Registered number
05865842
Baker McVeigh and Clements Limited
Unaudited Filleted Accounts
29 February 2024
Baker McVeigh and Clements Limited
Registered number: 05865842
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 665,846 637,062
Current assets
Stocks 143,298 83,987
Debtors 4 1,922,571 1,865,664
Cash at bank and in hand 802,307 710,040
2,868,176 2,659,691
Creditors: amounts falling due within one year 5 (581,680) (481,870)
Net current assets 2,286,496 2,177,821
Total assets less current liabilities 2,952,342 2,814,883
Creditors: amounts falling due after more than one year 6 (489,728) (534,995)
Provisions for liabilities - deferred tax (73,500) (67,500)
Net assets 2,389,114 2,212,388
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 2 2
Fair value reserve (revaluation) 8 43,439 43,439
Profit and loss account 2,345,573 2,168,847
Shareholders' funds 2,389,114 2,212,388
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 members have 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 J P Clements
Director
Approved by the board on 21 October 2024
Baker McVeigh and Clements Limited
Notes to the Accounts
for the year ended 29 February 2024
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).
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 work.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings nil (see note below)
Leasehold land and buildings over 4 years.
Plant and machinery 25% reducing balance method
Fixtures, fittings, tools and equipment 25% reducing balance method
Motor vehicles 25% reducing balance method
Freehold buildings have not been depreciated because the Directors consider the value shown in the accounts to be a fair reflection of the true market value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 36 35
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 398,500 937,394 9,950 1,345,844
Additions 9,712 102,757 11,995 124,464
Disposals - - (5,300) (5,300)
At 29 February 2024 408,212 1,040,151 16,645 1,465,008
Depreciation
At 1 March 2023 18,499 683,481 6,802 708,782
Charge for the year 2,428 89,167 3,554 95,149
On disposals - - (4,769) (4,769)
At 29 February 2024 20,927 772,648 5,587 799,162
Net book value
At 29 February 2024 387,285 267,503 11,058 665,846
At 28 February 2023 380,001 253,913 3,148 637,062
Freehold land and buildings: 2024 2023
£ £
Historical cost 322,061 322,061
Cumulative depreciation based on historical cost - -
322,061 322,061
Freehold buildings were revalued by the Directors at their best estimate based on comparable property values in February 2023. They are of the opinion that this remains a fair valuation at 29 February 2024.
4 Debtors 2024 2023
£ £
Trade debtors 1,216,477 1,180,215
Amounts owed by related company undertakings 645,581 633,464
Other debtors 60,513 51,985
1,922,571 1,865,664
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 46,000 46,300
Trade creditors 120,771 106,309
Corporation tax 223,715 127,092
Other taxes and social security costs 136,683 127,527
Other creditors 54,511 74,642
581,680 481,870
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 489,728 534,995
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 315,000 357,000
Secured bank loans 535,728 581,295
National Westminster Bank plc hold a charge over the freehold land and buildings together with a floating charge over other assets owned by the company. Two of the Directors have additionally provided a personal guarantee for part of the bank loans.
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 43,439 46,612
Gain on revaluation of land and buildings - 1,327
Deferred taxation arising on the revaluation of land and buildings - (4,500)
At 29 February 2024 43,439 43,439
The revaluation reserve represents the fair value reserve on the freehold property. The balance is after providing for related deferred taxation of £14,500 (2023: £14,500).
9 Related party transactions
Hoyos Largos Ltd, a UK registered company with common directors and shareholders with Baker McVeigh and Clements Limited ("BMVC"), received a loan from BMVC. The balance owing at the year end was £645,581 (2023: £633,464). Included in this loan is a bank loan that BMCV has borrowed from National Westminster Bank of an original amount of £600,000, and now outstanding at the year end of £484,779 (2023: £520,208). Interest paid on the loan to the bank of £12,117 (2023: £12,938) has been recharged to Hoyos Largos. The remainder of the loan to Hoyos Largos is interest free. The loan from Hoyos Largos is repayable upon demand.
10 Controlling party
The ultimate controlling party is the group of directors.
11 Other information
Baker McVeigh and Clements Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Cowen Suite
Kinetic Centre
Theobald Street
Borehamwood
Herts. WD6 4PJ
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