Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Frances Anne Baker 14/09/2018 David Frank Riding 29/03/2019 25 October 2024 The principal activity of the company was the rental of its own properties. SC608158 2024-01-31 SC608158 bus:Director1 2024-01-31 SC608158 bus:Director2 2024-01-31 SC608158 2023-01-31 SC608158 core:CurrentFinancialInstruments 2024-01-31 SC608158 core:CurrentFinancialInstruments 2023-01-31 SC608158 core:Non-currentFinancialInstruments 2024-01-31 SC608158 core:Non-currentFinancialInstruments 2023-01-31 SC608158 core:ShareCapital 2024-01-31 SC608158 core:ShareCapital 2023-01-31 SC608158 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC608158 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC608158 2023-02-01 2024-01-31 SC608158 bus:FilletedAccounts 2023-02-01 2024-01-31 SC608158 bus:SmallEntities 2023-02-01 2024-01-31 SC608158 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC608158 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC608158 bus:Director1 2023-02-01 2024-01-31 SC608158 bus:Director2 2023-02-01 2024-01-31 SC608158 2022-02-01 2023-01-31 SC608158 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: SC608158 (Scotland)

FRANCES BAKER PROPERTY LTD

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

FRANCES BAKER PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

FRANCES BAKER PROPERTY LTD

BALANCE SHEET

As at 31 January 2024
FRANCES BAKER PROPERTY LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,169,981 1,169,981
1,169,981 1,169,981
Current assets
Cash at bank and in hand 18,087 22,788
18,087 22,788
Creditors: amounts falling due within one year 4 ( 8,014) ( 8,614)
Net current assets 10,073 14,174
Total assets less current liabilities 1,180,054 1,184,155
Creditors: amounts falling due after more than one year 5 ( 992,560) ( 1,020,812)
Provision for liabilities 6 ( 47,807) ( 40,960)
Net assets 139,687 122,383
Capital and reserves
Called-up share capital 100 100
Profit and loss account 139,587 122,283
Total shareholders' funds 139,687 122,383

For the financial year ending 31 January 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 Frances Baker Property Ltd (registered number: SC608158) were approved and authorised for issue by the Board of Directors on 25 October 2024. They were signed on its behalf by:

Frances Anne Baker
Director
FRANCES BAKER PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
FRANCES BAKER PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Frances Baker Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Dains Accountants, Miller Road, Ayr, KA7 2AY, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 represents rental income from the company's own investment properties. 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 in the period in which it relates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,169,981
As at 31 January 2024 1,169,981

4. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,514 5,514
Other creditors 2,500 3,100
8,014 8,614

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

2024 2023
£ £
Bank loans 886,133 926,628
Amounts owed to directors 106,427 94,184
992,560 1,020,812

The liability disclosed above as “not by instalments” relates to interest only mortgages secured over the properties. These mortgages are a variety of fixed and variable interest rate with varying future maturity dates.”

6. Provision for liabilities

2024 2023
£ £
Deferred tax 47,807 40,960

7. Related party transactions

Creditors due after more than one year includes the amount of £106,427 due by the company to its directors (2023 - £94,183). This loan is repayable on demand and does bear interest.