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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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BAKER OLDFIELD LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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BAKER OLDFIELD LIMITED |
BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 5 |
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Other Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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BAKER OLDFIELD LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
Chart House |
2 Effingham Road |
Reigate |
Surrey |
RH2 7JN |
BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a holding company. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, John Williams & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BAKER OLDFIELD LIMITED |
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Opinion |
We have audited the financial statements of Baker Oldfield Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note eleven to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BAKER OLDFIELD LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Our audit has been carried out on a substantive testing basis. We have calculated materiality and performance materiality for each area fo the Financial Statements. All items above performance materiality have been tested and items below are tested on a sample basis. If any errors are found within our samples we extend the sample size. We consider this approach to be capable of detecting material irregularities including fraud. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Certified Accountants |
Statutory Auditors |
Chart House |
2 Effingham Road |
Reigate |
Surrey |
RH2 7JN |
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BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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(763 | ) | (763 | ) |
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Other operating income |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Baker Oldfield Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The prior reporting period was changed to a nine month period. This was due to Keystone Legal Benefits Limited purchasing 100% of the shares of Baker Oldfield Limited during the prior period. Baker Oldfield Limited has now aligned their reporting period with Keystone Legal Benefits Limited company who has a year end of 31st December. Due to the shortened prior period, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. |
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Preparation of consolidated financial statements |
The financial statements contain information about Baker Oldfield Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Keystone Holdco Limited, Chart House, 2 Effingham Road, Reigate, Surrey, RH2 7JN.. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | TAXATION |
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Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Deferred tax |
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( |
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Tax on profit |
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( |
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5. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST OR VALUATION |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Cost or valuation at 31 December 2020 is represented by: |
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Shares in |
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undertakings |
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Valuation in 2016 | 30,000 |
Valuation in 2018 | (1,491,189 | ) |
Cost | 4,653,520 |
3,192,331 |
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If fixed asset investments had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 4,653,520 | 4,653,520 |
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Fixed asset investments were valued on an open market basis on 31 December 2020 by the company's director . |
BAKER OLDFIELD LIMITED (REGISTERED NUMBER: 06845683) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Accrued expenses |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 50,000 | 50,000 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2020 |
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10. | RELATED PARTY DISCLOSURES |
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Michael Baker Solicitors Ltd |
A 100% subsidiary company. |
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During the year Baker Oldfield Limited received a dividend of £260,800 (2019:
£441,500) from Michael Bakers Solicitors Ltd. |
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2020 | 2019 |
£ | £ |
Amount due from/to related party at balance sheet date | (2,388) | (1,625) |
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11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of Keystone Holdco Limited which is also the ultimate parent company. The registered office of Keystone Holdco Limited is Chart House, 2 Effingham Road, Reigate, Surrey, RH2 7JN. |