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1
2023-06-01
2024-05-31
Company registration number:
SC249117
Bapu Properties Limited
Unaudited filleted abridged financial statements
31 May 2024
Bapu Properties Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Bapu Properties Limited
Directors and other information
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Directors |
Mr Paramjit Singh Basi |
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Mr Navdeep Basi |
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Mr Parpeet Basi |
(Appointed 19 December 2023) |
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Company number |
SC249117 |
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Registered office |
Traders Quarter, Third Floor |
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166 Buchanan Street |
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Glasgow |
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G1 2LW |
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Business address |
Traders Quarter, Third Floor, |
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166 Buchanan Street |
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Glasgow |
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G1 2LW |
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Accountants |
T. Murphy & Company |
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Chartered Accountants |
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59 Admiral Street |
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Glasgow |
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G41 1HP |
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Bapu Properties Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bapu Properties Limited
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 financial statements of Bapu Properties Limited for the year ended 31 May 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Bapu Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bapu Properties Limited and state those matters that we have agreed to state to the board of directors of Bapu Properties Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bapu Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bapu Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bapu Properties Limited. You consider that Bapu 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 financial statements of Bapu 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 financial statements.
T. Murphy & Company
Chartered Accountants
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
28 May 2025
Bapu Properties Limited
Abridged statement of financial position
31 May 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
1,900,887 |
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1,905,006 |
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_______ |
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_______ |
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1,900,887 |
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1,905,006 |
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Current assets |
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Debtors |
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1,228,320 |
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1,409,922 |
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Cash at bank and in hand |
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15,436 |
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30,369 |
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_______ |
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_______ |
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1,243,756 |
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1,440,291 |
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Creditors: amounts falling due |
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within one year |
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(
479,362) |
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(
653,834) |
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_______ |
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_______ |
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Net current assets |
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764,394 |
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786,457 |
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_______ |
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_______ |
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Total assets less current liabilities |
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2,665,281 |
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2,691,463 |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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(
877,991) |
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(
889,152) |
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_______ |
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_______ |
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Net assets |
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1,787,290 |
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1,802,311 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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4 |
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4 |
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Revaluation reserve |
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734,730 |
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720,897 |
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Profit and loss account |
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1,052,556 |
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1,081,410 |
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_______ |
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_______ |
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Shareholder funds |
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1,787,290 |
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1,802,311 |
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_______ |
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_______ |
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For the 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.
Directors responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
28 May 2025
, and are signed on behalf of the board by:
Mr Paramjit Singh Basi
Director
Company registration number:
SC249117
Bapu Properties Limited
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Traders Quarter, Third Floor, 166 Buchanan Street, Glasgow, G1 2LW.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Investment Property |
- |
0 % |
straight line |
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Plant and machinery |
- |
25 % |
reducing balance |
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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Leasehold Alterations |
- |
0 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023:
2
).
5.
Tangible assets
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£ |
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Cost |
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At 1 June 2023 and 31 May 2024 |
1,981,657 |
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_______ |
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Depreciation |
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At 1 June 2023 |
76,651 |
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Charge for the year |
4,119 |
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_______ |
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At 31 May 2024 |
80,770 |
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_______ |
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Carrying amount |
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At 31 May 2024 |
1,900,887 |
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_______ |
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At 31 May 2023 |
1,905,006 |
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_______ |
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Investment property
The fixed asset category of Investment Property is shown at its revalued amount. The relevant revaluations were undertaken by the firm of Graham & Sibbald, qualified property surveyors, on 4th.January 2018. The valuation was based upon the assumption of ten year leases with fixed uplifts. On that basis the company's remaining investment properties were valued at £1,871,425.On an historic cost basis, Investment Property would be shown in the balance sheet as a net book value of £1,150,528.
6.
Creditors: amounts falling due after more than one year
The company has provided first charges over all of its freehold property to Atom Bank PLC as security for its commercial loan borrowings.
7.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2024 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr Paramjit Singh Basi |
127,536 |
(
127,536) |
- |
- |
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Mr Navdeep Basi |
246,212 |
(
32,700) |
- |
213,512 |
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_______ |
_______ |
_______ |
_______ |
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373,748 |
(
160,236) |
- |
213,512 |
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_______ |
_______ |
_______ |
_______ |
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2023 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr Paramjit Singh Basi |
126,131 |
1,405 |
- |
127,536 |
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Mr Navdeep Basi |
248,438 |
32,774 |
(
35,000) |
246,212 |
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_______ |
_______ |
_______ |
_______ |
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374,569 |
34,179 |
(
35,000) |
373,748 |
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_______ |
_______ |
_______ |
_______ |
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During the year under review no other forms of advances, credits or guarantees were granted either to, or on behalf of, the directors.
8.
Controlling party
The share capital of
Bapu Properties Limited
is wholly owned by Bapu Holdings Limited (SC580960
).