| REGISTERED NUMBER: |
| BAYFORD PROPERTY COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| BAYFORD PROPERTY COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| BAYFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 15097462) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BAYFORD PROPERTY COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Tax Advisers and |
| Chartered Certified Accountants |
| Broad House |
| 1 The Broadway |
| Old Hatfield |
| Hertfordshire |
| AL9 5BG |
| BAYFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 15097462) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BAYFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 15097462) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Bayford Property Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard 102 Section 1A Small Entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company’s accounting policies. |
| The directors have reasonable expectations that the company, with their support, has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements. |
| Significant judgements and estimates |
| Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
| The company's critical accounting judgements and estimates are in respect of the fair value of freehold investment properties. |
| Details of these judgements and estimates are described in the relevant accounting policy and detailed notes to the financial statements as set out below: |
| Freehold investment properties |
| Property held for investment is valued by the directors to determine its fair value using the yield methodology. The valuations are based on assumptions including future rental income and anticipated costs. The directors also make reference to the market evidence of transaction prices for similar properties (see accounting policy on investment properties). |
| Investment property |
| Freehold 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 statement of comprehensive income. |
| Borrowing costs directly attributable to the acquisition and construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets until such time as the assets are substantially ready for letting. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as rent receivable and other accounts receivable and payable and loans from banks and related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| BAYFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 15097462) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 25 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| Included within cost at 30 September 2024 are capitalised borrowing costs of £194,265. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Other creditors |