REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Bains Property Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Bains Property Ltd |
Bains Property Ltd (Registered number: 03105612) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bains Property Ltd |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Woodlands Grange |
Woodlands Lane |
Bradley Stoke |
Bristol |
BS32 4JY |
Bains Property Ltd (Registered number: 03105612) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bains Property Ltd (Registered number: 03105612) |
Balance Sheet - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bains Property Ltd (Registered number: 03105612) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Bains Property Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover consists of rents receivable. Rental revenue is recognised evenly over the rental period. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Bains Property Ltd (Registered number: 03105612) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Revaluations |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Improvements | Fixtures |
Freehold | to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 3,185,323 | - | - | - | 3,185,323 |
Valuation in 2024 | 1,307,966 | - | - | - | 1,307,966 |
Cost | 4,653,519 | 23,192 | 8,421 | 929 | 4,686,061 |
9,146,808 | 23,192 | 8,421 | 929 | 9,179,350 |
If the freehold property had not been revalued they would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 4,653,519 | 4,653,518 |
Freehold land and buildings were valued on an open market basis on 30 April 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Rent due |
Other debtors | 500,000 | 500,000 |
Prepayments |
Bains Property Ltd (Registered number: 03105612) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Other creditors |
Directors' current accounts | 557,747 | 556,843 |
Deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans more 5yrs instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 400,000 | 400,000 |
The other loans of £400,000 have a non repayment period of fifteen years and are then repayable in instalments of £50,000 per annum. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
There is a fixed and floating first legal charge over the freehold land and buildings as specified in the mortgage and debenture agreement together with the negative pledge in favour of Lloyds Bank PLC. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary A | £1 | 10 | 10 |
Ordinary B | £1 | 490 | 490 |
Ordinary C | £1 | 2 | 2 |
502 | 502 |
Bains Property Ltd (Registered number: 03105612) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 5,178,598 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Assets revalued in period | (1,231,700 | ) | 1,231,700 | - |
At 30 April 2024 | 6,502,860 |
11. | RELATED PARTY DISCLOSURES |
At 30 April 2024, the company owed the directors £557,748 (2023: £556,843). This loan is interest-free, unsecured and repayable on demand. |