Baylis & Co Ltd - Filleted accounts

BAYLIS & CO LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2019

Company Registration Number: 04187721

BAYLIS & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 10

BAYLIS & CO LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2019
DIRECTOR
C E Baylis
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
04187721 England and Wales

BAYLIS & CO LTD
BALANCE SHEET
AS AT 31 July 2019
			Notes		2019				2018
					£				£
FIXED ASSETS
Intangible assets			5				10,764				20,051
Tangible assets			6				754,270				766,077
							765,034				786,128
CURRENT ASSETS
Stock					441,888				476,888
Debtors			7		42,742				68,961
Cash at bank and in hand					486				505
					485,116				546,354
CREDITORS: Amounts falling due within one year			8		629,290				648,777
NET CURRENT LIABILITIES							(144,174)				(102,423)
TOTAL ASSETS LESS CURRENT LIABILITIES							620,860				683,705
CREDITORS: Amounts falling due after more than one year			9				6,334				39,768
Provisions for liabilities and charges							17,251				19,284
NET ASSETS							597,275				624,653
CAPITAL AND RESERVES
Called up share capital							1				1
Distributable profit and loss account							597,274				624,652
SHAREHOLDER'S FUNDS							597,275				624,653
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
C E Baylis
Director
Date approved by the board: 27 April 2020

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
1	GENERAL INFORMATION
	Baylis & Co Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				Mo Tighe
	287-291 Banbury Road				Chapel House Gardens
	Oxford				Chipping Norton
	OX2 7JQ				OX7 5SZ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank £93,553 and the director £491,944, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the director. The director does not consider their own support nor the support of the bank likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover represents the value of the supply of real wood furniture, stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Intangible fixed assets

	Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 3 years.
	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. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 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 expectations.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Leasehold improvements					Not depreciated
	Furniture, fittings and equipment					Reducing balance basis at 25% per annum
	Motor vehicles					Reducing balance basis at 25% per annum
	Depreciation has not been provided in respect of leasehold improvements. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	STATEMENT OF ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.
	Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2019		2018
	Average number of employees								2		2
5	INTANGIBLE FIXED ASSETS
							Goodwill	Website development			Total
							£		£		£
	Cost
	At 1 August 2018						30,000		23,363		53,363
	At 31 July 2019						30,000		23,363		53,363
	Accumulated amounts written off
	At 1 August 2018						23,125		10,187		33,312
	Charge for year						1,500		7,787		9,287
	At 31 July 2019						24,625		17,974		42,599
	Net book value
	At 1 August 2018						6,875		13,176		20,051
	At 31 July 2019						5,375		5,389		10,764
6	TANGIBLE ASSETS
				Leasehold improvements			Furniture, fittings and equipment		Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 August 2018				718,850		136,942		19,990		875,782
	At 31 July 2019				718,850		136,942		19,990		875,782
	Accumulated depreciation and impairments
	At 1 August 2018				-		102,525		7,180		109,705
	Charge for year				-		8,604		3,203		11,807
	At 31 July 2019				-		111,129		10,383		121,512
	Net book value
	At 1 August 2018				718,850		34,417		12,810		766,077
	At 31 July 2019				718,850		25,813		9,607		754,270
7	DEBTORS
									2019		2018
									£		£
	Trade debtors								4,930		19,287
	Prepayments and accrued income								24,286		42,243
	Other debtors								13,526		7,431
									42,742		68,961
8	CREDITORS: Amounts falling due within one year
									2019		2018
									£		£
	Bank loans and overdrafts								87,219		87,539
	Trade creditors								17,919		35,922
	Taxation and social security								13		4,997
	Accruals and deferred income								28,244		10,185
	Other creditors								495,895		510,134
									629,290		648,777
9	CREDITORS: Amounts falling due after more than one year
									2019		2018
									£		£
	Bank loans and overdrafts								6,334		39,768
10	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases:								2019		2018
									£		£
	In less than one year								-		24,000