IRIS Accounts Production v23.2.0.158 11810511 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure118105112022-02-28118105112023-02-28118105112022-03-012023-02-28118105112021-02-28118105112021-03-012022-02-28118105112022-02-2811810511ns16:EnglandWales2022-03-012023-02-2811810511ns15:PoundSterling2022-03-012023-02-2811810511ns11:Director12022-03-012023-02-2811810511ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2811810511ns11:SmallEntities2022-03-012023-02-2811810511ns11:AuditExemptWithAccountantsReport2022-03-012023-02-2811810511ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2811810511ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2811810511ns11:FullAccounts2022-03-012023-02-2811810511ns11:Director22022-03-012023-02-2811810511ns11:CompanySecretary12022-03-012023-02-2811810511ns11:RegisteredOffice2022-03-012023-02-2811810511ns6:CurrentFinancialInstruments2023-02-2811810511ns6:CurrentFinancialInstruments2022-02-2811810511ns6:Non-currentFinancialInstruments2023-02-2811810511ns6:Non-currentFinancialInstruments2022-02-2811810511ns6:ShareCapital2023-02-2811810511ns6:ShareCapital2022-02-2811810511ns6:RetainedEarningsAccumulatedLosses2023-02-2811810511ns6:RetainedEarningsAccumulatedLosses2022-02-2811810511ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-012023-02-2811810511ns6:LeaseholdImprovements2022-03-012023-02-2811810511ns6:PlantMachinery2022-03-012023-02-2811810511ns6:FurnitureFittings2022-03-012023-02-2811810511ns6:LandBuildings2022-02-2811810511ns6:LeaseholdImprovements2022-02-2811810511ns6:PlantMachinery2022-02-2811810511ns6:FurnitureFittings2022-02-2811810511ns6:LandBuildings2022-03-012023-02-2811810511ns6:LandBuildings2023-02-2811810511ns6:LeaseholdImprovements2023-02-2811810511ns6:PlantMachinery2023-02-2811810511ns6:FurnitureFittings2023-02-2811810511ns6:LandBuildings2022-02-2811810511ns6:LeaseholdImprovements2022-02-2811810511ns6:PlantMachinery2022-02-2811810511ns6:FurnitureFittings2022-02-2811810511ns6:CurrentFinancialInstruments2022-03-012023-02-2811810511ns6:Secured2023-02-2811810511ns6:Secured2022-02-2811810511ns6:DeferredTaxation2022-02-2811810511ns6:DeferredTaxation2022-03-012023-02-2811810511ns6:DeferredTaxation2023-02-28
REGISTERED NUMBER: 11810511 (England and Wales)













Baylis Farming Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023






Baylis Farming Limited (Registered number: 11810511)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Baylis Farming Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mrs JA Baylis
IR Baylis





SECRETARY: Mrs JA Baylis





REGISTERED OFFICE: Keafield Farm
Leigh
Worcestershire
WR6 5AN





REGISTERED NUMBER: 11810511 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Baylis Farming Limited (Registered number: 11810511)


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 Statement of Income and Retained Earnings 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 Baylis Farming Limited for the year ended 28 February 2023 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Baylis Farming Limited, 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 Baylis Farming Limited and state those matters that we have agreed to state to the Board of Directors of Baylis Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baylis Farming Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Baylis Farming Limited 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 Baylis Farming Limited. You consider that Baylis Farming Limited 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 Baylis Farming Limited. 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.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


20 September 2023

Baylis Farming Limited (Registered number: 11810511)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,228,947 1,143,573

CURRENT ASSETS
Stocks 2,715 -
Cash at bank 66,603 104,631
69,318 104,631
CREDITORS
Amounts falling due within one year 5 922,477 882,455
NET CURRENT LIABILITIES (853,159 ) (777,824 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

375,788

365,749

CREDITORS
Amounts falling due after more than one
year

6

(247,442

)

(279,439

)

PROVISIONS FOR LIABILITIES 8 (589 ) (228 )
NET ASSETS 127,757 86,082

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 1,000 1,000
Retained earnings 126,757 85,082
SHAREHOLDERS' FUNDS 127,757 86,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

Baylis Farming Limited (Registered number: 11810511)

Balance Sheet - continued
28 February 2023


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 10 September 2023 and were signed on its behalf by:





IR Baylis - Director


Baylis Farming Limited (Registered number: 11810511)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Baylis Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern
The directors have considered the ongoing requirements of the company and are satisfied that the business will continue to trade profitably. They are aware that the company has net current liabilities due to the balance of their loan accounts and have confirmed that they will not withdraw their loan accounts to the detriment of other creditors. Therefore the directors consider it appropriate for the accounts to be prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Tractors and harvesters - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Baylis Farming Limited (Registered number: 11810511)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Tractors
Freehold to Plant and and
property property machinery harvesters Totals
£    £    £    £    £   
COST
At 1 March 2022 1,126,448 13,975 1,105 6,000 1,147,528
Additions - 84,274 2,521 - 86,795
At 28 February 2023 1,126,448 98,249 3,626 6,000 1,234,323
DEPRECIATION
At 1 March 2022 - 279 166 3,510 3,955
Charge for year - 280 519 622 1,421
At 28 February 2023 - 559 685 4,132 5,376
NET BOOK VALUE
At 28 February 2023 1,126,448 97,690 2,941 1,868 1,228,947
At 28 February 2022 1,126,448 13,696 939 2,490 1,143,573

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 31,000 30,000
Other loans 93,811 -
Trade creditors 2,707 -
Corporation tax payable 10,175 8,527
VAT 7,524 3,666
Directors' current accounts 735,483 817,929
Accruals & deferred income 41,777 22,333
922,477 882,455

Directors current accounts are interest free and unsecured.

Baylis Farming Limited (Registered number: 11810511)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
AMC loan 1-2 years 31,000 30,000
AMC loan 2-5 years 93,000 90,000
AMC loan >5yrs by instalment 123,442 159,439
247,442 279,439

Amounts falling due in more than five years:

Repayable by instalments
AMC loan >5yrs by instalment 123,442 159,439

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 278,442 309,439

The borrowing is with AMC and is secured by a fixed charge over land at Keafield Farm.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - ACA's 589 228

Deferred
tax
£   
Balance at 1 March 2022 228
Provided during year 361
Balance at 28 February 2023 589

9. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company was committed to renting land for a further year at £3,200 per annum.

10. RELATED PARTY DISCLOSURES

A family member of the directors has made a loan to the business shown in other loans. This loan is interest free and unsecured with no repayment terms agreed.