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Registration number: 00983432

W.Baybutt(Burscough)Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

W.Baybutt(Burscough)Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

W.Baybutt(Burscough)Limited

(Registration number: 00983432)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

463,354

 

478,940

Investment property

5

 

3,784,472

 

3,785,472

   

4,247,826

 

4,264,412

Current assets

   

 

Debtors

6

245,628

 

233,544

 

Investments

7

156,650

 

156,650

 

Cash at bank and in hand

 

2,421,100

 

2,112,076

 

 

2,823,378

 

2,502,270

 

Creditors: Amounts falling due within one year

8

(1,142,421)

 

(1,118,321)

 

Net current assets

   

1,680,957

 

1,383,949

Total assets less current liabilities

   

5,928,783

 

5,648,361

Provisions for liabilities

 

(245,653)

 

(188,213)

Net assets

   

5,683,130

 

5,460,148

Capital and reserves

   

 

Called up share capital

300

 

300

 

Revaluation reserve

589,094

 

636,221

 

Profit and loss account

5,093,736

 

4,823,627

 

Total equity

   

5,683,130

 

5,460,148

 

W.Baybutt(Burscough)Limited

(Registration number: 00983432)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2023
 

.........................................
Mr AJ Baybutt
Director

 

W.Baybutt(Burscough)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Warpers Moss Lane
Burscough
Nr Ormskirk
Lancs
L40 4AQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

Revenue recognition

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.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

W.Baybutt(Burscough)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Land and buildings

2% Straight line basis

Plant and machinery

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

W.Baybutt(Burscough)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

W.Baybutt(Burscough)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

1,207,253

181,611

1,388,864

Additions

-

20,670

20,670

At 30 April 2023

1,207,253

202,281

1,409,534

Depreciation

At 1 May 2022

767,351

142,573

909,924

Charge for the year

24,145

12,111

36,256

At 30 April 2023

791,496

154,684

946,180

Carrying amount

At 30 April 2023

415,757

47,597

463,354

At 30 April 2022

439,902

39,038

478,940

Included within the net book value of land and buildings above is £415,757 (2022 - £439,902) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 May

3,785,472

Fair value adjustments

(1,000)

At 30 April

3,784,472

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

144,890

129,027

Prepayments

100,738

104,517

245,628

233,544

 

W.Baybutt(Burscough)Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Current asset investments

2023
£

2022
£

Shares in group undertakings

156,650

156,650

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

97,792

82,796

Amounts owed to related parties

909,882

907,688

Taxation and social security

 

27,872

29,216

Other creditors

 

106,875

98,621

 

1,142,421

1,118,321

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(47,127)

(47,127)