REGISTERED NUMBER: |
Baylis Farming Limited |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Baylis Farming Limited (Registered number: 11810511) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Allotted, issued and fully paid share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Tractors and harvesters | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Tractors |
Freehold | to | Plant and | and |
property | property | machinery | harvesters | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Corporation tax payable |
VAT | 7,524 | 3,666 |
Directors' current accounts | 735,483 | 817,929 |
Accruals & deferred income |
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 |
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 |
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 |
Provided during year |
Balance at 28 February 2023 |
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. |