Bayglen Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC271209 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022

FOR

BAYGLEN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

George Forsyth Macdonald

Mrs Jennifer Hay Macdonald

REGISTERED OFFICE:

26/28 Main Street

Longside

Peterhead

Aberdeenshire

AB42 4XL

REGISTERED NUMBER:

SC271209 (Scotland)

ACCOUNTANTS:

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

FIXED ASSETS

Intangible assets

4

10,900

16,350

Tangible assets

5

35,088

35,869

45,988

52,219

CURRENT ASSETS

Stocks

18,380

16,782

Debtors

6

3,315

119

Cash at bank and in hand

5,530

11,076

27,225

27,977

CREDITORS

Amounts falling due within one year

7

72,674

77,310

NET CURRENT LIABILITIES

(45,449

)

(49,333

)

TOTAL ASSETS LESS CURRENT LIABILITIES

539

2,886

PROVISIONS FOR LIABILITIES

528

660

NET ASSETS

11

2,226

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

2,224

SHAREHOLDERS' FUNDS

11

2,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th April 2023 and were signed on its behalf by:

Mrs Jennifer Hay Macdonald - Director

1.	STATUTORY INFORMATION

Bayglen Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention.

The presentation currency is sterling.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2021

and 31st October 2022

109,000

AMORTISATION

At 1st November 2021

92,650

Charge for year

5,450

At 31st October 2022

98,100

NET BOOK VALUE

At 31st October 2022

10,900

At 31st October 2021

16,350

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

Property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st November 2021

and 31st October 2022

32,039

35,279

6,990

2,529

76,837

DEPRECIATION

At 1st November 2021

-

33,763

5,222

1,983

40,968

Charge for year

-

379

265

137

781

At 31st October 2022

-

34,142

5,487

2,120

41,749

NET BOOK VALUE

At 31st October 2022

32,039

1,137

1,503

409

35,088

At 31st October 2021

32,039

1,516

1,768

546

35,869

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

265

119

Other debtors

3,050

-

3,315

119

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

2,681

10,244

Trade creditors

32,240

28,796

Corporation tax

1,571

346

Social security and other taxes

2,943

3,156

Other creditors

85

1,239

Directors' current accounts

31,104

31,579

Accrued expenses

2,050

1,950

72,674

77,310

The loan from the directors' is interest free with no fixed terms of repayment.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bayglen Ltd for the year ended 31st October 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Bayglen Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bayglen Ltd and state those matters that we have agreed to state to the Board of Directors of Bayglen Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bayglen Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bayglen Ltd. You consider that Bayglen Ltd 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 financial statements of Bayglen Ltd. 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 financial statements.

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

27th April 2023