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Registered Number: 13568093


 

 

 

BAKARE PROPERTIES LIMITED


Report of the Director and Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Director Caleb Bakare
Registered Number 13568093
Registered Office 7 BELL YARD
LONDON WC2A 2JR
WC2A 2JR
Accountants Smith & Johnson Limited
7 Bell Yard
London
WC2A 2JR
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 August 2024.
Director
The director who served the company throughout the year was as follows:
Caleb Bakare
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Caleb Bakare
Director

Date approved: 28 February 2025
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of BAKARE PROPERTIES LIMITED for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BAKARE PROPERTIES LIMITED for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of BAKARE PROPERTIES LIMITED , as a body, in accordance with the terms of our engagement letter dated 28 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of BAKARE PROPERTIES LIMITED and state those matters that we have agreed to state to the Board of Directors of BAKARE PROPERTIES 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 BAKARE PROPERTIES LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that BAKARE PROPERTIES 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 BAKARE PROPERTIES LIMITED . You consider that BAKARE PROPERTIES 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 BAKARE PROPERTIES 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
31 August 2024



....................................................
TJ Smith
Smith & Johnson Limited

7 Bell Yard
London
WC2A 2JR
28 February 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 9,452    9,298 
Gross profit 9,452    9,298 
Administrative expenses (927)   (813)
Operating profit 8,525    8,485 
Interest payable and similar charges 3 (4,654)   (4,654)
Profit/(Loss) on ordinary activities before taxation 3,871    3,831 
Tax on profit on ordinary activities 4 (735)   (728)
Profit/(Loss) for the financial year 3,136    3,103 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 182,279    182,279 
182,279    182,279 
Current assets      
Cash at bank and in hand 382    603 
Creditors: amount falling due within one year 6 (42,076)   (45,435)
Net current assets (41,694)   (44,832)
 
Total assets less current liabilities 140,585    137,447 
Creditors: amount falling due after more than one year 7 (135,300)   (135,300)
Net assets 5,285    2,147 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 8 5,284    2,147 
Shareholders' funds 5,285    2,148 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the director on 28 February 2025 and were signed by:


-------------------------------
Caleb Bakare
Director
5
General Information
BAKARE PROPERTIES LIMITED is a private company, limited by shares, registered in , registration number 13568093, registration address 7 BELL YARD, LONDON WC2A 2JR, WC2A 2JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Interest payable and similar charges

2024
£
  2023
£
Mortgage Interest 4,654    4,654 
4,654    4,654 

4.

Tax on profit on ordinary activities

2024
£
  2023
£
UK Corporation Tax 735    728 
735    728 

5.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 September 2023 182,279    182,279 
Additions  
Disposals  
At 31 August 2024 182,279    182,279 
Depreciation
At 01 September 2023  
Charge for year  
On disposals  
At 31 August 2024  
Net book values
Closing balance as at 31 August 2024 182,279    182,279 
Opening balance as at 01 September 2023 182,279    182,279 


6.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 339    728 
Directors' Current Accounts 41,737    44,707 
42,076    45,435 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 135,300    135,300 
135,300    135,300 

8.

Profit and loss account

  2024
£
Balance at 01 September 2023 2,148 
Profit for the year 3,136 
Balance at 31 August 2024 5,284 

6
  2024
£
  2023
£
Turnover          
Sales   9,452      9,298 
  9,452      9,298 
Gross profit   9,452      9,298 
Administrative expenses          
Accountancy Fees 500      501 
Use of Home as Office 312      312 
Late fees and charges 11     
Subscriptions 104     
  (927)     (813)
Operating profit   8,525      8,485 
Interest payable and similar charges          
Mortgage Interest 4,654      4,654 
  (4,654)     (4,654)
Profit/(Loss) on ordinary activities before taxation   3,871      3,831 
Tax on profit on ordinary activities          
UK Corporation Tax 735      728 
  (735)     (728)
Profit/(Loss) for the financial year   3,136      3,103 
 
7