Company Registration No. 09913423 (England and Wales)
Bainesbury Developments Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with the Registrar
Bainesbury Developments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Bainesbury Developments Limited
Balance sheet
As at 31 December 2021
31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
3
1,601
Cash at bank and in hand
24
58
27
1,659
Creditors: amounts falling due within one year
4
(66,425)
(59,283)
Net current liabilities
(66,398)
(57,624)
Creditors: amounts falling due after more than one year
5
(2,676)
Net liabilities
(66,398)
(60,300)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(66,498)
(60,400)
Total equity
(66,398)
(60,300)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Bainesbury Developments Limited
Balance sheet (continued)
As at 31 December 2021
31 December 2021
Page 2
The financial statements were approved and signed by the director and authorised for issue on 21 March 2022.
C E J Allen
Director
Company Registration No. 09913423
Bainesbury Developments Limited
Notes to the financial statements
For the year ended 31 December 2021
Page 3
1
Accounting policies
Company information
Bainesbury Developments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bainesbury House, Green Lane, Stratton-On-The-Fosse, Radstock, BA3 4RD.
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 a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on the going concern basis. As at 31 December 2021 the company had net liabilities of £66,398 (2020 £60,300). In the opinion of the director, the company will be able to meet its liabilities as they fall due with the support of its parent company. Therefore the director continues to adopt the going concern basis for the preparation of these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
Bainesbury Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 4
1.5
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, 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 are recognised at transaction price
.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
Bainesbury Developments Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 5
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
3
1,601
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
14,168
Amounts owed to group undertakings
64,675
24,336
Other creditors
1,750
20,779
66,425
59,283
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
2,676
6
Related party transactions
Included within creditors is £64,675 (2020: £24,336) owed to its parent company. No interest is being charged on this loan and it has no set repayment date.
7
Parent company
The company was 100% owned by Bainesbury Holdings Limited, a company registered in the UK.