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Registration number: 13243892

Bacon Property Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Bacon Property Group Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Bacon Property Group Ltd

(Registration number: 13243892)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

440

-

Investment property

5

341,182

-

 

341,622

-

Current assets

 

Debtors

6

4,334

-

Cash at bank and in hand

 

499

100

 

4,833

100

Creditors: Amounts falling due within one year

7

(505,603)

-

Net current (liabilities)/assets

 

(500,770)

100

Net (liabilities)/assets

 

(159,148)

100

Capital and reserves

 

Called up share capital

8

125

100

Profit and loss account

(159,273)

-

Shareholders' (deficit)/funds

 

(159,148)

100

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 October 2024
 



 

Mr Conor Jack Bacon
Director

 

Bacon Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern
Notwithstanding the deficit of shareholders' funds, the director considers that the company will recover this deficit in future years and therefore it is appropriate for the accounts to be prepared on a going concern basis.

Tangible assets

Tangible assets are stated 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss account.

Cash
Cash comprises cash on hand and all deposits.

 

Bacon Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

4

Tangible assets

Computer equipment
 £

Total
£

Cost

Additions

469

469

At 31 October 2023

469

469

Depreciation

Charge for the year

29

29

At 31 October 2023

29

29

Net book value

At 31 October 2023

440

440

5

Investment property

2023
£

2022
£

Additions

445,914

-

Fair value adjustments

(104,732)

-

At 31 October

341,182

-

The property was valued by the director at market value.

 

Bacon Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

2023
£

2022
£

Prepayments

4,334

-

4,334

-

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

238,500

-

Other loans

264,394

-

Accruals

2,709

-

505,603

-

Creditors include bank loans which are secured against the properties they relate to in the sum of £238,500 (2022 - £Nil).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £0.01 each

9,950

99.50

9,950

99.50

Ordinary B Shares of £0.01 each

1,247

12.47

10

0.10

Ordinary C Shares of £0.01 each

10

0.10

10

0.10

Ordinary D Shares of £0.01 (2022 - £0) each

1,247

12.47

-

-

Ordinary F Shares of £0.01 each

10

0.10

10

0.10

 

12,464

124.64

9,980

99.80

 

Bacon Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Related party transactions

Other related party transactions

At the balance sheet date, included in creditors, is an amount of £202,859 (2022 - £Nil) due to two of the shareholders.

No interest was charged.