Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseThe principal activity continued to be that of a holding company22truetrue 03550266 2023-04-01 2024-03-31 03550266 2022-04-01 2023-03-31 03550266 2024-03-31 03550266 2023-03-31 03550266 2022-04-01 03550266 c:Director1 2023-04-01 2024-03-31 03550266 d:FreeholdInvestmentProperty 2024-03-31 03550266 d:FreeholdInvestmentProperty 2023-03-31 03550266 d:CurrentFinancialInstruments 2024-03-31 03550266 d:CurrentFinancialInstruments 2023-03-31 03550266 d:Non-currentFinancialInstruments 2024-03-31 03550266 d:Non-currentFinancialInstruments 2023-03-31 03550266 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03550266 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03550266 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 03550266 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03550266 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 03550266 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03550266 d:ShareCapital 2024-03-31 03550266 d:ShareCapital 2023-03-31 03550266 d:ShareCapital 2022-04-01 03550266 d:RevaluationReserve 2024-03-31 03550266 d:RevaluationReserve 2023-03-31 03550266 d:RevaluationReserve 2022-04-01 03550266 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03550266 d:RetainedEarningsAccumulatedLosses 2024-03-31 03550266 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03550266 d:RetainedEarningsAccumulatedLosses 2023-03-31 03550266 d:RetainedEarningsAccumulatedLosses 2022-04-01 03550266 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03550266 c:OrdinaryShareClass1 2024-03-31 03550266 c:OrdinaryShareClass1 2023-03-31 03550266 c:FRS102 2023-04-01 2024-03-31 03550266 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03550266 c:FullAccounts 2023-04-01 2024-03-31 03550266 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03550266 d:WithinOneYear 2024-03-31 03550266 d:WithinOneYear 2023-03-31 03550266 d:BetweenOneFiveYears 2024-03-31 03550266 d:BetweenOneFiveYears 2023-03-31 03550266 2 2023-04-01 2024-03-31 03550266 6 2023-04-01 2024-03-31 03550266 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03550266 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03550266














BALTIC HOLDINGS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BALTIC HOLDINGS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 10


 
BALTIC HOLDINGS LIMITED
REGISTERED NUMBER:03550266

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investment property
 5 
2,000,000
2,000,000

  
2,000,000
2,000,000

Current assets
  

Debtors: amounts falling due within one year
 6 
9,429
9,583

Cash at bank and in hand
 7 
1,196
21,298

  
10,625
30,881

Creditors: amounts falling due within one year
 8 
(718,523)
(616,681)

Net current liabilities
  
 
 
(707,898)
 
 
(585,800)

Total assets less current liabilities
  
1,292,102
1,414,200

  

Creditors: amounts falling due after more than one year
 9 
(103,165)
(132,267)

  
1,188,937
1,281,933

Provisions for liabilities
  

Deferred taxation
  
(50,449)
(50,449)

  
 
 
(50,449)
 
 
(50,449)

  

Net assets excluding pension asset
  
1,138,488
1,231,484

Net assets
  
1,138,488
1,231,484


Capital and reserves
  

Called up share capital 
 12 
1,062
1,062

Revaluation reserve
  
521,175
521,175

Profit and loss account
  
616,251
709,247

  
1,138,488
1,231,484


1

 
BALTIC HOLDINGS LIMITED
REGISTERED NUMBER:03550266
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 February 2025.




J F M Woroniecki
Director

The notes on pages 4 to 10 form part of these financial statements.

2

 
BALTIC HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Non-distributable reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1,062
521,175
323,366
845,603



Profit for the year
-
-
385,881
385,881



At 1 April 2023
1,062
521,175
709,247
1,231,484



Loss for the year
-
-
(92,996)
(92,996)


At 31 March 2024
1,062
521,175
616,251
1,138,488


3

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Baltic Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 03550266. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal place of business is 74 Blackfriars Road, London, SE1 8HA.
The principal activity continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from rent and management fees is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

4

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporate tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

5

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

6

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2023
100


Disposals
(100)



At 31 March 2024

-



Impairment


At 1 April 2023
100


Impairment on disposals
(100)



At 31 March 2024

-



Net book value



At 31 March 2024
-



At 31 March 2023
-


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,000,000



At 31 March 2024
2,000,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.









 

7

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Other debtors
6,966
8,730

Prepayments
2,463
853

9,429
9,583



7.


Cash

2024
2023
£
£

Cash at bank and in hand
1,196
21,298

1,196
21,298



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
34,388
33,067

Trade creditors
841
21,214

Other creditors
635,623
555,990

Accruals and deferred income
47,671
6,410

718,523
616,681


Secured loans

The bank facilities are secured by the following:
(i) First legal charge over the freehold property held by the company
(ii) Personal guarantee from a director


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
103,165
132,267


Secured loans

The bank facilities are secured by the following:
(i) First legal charge over the freehold property held by the company
(ii) Personal guarantee from a director

8

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
34,388
33,067

Amounts falling due 1-2 years

Bank loans
34,388
33,067

Amounts falling due 2-5 years

Bank loans
68,777
99,200


68,777
99,200


137,553
165,334



11.


Deferred taxation




2024


£






At beginning of year
(50,449)



At end of year
(50,449)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
(50,449)
(50,449)

(50,449)
(50,449)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,062 (2023 - 1,062) ordinary shares of £1.00 each
1,062
1,062


9

 
BALTIC HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
18,400
18,400

Later than 1 year and not later than 5 years
39,867
58,267

58,267
76,667


14.


Related party transactions

As at the balance sheet date, the company owed the directors £51,955 (2023 - £136,863). This is an
interest free loan and repayable on demand.
 
 
10