Company Registration No. 02678012 (England and Wales)
K M BAKER ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
K M BAKER ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
Mr K M Baker
Mrs C E Spencer
Mrs N Tailby
Company number
02678012
Registered office
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
K M BAKER ASSOCIATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
K M BAKER ASSOCIATES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF K M BAKER ASSOCIATES LIMITED FOR THE YEAR ENDED 30 APRIL 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K M Baker Associates Limited for the year ended 30 April 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of K M Baker Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of K M Baker Associates Limited
and state those matters that we have agreed to state to the Board of Directors of K M Baker Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K M Baker Associates Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that K M Baker Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of K M Baker Associates Limited. You consider that K M Baker Associates Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K M Baker Associates Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
9 December 2020
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
K M BAKER ASSOCIATES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42
56
Investment properties
4
200,000
200,000
Investments
5
93,411
106,104
293,453
306,160
Current assets
Debtors
6
69,327
83,074
Cash at bank and in hand
26,492
54,924
95,819
137,998
Creditors: amounts falling due within one year
7
(4,873)
(2,100)
Net current assets
90,946
135,898
Total assets less current liabilities
384,399
442,058
Capital and reserves
Called up share capital
8
100
100
Other reserves
133,053
133,053
Profit and loss reserves
251,246
308,905
Total equity
384,399
442,058
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
K M BAKER ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2020
30 April 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 December 2020 and are signed on its behalf by:
Mrs N Tailby
Director
Company Registration No. 02678012
K M BAKER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
1
Accounting policies
Company information
K M Baker Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Countrywide House, 23 West Bar, Banbury, Oxfordshire, OX16 9SA.
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 £.
1.2
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:
Plant and equipment
25% reducing balance
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
.
1.3
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.
Changes in fair value are recognised in profit or loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2020 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction priced of similar properties.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
K M BAKER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019 and 30 April 2020
8,037
Depreciation and impairment
At 1 May 2019
7,981
Depreciation charged in the year
14
At 30 April 2020
7,995
Carrying amount
At 30 April 2020
42
At 30 April 2019
56
K M BAKER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
4
Investment property
2020
£
Fair value
At 1 May 2019 and 30 April 2020
200,000
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 and the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2020 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction priced of similar properties.
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
93,411
106,104
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2019
106,104
Additions
5,375
Valuation changes
(12,289)
Disposals
(5,779)
At 30 April 2020
93,411
Carrying amount
At 30 April 2020
93,411
At 30 April 2019
106,104
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
69,327
83,074
K M BAKER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 7 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
2,373
-
Other creditors
2,500
2,100
4,873
2,100
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Related party transactions
As at 30 April 2020, Dalehouse Farm Limited owed K M Baker Associates Limited £33,121 (2019 - £33,121). K M Baker Associates Limited does not charge interest on the loan. The loan is repayable on demand. Two of the directors of Dalehouse Farm Limited are also directors of K M Baker Associates Limited.
As at 30 April 2020, one of the directors owed the company £4,389 (2019 - £31,342). The loan was repaid within 9 months after the year end. K M Baker Associates Limited charges interest at 2.5% on overdrawn directors' loan account balances.