Baylis & Co Ltd - Filleted accounts


BAYLIS & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2020
Company Registration Number: 04187721
BAYLIS & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
BAYLIS & CO LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2020
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 2020
Notes 2020 2019
£ £
FIXED ASSETS
Intangible assets 5 3,875 10,764
Tangible assets 6 745,415 754,270
749,290 765,034
CURRENT ASSETS
Stock 458,463 441,888
Debtors 7 23,163 42,742
Cash at bank and in hand 79,470 486
561,096 485,116
CREDITORS: Amounts falling due within one year 8 662,804 629,290
NET CURRENT LIABILITIES (101,708) (144,174)
TOTAL ASSETS LESS CURRENT LIABILITIES 647,582 620,860
CREDITORS: Amounts falling due after more than one year 9 50,000 6,334
Provisions for liabilities and charges 14,439 17,251
NET ASSETS 583,143 597,275
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account 583,142 597,274
SHAREHOLDER'S FUNDS 583,143 597,275
BAYLIS & CO LTD
BALANCE SHEET
AS AT 31 JULY 2020
These accounts have been prepared and delivered 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 2020 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: 23 April 2021
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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
On 30 January 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus (the "COVID-19 outbreak") and the risks to the international community as the virus spreads globally. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve and as such, it is uncertain as to the full financial impact that the pandemic will have on the company. Therefore, the company are unable to reliably estimate the impact of the COVID-19 outbreak on its results for the financial year ending 30 July 2021.
The accounts have been drawn up on the going concern basis. The company owes the director £617,426, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the director. The director does not consider their own support 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.
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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 20 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
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.
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
2 SUMMARY OF SIGNIFICANT 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
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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.
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2020 2019
Average number of employees 2 2
5 INTANGIBLE FIXED ASSETS
Goodwill Website development Total
£ £ £
Cost
At 1 August 2019 30,000 23,363 53,363
At 31 July 2020 30,000 23,363 53,363
Accumulated amounts written off
At 1 August 2019 24,625 17,974 42,599
Charge for year 1,500 5,389 6,889
At 31 July 2020 26,125 23,363 49,488
Net book value
At 1 August 2019 5,375 5,389 10,764
At 31 July 2020 3,875 - 3,875
BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
6 TANGIBLE ASSETS
Leasehold improvements Furniture, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2019 718,850 136,942 19,990 875,782
At 31 July 2020 718,850 136,942 19,990 875,782
Accumulated depreciation and impairments
At 1 August 2019 - 111,129 10,383 121,512
Charge for year - 6,453 2,402 8,855
At 31 July 2020 - 117,582 12,785 130,367
Net book value
At 1 August 2019 718,850 25,813 9,607 754,270
At 31 July 2020 718,850 19,360 7,205 745,415
7 DEBTORS
2020 2019
£ £
Trade debtors 7,544 4,930
Prepayments and accrued income 3,881 24,286
Other debtors 11,738 13,526
23,163 42,742
8 CREDITORS: Amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts - 87,219
Trade creditors 41,167 17,919
Taxation and social security 13 13
Accruals and deferred income 3,898 28,244
Other creditors 617,726 495,895
662,804 629,290
9 CREDITORS: Amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 50,000 6,334
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