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Registration number: 09161556

Bailey & Passmore Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Bailey & Passmore Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bailey & Passmore Properties Limited

(Registration number: 09161556)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,296

93,816

Investment property

5

1,620,000

2,670,000

Investments

6

20,000

20,000

 

1,646,296

2,783,816

Current assets

 

Debtors

7

65,556

68,769

Cash at bank and in hand

 

58,285

450

 

123,841

69,219

Creditors: Amounts falling due within one year

8

(645,244)

(567,568)

Net current liabilities

 

(521,403)

(498,349)

Total assets less current liabilities

 

1,124,893

2,285,467

Creditors: Amounts falling due after more than one year

8

(948,639)

(1,759,014)

Provisions for liabilities

(130,198)

(139,076)

Net assets

 

46,056

387,377

Capital and reserves

 

Called up share capital

100

100

Other reserves

826,502

1,132,152

Retained earnings

(780,546)

(744,875)

Shareholders' funds

 

46,056

387,377

 

Bailey & Passmore Properties Limited

(Registration number: 09161556)
Balance Sheet as at 31 August 2024

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................
Mr D J Bailey
Director

 

Bailey & Passmore Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
The Coach House
Cranhams Lane
Cirencester
Gloucestershire
GL7 1TZ
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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises deferred tax.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Bailey & Passmore Properties Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Bailey & Passmore Properties Limited

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

Borrowings

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 directors) during the year, was 2 (2023 - 2).

 

Bailey & Passmore Properties Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

72,960

137,899

210,859

Disposals

-

(137,899)

(137,899)

At 31 August 2024

72,960

-

72,960

Depreciation

At 1 September 2023

64,564

52,479

117,043

Charge for the year

2,100

11,746

13,846

Eliminated on disposal

-

(64,225)

(64,225)

At 31 August 2024

66,664

-

66,664

Carrying amount

At 31 August 2024

6,296

-

6,296

At 31 August 2023

8,396

85,420

93,816

5

Investment properties

2024
£

At 1 September 2022

2,670,000

Disposals

(1,103,333)

Fair value adjustments

53,333

At 31 August 2023

1,620,000

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

20,000

20,000

 

Bailey & Passmore Properties Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Bailey and Passmore Lettings Limited

2 Old Bath Road, Newbury, Berkshire, RG14 1QL

England

Ordinary

100%

100%

Subsidiary undertakings

Bailey and Passmore Lettings Limited

The principal activity of Bailey and Passmore Lettings Limited is other letting and operating of own or leased real estate.

 

Bailey & Passmore Properties Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,776

-

Prepayments

7,171

9,160

Other debtors

56,609

59,609

 

65,556

68,769

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

120,724

243,888

Trade creditors

 

5,107

3,225

Other creditors

 

519,413

320,455

 

645,244

567,568

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

948,639

1,759,014

 

Bailey & Passmore Properties Limited

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

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

100,724

141,562

Bank overdrafts

-

2,326

Other borrowings

20,000

100,000

120,724

243,888

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,190

31,706

Other borrowings

922,449

1,727,308

948,639

1,759,014

10

Related party transactions

Inter-company transactions

Bailey & Passmore Properties Limited have an inter-company loan with Bailey and Passmore Lettings Limited, a wholly owned subsidiary. At the balance sheet date the amount due from Bailey and Passmore Lettings Limited was £56,609 (2023: £56,609).


Bailey & Passmore Properties Limited have an inter-company loan with Passmore Developments Limited. N Passmore is a director of both companies. At the balance sheet date the amount due to Passmore Developments Limited was £70,625 (2023: £12,000).


Bailey & Passmore Properties Limited have an inter-company loan with Dan Bailey Building Limited. D Bailey is a director of both companies. At the balance sheet date the amount due to Dan Bailey Building Limited was £138,346 (2023: £79,014).