Registered number
05028765
Baron properties London Limited
Filleted Accounts
31 March 2024
UKFS Consulting Limited
33 Naseby Road
Ilford
Essex
IG5 0NN
Baron properties London Limited
Registered number: 05028765
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investment properties 3 8,484,202 7,281,205
Current assets
Debtors 4 3,677,570 3,063,551
Cash at bank and in hand 737,246 138,050
4,414,816 3,201,601
Creditors: amounts falling due within one year 5 (2,223,417) (739,222)
Net current assets 2,191,399 2,462,379
Total assets less current liabilities 10,675,601 9,743,584
Creditors: amounts falling due after more than one year 6 (5,917,526) (5,377,377)
Provisions for liabilities (550,063) (470,364)
Net assets 4,208,012 3,895,843
Capital and reserves
Called up share capital 5 5
Fair value reserve 8 2,535,702 2,296,606
Profit and loss account 1,672,305 1,599,232
Shareholders' funds 4,208,012 3,895,843
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.
B Naghdi-Esfastani
Director
Approved by the board on 21 October 2024
Baron properties London Limited
Notes to the Accounts
for the year ended 31 March 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. Turnover includes revenue earned from the rendering of services.
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:
Plant and machinery 20% WDV
Investments properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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.
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.
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 4 5
3 Tangible fixed assets
Investment properties
£
Cost
At 1 April 2023 7,281,205
Additions 884,021
Surplus on revaluation 318,976
At 31 March 2024 8,484,202
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 8,484,202
At 31 March 2023 7,281,205
Investment properties are valued by the director during 2023
4 Debtors 2024 2023
£ £
Trade debtors - 1,250
Amount owed by related company 3,677,570 3,062,301
3,677,570 3,063,551
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 128,804 127,507
Trade creditors 5,975 4,406
Amounts owed to related company 2,027,350 532,370
Director's account 840 840
Rent Deposits 36,470 34,881
Taxation and social security costs 21,725 31,848
Other creditors 2,253 7,370
2,223,417 739,222
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,926,581 2,056,432
Pension loan account 125,000 125,000
Other creditors 3,865,945 3,195,945
5,917,526 5,377,377
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 2,032,950 2,151,550
Bank loans are secured against the properties held by the company.
8 Fair Valuation reserve 2024 2023
£ £
At 1 April 2023 2,296,606 2,144,771
Movement in reserve 239,096 151,835
At 31 March 2024 2,535,702 2,296,606
9 Related party transactions
The other creditors represents loan advance from BP Partnership and Baron Properties Pension Scheme to finance purchase of investment properties.
2024 2023
£ £
Baron Properties Pension Scheme (125,000) (125,000)
Balance payable to BP Partnership (3,865,945) (3,195,945)
Mr B Naghdi and Mrs F Naghdi is also director and shareholder of Granlty hotel ltd where the company had the following balances:
2024 2023
£ £
Grantly Hotel Limited (2,027,350) (532,370)
Debtors includes intercompany loan from Baron Properties Commercial Limited where similar directors are also shareholders.
2024 2023
£ £
Baron Properties Commercial Limited 3,677,570 3,062,301
All the intercompany loans are interest free and payable or receivable on demand.
10 Other information
Baron properties London Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Shepherds Bush Green
London
W12 8PS
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