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Registration number: 00531269

R. & A. Bayston Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

R. & A. Bayston Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

R. & A. Bayston Limited

Company Information

Directors

J R P Bayston

J M Bayston

Company secretary

J M Bayston

Registered office

Thornton House
Broad Lane
Gilberdyke
Brough
North Humberside
HU15 2TB

 

R. & A. Bayston Limited

(Registration number: 00531269)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Investments

198

198

Tangible assets

4

482,997

329,900

Current assets

 

Stocks

6

96,547

112,944

Debtors

7

165,688

127,501

Cash at bank and in hand

 

11,826

31,980

 

274,061

272,425

Creditors: Amounts falling due within one year

8

(187,750)

(121,224)

Net current assets

 

86,311

151,201

Total assets less current liabilities

 

569,506

481,299

Creditors: Amounts falling due after more than one year

8

(100,840)

(23,333)

Provisions for liabilities

(49,948)

(45,114)

Net assets

 

418,718

412,852

Capital and reserves

 

Called up share capital

9

14,500

14,500

Profit and loss account

404,218

398,352

Total equity

 

418,718

412,852

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 22 October 2018 and signed on its behalf by:
 

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

J M Bayston
Director

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 00531269.

The address of its registered office is:
Thornton House
Broad Lane
Gilberdyke
Brough
North Humberside
HU15 2TB

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 have been prepared in sterling and are rounded to the nearest pound.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.


Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold improvements

10% reducing balance

Freehold land

nil

Plant & machinery

15% reducing balance - 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2017 - 12).

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

262,762

605,953

214,939

1,083,654

Additions

132,114

1,569

82,000

215,683

Disposals

-

(3,023)

(60,200)

(63,223)

At 31 March 2018

394,876

604,499

236,739

1,236,114

Depreciation

At 1 April 2017

210,696

406,781

136,277

753,754

Charge for the year

5,207

30,116

19,666

54,989

Eliminated on disposal

-

(2,625)

(53,001)

(55,626)

At 31 March 2018

215,903

434,272

102,942

753,117

Carrying amount

At 31 March 2018

178,973

170,227

133,797

482,997

At 31 March 2017

52,066

199,172

78,662

329,900

Included within the net book value of land and buildings above is £102,071 (2017: £52,066) in respect of leasehold improvements and £76,902 (2017: £nil) in respect of freehold land.
 

5

Other investments

Investments held as fixed assets

The cost and net book value of the investments at 31 March 2018 was £198 (2017 - £198).

6

Stocks

2018
£

2017
£

Other inventories

96,547

112,944

7

Debtors

2018
£

2017
£

Trade debtors

137,058

109,422

Other debtors

21,622

12,375

Prepayments and accrued income

7,008

5,704

Total current trade and other debtors

165,688

127,501

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

100,264

53,535

Bank loans and overdrafts

10

10,257

-

Obligations under finance leases and hire purchase contracts

10

40,503

20,001

Taxation and social security

 

5,318

13,599

Other creditors

 

23,584

27,546

Accruals and deferred income

 

7,824

6,543

 

187,750

121,224

Due after one year

 

Bank loans and overdrafts

10

56,508

-

Obligations under finance leases and hire purchase contracts

10

44,332

23,333

 

100,840

23,333

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

2018

2017

£

£

Bank loans and overdrafts

10,257

-

Obligations under finance leases and hire purchase contracts

40,503

20,001

50,760

20,001

Creditors amounts falling due after one year includes the following liabilities, on which security has been given by the company:

2018

2017

£

£

Bank loans and overdrafts

56,508

-

Obligations under finance leases and hire purchase contracts

44,332

23,333

100,840

23,333

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £1 each

14,500

14,500

14,500

14,500

Preference Shares of £1 each

500

500

500

500

 

15,000

15,000

15,000

15,000

 

R. & A. Bayston Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

10

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank loans and overdrafts

56,508

-

Obligations under finance leases and hire purchase contracts

44,332

23,333

100,840

23,333

2018
£

2017
£

Current loans and borrowings

Bank loans and overdrafts

10,257

-

Finance lease liabilities

40,503

20,001

50,760

20,001

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £84,060 (2017 - £113,561). The amount relates to a 2 year rental agreement with an annual rent of £42,030 and capital commitments of £nil (2017: £29,501).

12

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Advances to directors
£

Repayments by director
£

At 31 March 2018
£

J R P Bayston

Interest free loan repayable on demand

18,603

(16,092)

9,919

12,430

         
       

J M Bayston

Interest free loan repayable on demand

(937)

(1,673)

5,879

3,269

         
       

 

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

J R P Bayston

Interest free loan repayable on demand

23,267

(24,502)

19,838

18,603

         
       

J M Bayston

Interest free loan repayable on demand

6,609

(7,764)

218

(937)