Baylis & Co Ltd - Filleted accounts

BAYLIS & CO LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2022

Company Registration Number: 04187721

BAYLIS & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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 2022
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 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Intangible assets			5				875				2,375
Tangible assets			6				733,792				738,773
							734,667				741,148
CURRENT ASSETS
Stock					310,463				384,463
Debtors			7		13,946				18,494
Cash at bank and in hand					55,103				83,487
					379,512				486,444
CREDITORS: Amounts falling due within one year			8		466,338				579,781
NET CURRENT LIABILITIES							(86,826)				(93,337)
TOTAL ASSETS LESS CURRENT LIABILITIES							647,841				647,811
CREDITORS: Amounts falling due after more than one year			9				39,378				44,626
Provisions for liabilities and charges							11,927				13,039
NET ASSETS							596,536				590,146
CAPITAL AND RESERVES
Called up share capital							1				1
Distributable profit and loss account							596,535				590,145
SHAREHOLDER'S FUNDS							596,536				590,146

BAYLIS & CO LTD
BALANCE SHEET
AS AT 31 JULY 2022
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 2022 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 2023

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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 the director £442,182, 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.

	Grant Income
	Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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.
	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.

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	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

	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.

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	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:
									2022		2021
	Average number of employees								1		1

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
5	INTANGIBLE FIXED ASSETS
							Goodwill	Website development			Total
							£		£		£
	Cost
	At 1 August 2021						30,000		23,363		53,363
	At 31 July 2022						30,000		23,363		53,363
	Accumulated amounts written off
	At 1 August 2021						27,625		23,363		50,988
	Charge for year						1,500		-		1,500
	At 31 July 2022						29,125		23,363		52,488
	Net book value
	At 1 August 2021						2,375		-		2,375
	At 31 July 2022						875		-		875
6	TANGIBLE ASSETS
				Leasehold improvements			Furniture, fittings and equipment		Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 August 2021				718,850		136,942		19,990		875,782
	At 31 July 2022				718,850		136,942		19,990		875,782
	Accumulated depreciation and impairments
	At 1 August 2021				-		122,422		14,587		137,009
	Charge for year				-		3,630		1,351		4,981
	At 31 July 2022				-		126,052		15,938		141,990
	Net book value
	At 1 August 2021				718,850		14,520		5,403		738,773
	At 31 July 2022				718,850		10,890		4,052		733,792

BAYLIS & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
7	DEBTORS
									2022		2021
									£		£
	Trade debtors								4,674		10,290
	Prepayments and accrued income								310		420
	Other debtors								8,962		7,784
									13,946		18,494
8	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Bank loans and overdrafts								5,097		4,966
	Trade creditors								15,158		18,345
	Taxation and social security								-		8,776
	Accruals and deferred income								3,901		3,900
	Other creditors								442,182		543,794
									466,338		579,781
9	CREDITORS: Amounts falling due after more than one year
									2022		2021
									£		£
	Bank loans and overdrafts								39,378		44,626
	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
									2022		2021
									£		£
	Bank loans and overdrafts								17,503		23,312
10	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	C E Baylis
	Director and Shareholder								2022		2021
									£		£
	Director's loan		Amounts owing to director						442,182		543,794