Company Registration No. 09216430 (England and Wales)
Bainesbury Holdings Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with the Registrar
Bainesbury Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Bainesbury Holdings Limited
Statement of financial position
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
517
79
Investment properties
4
3,700,000
3,075,255
Investments
5
108
108
3,700,625
3,075,442
Current assets
Debtors
6
117,123
76,336
Cash at bank and in hand
35,827
30,584
152,950
106,920
Creditors: amounts falling due within one year
7
(38,653)
(95,565)
Net current assets
114,297
11,355
Total assets less current liabilities
3,814,922
3,086,797
Creditors: amounts falling due after more than one year
8
(2,634,871)
(2,532,910)
Provisions for liabilities
(274,586)
(87,276)
Net assets
905,465
466,611
Capital and reserves
Called up share capital
100
100
Revaluation reserve
849,953
569,869
Profit and loss reserves
55,412
(103,358)
Total equity
905,465
466,611
Bainesbury Holdings Limited
Statement of financial position (continued)
As at 31 December 2021
Page 2
The director of the company has elected not to include a copy of the income statement 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.
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. 09216430
Bainesbury Holdings Limited
Notes to the financial statements
For the year ended 31 December 2021
Page 3
1
Accounting policies
Company information
Bainesbury Holdings 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover
represents amounts receivable for rent and
is recognised at the fair value of the consideration received or receivable services provided in the normal course of business
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at its revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities
.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Based on the results for the year, there is no current tax charge.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The grant income within these financial statements relates to amounts receivable under the Coronavirus Job Retention Scheme.
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
3,638
Additions
775
At 31 December 2021
4,413
Depreciation and impairment
At 1 January 2021
3,559
Depreciation charged in the year
337
At 31 December 2021
3,896
Carrying amount
At 31 December 2021
517
At 31 December 2020
79
4
Investment property
2021
£
Fair value
At 1 January 2021
3,075,255
Revaluations
624,745
At 31 December 2021
3,700,000
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
4
Investment property (continued)
Page 7
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director at 31 December 2021. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the valuation of some of the properties by the valuer acting on behalf of Kent Reliance in August 2021.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2021
2020
£
£
Cost
2,551,199
2,551,199
Accumulated depreciation
-
-
Carrying amount
2,551,199
2,551,199
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
108
108
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
116,675
76,336
Other debtors
448
117,123
76,336
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 8
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
4,582
63,166
Trade creditors
885
4,578
Taxation and social security
360
387
Other creditors
32,826
27,434
38,653
95,565
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
2,218,015
1,888,083
Other creditors
416,856
644,827
2,634,871
2,532,910
The long term bank loans totalling £2,218,015 (2020: £1,888,083) are secured by fixed and floating charges over the investment properties held within the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
129
15
Tax losses
(19,415)
(14,935)
Revaluations
298,848
106,175
Interest
(4,976)
(3,979)
274,586
87,276
Bainesbury Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
9
Deferred taxation (continued)
Page 9
2021
Movements in the year:
£
Liability at 1 January 2021
87,276
Charge to profit or loss
187,310
Liability at 31 December 2021
274,586
It is unclear when the reversal of the timing differences will arise.
10
Related party transactions
Included within debtors is £116,675 (2020: £76,336) owed by companies which are wholly owned subsidiaries. No interest has been charged on these loans and they do not have a set repayment date.
Included within long term creditors is £324,318 (2020: £408,056) owed to a director and shareholder of the company and £54,740 (2020: £36,711) owed to an acquaintance. No interest was charged on the loans during the year. The loans have no set repayment date.
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