| Bari Assets Limited |
| Notes to the Accounts |
| for the year ended 31 May 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Other Operating Income |
|
Other operating income is recognised at the fair value of the consideration received or receivable in respect of rental income. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Turnover, represented by rental income, is derived from leased property. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2025 |
|
| Number |
|
|
|
Average number of persons employed by the company |
0 |
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
Additions |
200,000 |
|
At 31 May 2025 |
200,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 31 May 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2025 |
200,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill will be amortised over 5 years, following the first period of acquisition. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures & fittings |
| £ |
|
Cost |
|
Additions |
4,500 |
|
At 31 May 2025 |
4,500 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
850 |
|
At 31 May 2025 |
850 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2025 |
3,650 |
|
|
| 5 |
Investments |
|
|
| Property |
| £ |
|
Cost |
|
Additions |
70,652 |
|
|
At 31 May 2025 |
70,652 |
|
|
|
|
|
|
|
|
|
A public house situated in Wishaw, Scotland was purchased in October 2024, with Bari Assets Ltd owning 50% of the property's Title. The valuation of the property was made on an open market value basis by an independent surveyor, with reference made to market evidence of transaction prices for similar properties. The director perceives this valuation is still relevant at the year end due to her knowledge of the local property market. |
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
| £ |
|
|
|
Accrued charges |
1,200 |
|
Taxation and social security costs |
2,245 |
|
Other creditors |
307,600 |
|
|
|
|
|
|
311,045 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
The company sub leases a property to AIB Enterrpises Ltd (SC704324), operating as a general convenience store, which has common directorship and shareholding. Rent charged between the two entities is on an arms length basis. |
|
|
| 8 |
Controlling party |
|
|
The director, Mrs A I Bari, holds a 100% beneficial interest in the share capital of the company. |
|
|
| 9 |
Other information |
|
|
Bari Assets Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
42 Muir Street |
|
Motherwell |
|
ML1 1BN |