REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Bael Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Bael Limited |
Bael Limited (Registered number: 10338362) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bael Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
173 Cleveland Street |
London |
W1T 6QR |
Bael Limited (Registered number: 10338362) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Equity contribution reserve |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bael Limited (Registered number: 10338362) |
Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Bael Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Amortisation is calculated so as to write off the cost of the goodwill, less its estimated residual value, over the useful life of that asset which is considered to be 5 years. |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued at fair value at each reporting date and any changes in fair values are recognised in profit and loss account. |
No depreciation is provided in respect of investment property. |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. |
Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. |
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
Notwithstanding the net liabilities of £1,438,262 (2022: £1,408,590) these financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons: |
The ability of the Company to remain as a going concern is dependent on the immediate parent company not seeking repayment of the amounts currently due to it and providing additional financial support the Company may require. The immediate parent has indicated its intention to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the Balance Sheet date for the foreseeable future. |
As with any company placing reliance on other group entities for financial support, the directors of the company acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
On this basis, the directors believe it remains appropriate to prepare the financial statements on a going concern basis. |
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 trade and other receivables and cash and bank balances, are initially measured at the amount receivable and subsequently adjusted for any impairment or other change in consideration expected to be received on settlement. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, are initially measured at the amount payable and subsequently adjusted for any change in consideration expected to be paid on settlement. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The director has considered the fair value of the property at 31 August 2023 and do not consider this to be significantly different form the value stated in the financial statements. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related undertakings | 20,410 | 20,410 |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
The company has received a bounce back loan. There is no interest to pay in the first 12 months and the interest is fixed at 2.5% per annum thereafter. The loan is repayable by 60 monthly instalments after one year of receiving the loan. |
The company has received interest free loans of £2.75million (2022: £2.75million) from the parent undertaking. The loan is unsecured and the loan balance is discounted at 3.425% per annum to its Net Present Value. The total discounted loan balance outstanding at the Balance sheet date was £1,971,578 (2022 : £1,955,967). |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Bael Limited (Registered number: 10338362) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
12. | RELATED PARTY DISCLOSURES |
The company was charged rent of £403,055 (2022: £403,757) by its parent company for the year. |
The directors confirm that there are no other related party transactions other than those disclosed in these financial statements, or from which disclosure exemption was taken, based on FRS 102.33. |