Baytree Publishing Limited - Period Ending 2020-11-30

Baytree Publishing Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

Baytree Publishing Limited

Company Information

Director

MG Porter

Company secretary

MG Porter

Registered office

Thomas Muckle Building Bridge Street Rothbury Northumberland NE65 7SG

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Baytree Publishing Limited for the Year Ended 30 November 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Baytree Publishing Limited for the year ended 30 November 2020 as set out on pages 3 to 8 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Baytree Publishing Limited, as a body, in accordance with the terms of our engagement letter dated 3 November 2005. Our work has been undertaken solely to prepare for your approval the accounts of Baytree Publishing Limited and state those matters that we have agreed to state to the Board of Directors of Baytree Publishing Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baytree Publishing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Baytree Publishing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Baytree Publishing Limited. You consider that Baytree Publishing 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 accounts of Baytree Publishing 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

20 August 2021

Baytree Publishing Limited

(Registration number: 04603555)
Balance Sheet as at 30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	150	200
Current assets
Debtors	5	7,469	8,687
Cash at bank and in hand		-	335
		7,469	9,022
Creditors: Amounts falling due within one year	6	(42,598)	(39,711)
Net current liabilities		(35,129)	(30,689)
Net liabilities		(34,979)	(30,489)
Capital and reserves
Called up share capital	7	3	3
Profit and loss account		(34,982)	(30,492)
Shareholders' deficit		(34,979)	(30,489)

For the financial year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 August 2021
 

.........................................

MG Porter
Company secretary and director

Baytree Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas Muckle Building
Bridge Street
Rothbury
Northumberland
NE65 7SG
England

The principal place of business is:
Primrose Cottage
Wester Ulston
Jedburgh
Roxburghshire
TD8 6TS
Scotland

These financial statements were authorised for issue by the director on 20 August 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The company has net liabilities of £34,979 as at 30 November 2020. The company relies on the continued support of the directors to finance the day to day working requirements.

The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

Baytree Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sales of Goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line
Motor vehicles	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Baytree Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

Baytree Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2019	1,018	8,350	9,368
At 30 November 2020	1,018	8,350	9,368
Depreciation
At 1 December 2019	1,018	8,150	9,168
Charge for the year	-	50	50
At 30 November 2020	1,018	8,200	9,218
Carrying amount
At 30 November 2020	-	150	150
At 30 November 2019	-	200	200

5

Debtors

	2020 £	2019 £
Prepayments	-	1,218
Other debtors	7,469	7,469
	7,469	8,687

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	34,878	32,179
Trade creditors		613	500
Accruals and deferred income		1,000	975
Other creditors		6,107	6,057
		42,598	39,711

Baytree Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary Share of £1 each	3	3	3	3

8	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	2,308	2,449
Other borrowings	32,570	29,730
	34,878	32,179

9	Related party transactions

Other transactions with directors

During the year M Porter advanced loans to the company. These loans are repayable on demand, the amount due at 30 November 2020 was £6,094 (2019: £5,936)

Summary of transactions with other related parties

Cycle Guides Limited
(Cycle Guides is a company registered in Scotland in which MG Porter is a shareholder and director.)
Cycle Guides Limited advanced loans to the company during the year. At the balance sheet date the amount due to them was £32,570 (2019: £29,730)