Silverfin false 31/12/2021 31/12/2021 01/01/2021 A R Bayliss 15 August 2022 The principal activity of the Company during the financial year was tour operator activities. 05104702 2021-12-31 05104702 2020-12-31 05104702 core:CurrentFinancialInstruments 2021-12-31 05104702 core:CurrentFinancialInstruments 2020-12-31 05104702 core:Non-currentFinancialInstruments 2021-12-31 05104702 core:Non-currentFinancialInstruments 2020-12-31 05104702 core:ShareCapital 2021-12-31 05104702 core:ShareCapital 2020-12-31 05104702 core:SharePremium 2021-12-31 05104702 core:SharePremium 2020-12-31 05104702 core:RetainedEarningsAccumulatedLosses 2021-12-31 05104702 core:RetainedEarningsAccumulatedLosses 2020-12-31 05104702 core:Vehicles 2020-12-31 05104702 core:FurnitureFittings 2020-12-31 05104702 core:OtherPropertyPlantEquipment 2020-12-31 05104702 core:Vehicles 2021-12-31 05104702 core:FurnitureFittings 2021-12-31 05104702 core:OtherPropertyPlantEquipment 2021-12-31 05104702 2021-01-01 2021-12-31 05104702 bus:FullAccounts 2021-01-01 2021-12-31 05104702 bus:SmallEntities 2021-01-01 2021-12-31 05104702 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 05104702 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 05104702 bus:Director1 2021-01-01 2021-12-31 05104702 core:Vehicles core:TopRangeValue 2021-01-01 2021-12-31 05104702 core:FurnitureFittings 2021-01-01 2021-12-31 05104702 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 05104702 2020-01-01 2020-12-31 05104702 core:Vehicles 2021-01-01 2021-12-31 05104702 core:CurrentFinancialInstruments 2021-01-01 2021-12-31 05104702 core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Company No: 05104702 (England and Wales)

BAYLISS EXECUTIVE TRAVEL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

BAYLISS EXECUTIVE TRAVEL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

BAYLISS EXECUTIVE TRAVEL LIMITED

BALANCE SHEET

As at 31 December 2021
BAYLISS EXECUTIVE TRAVEL LIMITED

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 4 1,837,188 1,741,552
1,837,188 1,741,552
Current assets
Debtors 5 295,849 149,402
Cash at bank and in hand 472,105 539,260
767,954 688,662
Creditors
Amounts falling due within one year 6 ( 516,560) ( 342,217)
Net current assets 251,394 346,445
Total assets less current liabilities 2,088,582 2,087,997
Creditors
Amounts falling due after more than one year 7 ( 1,514,126) ( 1,619,023)
Provisions for liabilities ( 140,695) ( 123,517)
Net assets 433,761 345,457
Capital and reserves
Called-up share capital 1,000 1,000
Share premium account 29,800 29,800
Profit and loss account 402,961 314,657
Total shareholder's funds 433,761 345,457

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Bayliss Executive Travel Limited (registered number: 05104702) were approved and authorised for issue by the Director on 15 August 2022. They were signed on its behalf by:

A R Bayliss
Director
BAYLISS EXECUTIVE TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
BAYLISS EXECUTIVE TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

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.

General information and basis of accounting

Bayliss Executive Travel Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Tilmanstone Colliery Pike Road, Eythorne, Dover, CT15 4ND, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Taxation

Current 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.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible asset 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:

Vehicles 10 years straight line
Fixtures and fittings 25 % reducing balance
Other property, plant and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

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.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Government grants

The company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the estimated useful life of fixed assets and the recoverability of debtors.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 26 14

4. Tangible assets

Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 January 2021 2,647,000 51,472 92,793 2,791,265
Additions 304,900 44,454 90,063 439,417
Disposals 0 0 ( 29,876) ( 29,876)
At 31 December 2021 2,951,900 95,926 152,980 3,200,806
Accumulated depreciation
At 01 January 2021 955,433 37,916 56,364 1,049,713
Charge for the financial year 295,190 13,392 22,595 331,177
Disposals 0 0 ( 17,272) ( 17,272)
At 31 December 2021 1,250,623 51,308 61,687 1,363,618
Net book value
At 31 December 2021 1,701,277 44,618 91,293 1,837,188
At 31 December 2020 1,691,567 13,556 36,429 1,741,552

5. Debtors

2021 2020
£ £
Trade debtors 158,877 125,069
Other debtors 136,972 24,333
295,849 149,402

6. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 62,200 5,820
Trade creditors 81,136 31,279
Other creditors 5,982 21,185
Other taxation and social security 13,088 19,104
Obligations under finance leases and hire purchase contracts 354,154 264,829
516,560 342,217

Other creditors includes £354,154 (2020 - £264,829) in relation to hire purchase and finance lease agreements due within one year. These are secured over the assets to which they relate.

Bank loans due within one year of £62,200 (2020 - £5,820) are secured by way of a fixed and floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 217,700 311,000
Obligations under finance leases and hire purchase contracts 1,296,426 1,308,023
1,514,126 1,619,023

Other creditors includes £1,296,426 (2020 - £1,308,023) in relation to hire purchase and finance lease agreements due after more than one year. Of this, £97,218 (2020 - £136,232) is due after more than five years. These are secured over the assets to which they relate.

Bank loans due after more than one year of £217,700 (2020 - £311,000) are secured by way of a fixed and floating charge over the company's assets.

8. Related party transactions

Transactions with the entity's director

2021 2020
£ £
Amounts receivable from key management 94,847 4,280

During the year, the company made advances totalling £90,862 (2020 - £5,035) and received repayments totalling £295 (2020 - £11,106).

This amount is provided interest free and without security.

Summary of transactions with other related parties

The accounts include £38,707 due from a company under common control (2020 - £3,270). This amount is provided interest free and without security.