2021-12-012023-03-312023-03-31false11352152Bayley & Swift 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Bayley & Swift Limited

Registered Number
11352152
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2023

Bayley & Swift Limited
Company Information
for the period from 1 December 2021 to 31 March 2023

Directors

Mr A J Bayley
Mr J L B S Swift

Registered Address

2 Hobson Court
Penrith 40 Business
Penrith
CA11 9GQ

Registered Number

11352152 (England and Wales)
Bayley & Swift Limited
Statement of Financial Position
31 March 2023

Notes

31 Mar 2023

30 Nov 2021

£

£

£

£

Fixed assets
Tangible assets579,10430,303
79,10430,303
Current assets
Debtors71,218,6471,066,851
Cash at bank and on hand157,82141,090
1,376,4681,107,941
Creditors amounts falling due within one year8(723,540)(651,854)
Net current assets (liabilities)652,928456,087
Total assets less current liabilities732,032486,390
Creditors amounts falling due after one year9(11,310)-
Provisions for liabilities10(19,700)(5,090)
Net assets701,022481,300
Capital and reserves
Called up share capital200200
Profit and loss account700,822481,100
Shareholders' funds701,022481,300
The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2023, and are signed on its behalf by:
Mr A J Bayley
Director
Mr J L B S Swift
Director

Registered Company No. 11352152
Bayley & Swift Limited
Notes to the Financial Statements
for the period ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Office Equipment3
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development policy
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232021
Average number of employees during the year55
5.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 December 21105,956-105,956
Additions74,80458375,387
At 31 March 23180,760583181,343
Depreciation and impairment
At 01 December 2175,653-75,653
Charge for year26,36022626,586
At 31 March 23102,013226102,239
Net book value
At 31 March 2378,74735779,104
At 30 November 2130,303-30,303
6.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £5,504 (2020 - £3,386).
7.Debtors

2023

2021

££
Trade debtors / trade receivables899,902779,723
Other debtors46,053109,980
Prepayments and accrued income272,692177,148
Total1,218,6471,066,851
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors within one year

2023

2021

££
Trade creditors / trade payables507,822519,254
Amounts owed to related parties-100,000
Taxation and social security199,41927,779
Finance lease and HP contracts10,742-
Other creditors1,2561,070
Accrued liabilities and deferred income4,3013,751
Total723,540651,854
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which they relate.
9.Creditors after one year

2023

2021

££
Other creditors11,310-
Total11,310-
Finance lease and HP contracts are included in other creditors. HP contracts after one year are secured against the assets to which they relate.
10.Provisions for liabilities
The provision for deferred tax is made up of £19,700 in respect of accelerated capital allowances.

2023

2021

££
Net deferred tax liability (asset)19,7005,090
Total19,7005,090