Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| Investments | 4 |
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| 6,665,100 | 9,000,100 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 3,361,356 | 3,507,900 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (2,740,008) | (2,861,630) | ||
| Total assets less current liabilities | 3,925,092 | 6,138,470 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account | 11 |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of M Baker (Retail) Limited (registered number:
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Mr A E Browne
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
M Baker (Retail) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rashleigh Farm, Throwleigh, Okehampton, EX20 2JF, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| Fair value movement | (2,335,000) |
| As at 31 March 2025 |
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The 2025 valuations were made by the directors, on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 7,450,000 | 7,450,000 |
Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by fellow subsidiaries |
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| Amounts owed by own subsidiaries |
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| Prepayments |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Amounts owed to Parent undertakings |
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| Amounts owed to fellow subsidiaries |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited to the Statement of Income and Retained Earnings |
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| At the end of financial year |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned entities within the group.
Other related party transactions
Included in other creditors at 31 March 2025 is £24,347 (2024: £78,850) owing to a company under common control.
| 2025 | 2024 | ||
| £ | £ | ||
| Profit and loss account - distributable | 3,184,394 | 2,505,599 | |
| Profit and loss account - non distributable | (2,856,251) | (380,423) | |
| 328,143 | 2,125,176 |
Profit and loss account - distributable
The profit and loss account distributable reserve is made up accumulated profits and losses, less accumulated dividends paid.
Profit and loss - non distributable
The profit and loss account - non distributable reserve is made up from the revaluations of investment properties as disclosed in the investment property note and the deferred tax movement in respect of the revaluations.