Registration number:
R. & A. Bayston Limited
for the Year Ended 31 March 2018
R. & A. Bayston Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
R. & A. Bayston Limited
Company Information
Directors |
J R P Bayston J M Bayston |
Company secretary |
J M Bayston |
Registered office |
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Page 1 |
R. & A. Bayston Limited
(Registration number: 00531269)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Investments |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
.........................................
Director
Page 2 |
R. & A. Bayston Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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:
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.
Page 3 |
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.
Page 4 |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
R. & A. Bayston Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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Disposals |
- |
( |
( |
( |
At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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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.
Other investments |
Investments held as fixed assets
The cost and net book value of the investments at 31 March 2018 was £198 (2017 - £198).
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
7,008 |
5,704 |
Total current trade and other debtors |
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Page 6 |
R. & A. Bayston Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Bank loans and overdrafts |
10,257 |
- |
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Obligations under finance leases and hire purchase contracts |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
7,824 |
6,543 |
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Due after one year |
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Bank loans and overdrafts |
56,508 |
- |
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Obligations under finance leases and hire purchase contracts |
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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 |
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£ |
£ |
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Bank loans and overdrafts |
10,257 |
- |
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Obligations under finance leases and hire purchase contracts |
40,503 |
20,001 |
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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 |
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£ |
£ |
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Bank loans and overdrafts |
56,508 |
- |
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Obligations under finance leases and hire purchase contracts |
44,332 |
23,333 |
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100,840 |
23,333 |
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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14,500 |
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14,500 |
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500 |
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500 |
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Page 7 |
R. & A. Bayston Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank loans and overdrafts |
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- |
Obligations under finance leases and hire purchase contracts |
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2018 |
2017 |
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Current loans and borrowings |
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Bank loans and overdrafts |
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- |
Finance lease liabilities |
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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 £
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 |
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Interest free loan repayable on demand |
18,603 |
( |
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J M Bayston |
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Interest free loan repayable on demand |
(937) |
( |
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2017 |
At 1 April 2016 |
Advances to directors |
Repayments by director |
At 31 March 2017 |
J R P Bayston |
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Interest free loan repayable on demand |
23,267 |
( |
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J M Bayston |
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Interest free loan repayable on demand |
6,609 |
( |
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( |
Page 8 |