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Registration number: 12389826

BAAGE Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

BAAGE Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

BAAGE Ltd

Company Information

Directors

Mr Bruce Anthony Atkinson

Mrs Gladys Elena Atkinson

Registered office

1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

Accountants

Anthony Russel Limited
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

BAAGE Ltd

(Registration number: 12389826)
Balance Sheet as at 31 January 2024

Note

2024
 £

2023
 £

fixed assets

 

tangible assets

4

32,020

42,692

Investment property

5

1,560,000

1,271,258

 

1,592,020

1,313,950

Current assets

 

Cash at bank and in hand

 

8,881

45,009

Creditors: Amounts falling due within one year

6

(486,976)

(464,706)

Net current liabilities

 

(478,095)

(419,697)

Total assets less current liabilities

 

1,113,925

894,253

Creditors: Amounts falling due after more than one year

6

(938,423)

(947,958)

Net assets/(liabilities)

 

175,502

(53,705)

capital and reserves

 

Called up share capital

100

100

Profit and loss account

175,402

(53,805)

Total equity

 

175,502

(53,705)

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 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

BAAGE Ltd

(Registration number: 12389826)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr Bruce Anthony Atkinson
Director

 

BAAGE Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

These financial statements were authorised for issue by the Board on 24 October 2024.

2

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.

Statement of compliance

These 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and after eliminating sales within the company.

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.

 

BAAGE Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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% RBM

Computer Equipment

25% RBM

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

BAAGE Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

BAAGE Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

4,135

52,099

56,234

At 31 January 2024

4,135

52,099

56,234

Depreciation

At 1 February 2023

517

13,025

13,542

Charge for the year

904

9,768

10,672

At 31 January 2024

1,421

22,793

24,214

Carrying amount

At 31 January 2024

2,714

29,306

32,020

At 31 January 2023

3,618

39,074

42,692

5

Investment properties

2024
£

At 1 February

1,271,258

Fair value adjustments

288,742

At 31 January

1,560,000

There has been no valuation of investment property by an independent valuer.

 

BAAGE Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Bank loans and overdrafts

9,535

8,515

Director current account

 

476,583

455,333

Accrued expenses

 

858

858

 

486,976

464,706

Due after one year

 

Loans and borrowings

938,423

947,958

7

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:
 

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr Bruce Anthony Atkinson

No interest is charged on the loan

(455,332)

(21,250)

(476,582)

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Bruce Anthony Atkinson

No interest is charged on the loan

(297,750)

-

(157,582)

(455,332)