Baltic Properties Exeter Limited 09623666 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of property rentals. Digita Accounts Production Advanced 6.30.9574.0 true 09623666 2023-06-01 2024-05-31 09623666 2024-05-31 09623666 core:OtherReservesSubtotal 2024-05-31 09623666 core:RetainedEarningsAccumulatedLosses 2024-05-31 09623666 core:ShareCapital 2024-05-31 09623666 core:CurrentFinancialInstruments 2024-05-31 09623666 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09623666 bus:SmallEntities 2023-06-01 2024-05-31 09623666 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09623666 bus:FullAccounts 2023-06-01 2024-05-31 09623666 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09623666 bus:RegisteredOffice 2023-06-01 2024-05-31 09623666 bus:CompanySecretary1 2023-06-01 2024-05-31 09623666 bus:Director1 2023-06-01 2024-05-31 09623666 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09623666 bus:Agent1 2023-06-01 2024-05-31 09623666 countries:EnglandWales 2023-06-01 2024-05-31 09623666 2023-05-31 09623666 2022-06-01 2023-05-31 09623666 2023-05-31 09623666 core:OtherReservesSubtotal 2023-05-31 09623666 core:RetainedEarningsAccumulatedLosses 2023-05-31 09623666 core:ShareCapital 2023-05-31 09623666 core:CurrentFinancialInstruments 2023-05-31 09623666 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 09623666

Baltic Properties Exeter Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

Company Information

Director

Mr J A Williams

Company secretary

Mrs D Heaver

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Baltic Properties Exeter Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Baltic Properties Exeter Limited for the year ended 31 May 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Baltic Properties Exeter Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Baltic Properties Exeter Limited and state those matters that we have agreed to state to the Board of Directors of Baltic Properties Exeter Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baltic Properties Exeter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Baltic Properties Exeter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Baltic Properties Exeter Limited. You consider that Baltic Properties Exeter Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Baltic Properties Exeter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

27 February 2025

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,369,467

1,954,056

Current assets

 

Debtors

5

1,036

772

Cash at bank and in hand

 

425

531

 

1,461

1,303

Creditors: Amounts falling due within one year

6

(1,813,538)

(1,475,969)

Net current liabilities

 

(1,812,077)

(1,474,666)

Total assets less current liabilities

 

557,390

479,390

Provisions for liabilities

(111,499)

(91,499)

Net assets

 

445,891

387,891

Capital and reserves

 

Called up share capital

100

100

Other reserves

355,921

295,921

Profit and loss account

89,870

91,870

Total equity

 

445,891

387,891

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

Balance Sheet as at 31 May 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 February 2025
 

.........................................
Mr J A Williams
Director

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

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

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

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

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.

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 the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 June

1,954,056

Additions

335,411

Disposals

-

Fair value adjustments

80,000

At 31 May

2,369,467

The director, with knowledge of the local property market, has determined fair value of the investment property.

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

5

Debtors

2024
£

2023
£

Prepayments and accrued income

1,036

772

Total current trade and other debtors

1,036

772

 

Baltic Properties Exeter Limited
(Registration number: 09623666)

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

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,601,847

1,300,496

Trade creditors

 

486

-

Other creditors

 

209,765

174,033

Accrued expenses

 

1,440

1,440

 

1,813,538

1,475,969

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

10

-

Other borrowings

1,601,837

1,300,496

1,601,847

1,300,496