other creditors is £4,479,112 (2023: £4,534,275) owed to the Executors of the Estates of Mrs P R Baker and Mr M T Baker, shareholders in the company's parent company.

Also included in other creditors is £3,792,383 (2023: £3,764,000) owed to entities under common control, family members, and trusts with beneficiaries being close family members.

Included in other debtors was £95,044 (2023: £49,764) owed by family members, entities under common control, and trusts with beneficiaries being close family members.