Company registration number 12844179 (England and Wales)
BAEWILLS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
BAEWILLS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BAEWILLS LTD
COMPANY INFORMATION
- 1 -
Directors
Dr Abimbola Williams
Dr Babatunde Williams
Babatunde Williams
Company number
12844179
Registered office
1 Cloverfield
Lymm
Cheshire
UK
WA13 9WB
Accountants
Hallidays
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
BAEWILLS LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
964,660
946,000
Current assets
Debtors
4
527
477
Cash at bank and in hand
10,734
10,186
11,261
10,663
Creditors: amounts falling due within one year
5
(251,285)
(254,240)
Net current liabilities
(240,024)
(243,577)
Total assets less current liabilities
724,636
702,423
Creditors: amounts falling due after more than one year
6
(575,464)
(576,356)
Provisions for liabilities
(29,081)
(26,758)
Net assets
120,091
99,309
Capital and reserves
Called up share capital
7
100
100
Other reserves
127,400
111,650
Profit and loss reserves
(7,409)
(12,441)
Total equity
120,091
99,309
BAEWILLS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 3 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Dr Abimbola Williams
Director
Company registration number 12844179 (England and Wales)
BAEWILLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Baewills Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Cloverfield, Lymm, Cheshire, UK, WA13 9WB.
1.1
Accounting convention
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed the performance of the company since the year end of the accounting period. The level of turnover since the year end remains consistent that there are sufficient cashflows to meet the on-going liabilities and the company anticipates that it will remain profitable in the following years. The directors are satisfied that there are no material uncertainties that may cast doubt about the ability of the company to continue as a going concern.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of rental income 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.
1.4
Investment property
Investment property comprises of property and interests in land held either to earn rental income or for capital appreciation, or both. Investment properties are initially measured at cost, including related transaction costs.
Borrowing costs associated with direct expenditure on investment properties under development are capitalised. Interest is capitalised as from the commencement of the development work until the date of practical completion or, if earlier, the date that outgoings exceeded income.
After initial recognition, investment properties are carried at their fair values based on market value as determined at each reporting date. The difference between the fair value of investment property at the reporting date and it's carrying amount prior to re-measurement is included in the income statement as valuation surplus or deficit.
Profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period.
BAEWILLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BAEWILLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 September 2023
946,000
Revaluations
21,000
Other changes
(2,340)
At 31 August 2024
964,660
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
527
477
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
242,715
246,007
Accruals and deferred income
8,570
8,233
251,285
254,240
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
575,464
576,356
BAEWILLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors due after one year includes loans secured by a fixed and floating charge over all of the property or undertakings of the company in favour of Charter Court Financial Services Limited and Belmont Green Finance Limited T/a Vida Homeloans.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
At the balance sheet date the amount owed to related parties was £99,438 (£102,250). Interest is charged at rate of 2.25% per annum commencing 1st September 2022. The intercompany loan is repayable on demand in accordance with the signed agreement.
9
Directors' transactions
At the balance sheet date, the amount due to the directors was £143,278 (2023: £143,757). This amount is interest free and repayable on demand.
10
Control
The company is jointly controlled by the directors by virtue of their shareholding.