Baxies Investment Limited Filleted accounts for Companies House (small and micro)

Baxies Investment Limited Filleted accounts for Companies House (small and micro)

BAXIES INVESTMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC607275
Baxies Investment Limited
Filleted Unaudited Abridged Financial Statements
For period ended
30 September 2019
Baxies Investment Limited
Abridged Financial Statements
Period from 5 September 2018 to 30 September 2019
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Baxies Investment Limited
Abridged Statement of Financial Position
30 September 2019
30 Sep 19
Note
£
Fixed assets
Investments
5
445,000
Current assets
Cash at bank and in hand
100,438
Creditors: amounts falling due within one year
551,248
---------
Net current liabilities
450,810
---------
Total assets less current liabilities
5,810
-------
Net liabilities
5,810
-------
Capital and reserves
Called up share capital
2
Profit and loss account
5,812
-------
Shareholders deficit
5,810
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 September 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Baxies Investment Limited
Abridged Statement of Financial Position (continued)
30 September 2019
These abridged financial statements were approved by the board of directors and authorised for issue on 3 June 2020 , and are signed on behalf of the board by:
Mr S R Baxter
Mrs S Baxter
Director
Director
Company registration number: SC607275
Baxies Investment Limited
Notes to the Abridged Financial Statements
Period from 5 September 2018 to 30 September 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O I A Stewart & Co, The Mechanics Workshop, New Lanark, Lanark, Lanarkshire, ML11 9DB, UK.
2. Statement of compliance
These abridged 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 preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis as a result of funding provided by the directors.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil.
5. Investments
£
Cost
At 5 September 2018
–
Additions
445,000
---------
At 30 September 2019
445,000
---------
Impairment
At 5 September 2018
–
---------
At 30 September 2019
–
---------
Carrying amount
At 30 September 2019
445,000
---------
6. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.