Company No:
Contents
Note | 2021 | 2020 | ||
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Fixed assets | ||||
Tangible assets | 4 |
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1,837,188 | 1,741,552 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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767,954 | 688,662 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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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 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Bayliss Executive Travel Limited (registered number:
A R Bayliss
Director |
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.
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 £.
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.
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.
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.
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 |
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Fixtures and fittings |
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Other property, plant and equipment |
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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.
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.
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.
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.
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.
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.
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.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Vehicles | Fixtures and fittings | Other property, plant and equipment |
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£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||||
At 31 December 2021 |
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At 31 December 2020 |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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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.
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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1,514,126 | 1,619,023 |
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.
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.