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BAITWORKS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






BAITWORKS LTD (REGISTERED NUMBER: 08989327)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BAITWORKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: M Bryant





REGISTERED OFFICE: Unit 2 Waterview
The Mallards
South Cerney Industrial Estate
Cirencester
Gloucestershire
GL7 5TQ





REGISTERED NUMBER: 08989327 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
Chartered Accountants
Unit 1 Gate Farm
High Street
Sutton Benger
Chippenham
Wiltshire
SN15 4RE

BAITWORKS LTD (REGISTERED NUMBER: 08989327)

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,712 14,248
Tangible assets 5 1,857,759 1,855,677
1,866,471 1,869,925

CURRENT ASSETS
Stocks 227,734 220,708
Debtors 6 5,485 989
Prepayments and accrued income 33,940 30,421
Cash at bank and in hand 127,060 159,511
394,219 411,629
CREDITORS
Amounts falling due within one year 7 183,183 230,702
NET CURRENT ASSETS 211,036 180,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,077,507

2,050,852

CREDITORS
Amounts falling due after more than one
year

8

(906,910

)

(952,291

)

PROVISIONS FOR LIABILITIES 10 (34,081 ) (31,675 )

ACCRUALS AND DEFERRED INCOME (4,798 ) (6,299 )
NET ASSETS 1,131,718 1,060,587

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,131,618 1,060,487
1,131,718 1,060,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BAITWORKS LTD (REGISTERED NUMBER: 08989327)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2023 and were signed by:





M Bryant - Director


BAITWORKS LTD (REGISTERED NUMBER: 08989327)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Baitworks Ltd 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Computer Equipment - 25% on reducing balance
Plant & Machinery - 15% on reducing balance
Fish stocks (included within Plant & Machinery) - 3.33% straight line
Office Equipment - 15% on reducing balance
Motor Vehicles - 25% on reducing balance
Leasehold and improvements - over the term of the lease
Land & Buildings - 0%

Land & Buildings will be valued on a regular basis, with any gain or impairment being accounted for appropriately.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


BAITWORKS LTD (REGISTERED NUMBER: 08989327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grant income received is accounted for using the accrual model. Grants relating to revenue are recognised in income on a systematic basis over the period in which the related costs are incurred, for which the grant is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 27,675
AMORTISATION
At 1 April 2022 13,427
Charge for year 5,536
At 31 March 2023 18,963
NET BOOK VALUE
At 31 March 2023 8,712
At 31 March 2022 14,248

BAITWORKS LTD (REGISTERED NUMBER: 08989327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 1,712,490 247,589 1,960,079
Additions - 27,328 27,328
At 31 March 2023 1,712,490 274,917 1,987,407
DEPRECIATION
At 1 April 2022 114 104,288 104,402
Charge for year 685 24,561 25,246
At 31 March 2023 799 128,849 129,648
NET BOOK VALUE
At 31 March 2023 1,711,691 146,068 1,857,759
At 31 March 2022 1,712,376 143,301 1,855,677

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 5,485 989

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 53,815 53,815
Trade creditors 47,196 57,121
Taxation and social security 79,495 77,698
Other creditors 2,677 42,068
183,183 230,702

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans 906,910 952,291

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 637,836 683,217

BAITWORKS LTD (REGISTERED NUMBER: 08989327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 960,725 1,006,106

Charges are held over the freehold properties with respect to the mortgages; a guarantee has also been provided by the directors.

10. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 34,081 31,675

Deferred
tax
£   
Balance at 1 April 2022 31,675
Charge to Income Statement during year 2,406
Balance at 31 March 2023 34,081

11. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £163,300