Company registration number 12450995 (England and Wales)
BADDIE LIMITED
Annual report and unaudited financial statements
For the year ended 31 March 2025
Pages for filing with registrar
BADDIE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
BADDIE LIMITED
DIRECTORS' REPORT
For the year ended 31 March 2025
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The company's principal activity is investment. The company's activity is to invest in stocks and shares and to acquire and let residential properties.
During the year under review, the company acquired one additional properties. The company now owns five residential properties.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Kitson
Mrs J Kitson
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................................
Mr D Kitson
Director
Date: .............................................
2025-07-09
BADDIE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BADDIE LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baddie Limited for the year ended 31 March 2025 which comprise, the balance sheet 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Baddie Limited, as a body, in accordance with the terms of our engagement letter dated 3 February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Baddie Limited and state those matters that we have agreed to state to the board of directors of Baddie 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 Baddie Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Baddie 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 profit of Baddie Limited. You consider that Baddie 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 Baddie 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.
WSM Advisors Limited
Chartered Accountants
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
Date: ...........................
2025-07-09
BADDIE LIMITED
BALANCE SHEET
As at 31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
2,248,716
1,873,951
Investments
4
9,093,336
7,640,720
11,342,052
9,514,671
Current assets
Debtors
5
33,393
28,558
Cash at bank and in hand
6,045,833
2,717,531
6,079,226
2,746,089
Creditors: amounts falling due within one year
6
(16,414,040)
(12,014,040)
Net current liabilities
(10,334,814)
(9,267,951)
Total assets less current liabilities
1,007,238
246,720
Provisions for liabilities
(63,736)
Net assets
943,502
246,720
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
943,402
246,620
Total equity
943,502
246,720
BADDIE LIMITED
BALANCE SHEET (CONTINUED)
As at 31 March 2025
- 4 -
For the financial year ended 31 March 2025 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 ......................... and are signed on its behalf by:
2025-07-09
..............................................
Mr D Kitson
Director
Company registration number 12450995 (England and Wales)
BADDIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025
- 5 -
1
Accounting policies
Company information
Baddie Limited is a private company limited by shares incorporated in England and Wales. The registered office is WSM, Connect House, 133-137 Alexandra Road, Wimbledon, London, England, SW19 7JY.
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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The fixed asset investments are readily marketable securities.
1.3
Turnover
Turnover in relation to rental income receivable from the company's investment properties is recognised in the period in which the rental income is earned.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.6
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.
BADDIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
BADDIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 7 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
2
2
Total
2
2
3
Investment property
2025
£
Fair value
At 1 April 2024
1,832,577
Additions
416,139
At 31 March 2025
2,248,716
The fair value of the five investment properties as at 31 March 2025 has been determined by the Directors. This valuation is based on observable market data, including recent market transactions for similar properties.
4
Fixed asset investments
2025
2024
£
£
Other investments other than loans
9,093,336
7,640,720
BADDIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2025
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
7,640,720
Additions
1,221,633
Valuation changes
230,983
At 31 March 2025
9,093,336
Carrying amount
At 31 March 2025
9,093,336
At 31 March 2024
7,640,720
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
33,393
28,558
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
16,414,040
12,014,040
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary A Shares of £0.001p each
2
2
-
-
Ordinary B Shares of £0.001p each
99,998
99,998
100
100
Issued and fully paid
Ordinary A Shares of £0.001p each
2
2
Ordinary B Shares of £0.001p each
99,998
99,998
100
100