Baylis & Co Ltd - Filleted accounts
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 | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
Tangible assets | 6 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 9 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDER'S FUNDS | |||||||||||
BAYLIS & CO LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 JULY 2020 | |||||||||||
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: |
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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 | |||||||||||
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 | |||||||||||
Furniture, fittings and equipment | |||||||||||
Motor vehicles | |||||||||||
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 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 | |||||||||||
Leases | |||||||||||
Taxation | |||||||||||
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. | |||||||||||
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 | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Goodwill | Website development | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 August 2019 | |||||||||||
At 31 July 2020 | |||||||||||
Accumulated amounts written off | |||||||||||
At 1 August 2019 | |||||||||||
Charge for year | |||||||||||
At 31 July 2020 | |||||||||||
Net book value | |||||||||||
At 1 August 2019 | |||||||||||
At 31 July 2020 | - | ||||||||||
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 | |||||||||||
At 31 July 2020 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 August 2019 | - | ||||||||||
Charge for year | - | ||||||||||
At 31 July 2020 | - | ||||||||||
Net book value | |||||||||||
At 1 August 2019 | |||||||||||
At 31 July 2020 | |||||||||||
7 | DEBTORS | ||||||||||
2020 | 2019 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
23,163 | 42,742 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2020 | 2019 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | - | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
662,804 | 629,290 | ||||||||||
9 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2020 | 2019 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||