1 March 2023 v2024.41.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP131841552023-03-012024-02-29131841552024-02-29131841552023-02-2813184155core:WithinOneYear2024-02-2913184155core:WithinOneYear2023-02-2813184155core:AfterOneYear2024-02-2913184155core:AfterOneYear2023-02-2813184155core:ShareCapital2024-02-2913184155core:ShareCapital2023-02-2813184155core:RetainedEarningsAccumulatedLosses2024-02-2913184155core:RetainedEarningsAccumulatedLosses2023-02-2813184155bus:Director12023-03-012024-02-2913184155bus:RegisteredOffice2023-03-012024-02-2913184155core:LandBuildings2023-03-0113184155core:LandBuildings2023-03-012024-02-2913184155core:LandBuildings2024-02-2913184155core:LandBuildings2023-02-28131841552023-03-011318415512023-03-012024-02-29131841552022-03-012023-02-2813184155countries:EnglandWales2023-03-012024-02-2913184155bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2913184155bus:PrivateLimitedCompanyLtd2023-03-012024-02-2913184155bus:SmallEntities2023-03-012024-02-2913184155bus:FullAccounts2023-03-012024-02-29
Company registration number:
13184155
Baringo Properties Ltd
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Baringo Properties Ltd
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,514,180
 
2,470,257
 
Current assets    
Cash at bank and in hand
233,618
 
7,874
 
Creditors: amounts falling due within one year 6
(362,126
)
(945,674
)
Net current liabilities
(128,508
)
(937,800
)
Total assets less current liabilities 2,385,672   1,532,457  
Creditors: amounts falling due after more than one year 7
(2,284,885
)
(1,479,242
)
Net assets
100,787
 
53,215
 
Capital and reserves    
Called up share capital
105,000
 
105,000
 
Profit and loss account
(4,213
)
(51,785
)
Shareholders funds
100,787
 
53,215
 
For the year ending
29 February 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 September 2024
, and are signed on behalf of the board by:
S Patel
Director
Company registration number:
13184155
Baringo Properties Ltd
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Mercia House
,
15 Galena Close
,
Tamworth
,
B77 4AS
, England.

2 Statement of compliance

These
financial statements
have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company has adequate resources to continue in operational existence for the foreseeable future. Detailed trading cash flow forecasts have been prepared covering a period of greater than 12 months from the date of approval of these financial statements. The forecasts indicate that the company will have adequate resources to continue to trade for the foreseeable future without the need for additional sources of funds.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Tangible assets

Land and buildings
£
Cost  
At
1 March 2023
2,470,257
 
Additions
43,923
 
At
29 February 2024
2,514,180
 
Depreciation  
At
1 March 2023
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
2,514,180
 
At 28 February 2023
2,470,257
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying amount at
1 March 2023
2,470,257.00
 
Additions
43,923
 
Carrying amount at
29 February 2024
2,514,180
 
Investment property comprises properties held for rental. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors of the company. The directors consider that the valuation at 29 February 2024 does not differ materially from historical cost.

6 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts -  
600,472
 
Taxation and social security
1,402
  -  
Other creditors
360,724
 
345,202
 
362,126
 
945,674
 
The bank loans are secured by fixed charges over the company's investment properties.

7 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
1,298,610
 
540,971
 
Other creditors
986,275
 
938,271
 
2,284,885
 
1,479,242
 
The bank loans are secured by fixed charges over the company's investment properties.
Included in other creditors is a loan of £986,275 from a related party in which the company's owners are shareholders.
Included in creditors falling due after more than one year are amounts of £1,924,085 due in more than 5 years.