Bazeleys Limited 04653559 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is plant hire and subcontracting of construction services Digita Accounts Production Advanced 6.30.9574.0 true 04653559 2022-06-01 2023-05-31 04653559 2023-05-31 04653559 bus:Director1 1 2023-05-31 04653559 core:RetainedEarningsAccumulatedLosses 2023-05-31 04653559 core:ShareCapital 2023-05-31 04653559 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 04653559 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 04653559 core:CurrentFinancialInstruments 2023-05-31 04653559 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04653559 core:Non-currentFinancialInstruments 2023-05-31 04653559 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 04653559 core:Goodwill 2023-05-31 04653559 core:MoreThanFiveYears 1 2023-05-31 04653559 core:FurnitureFittingsToolsEquipment 2023-05-31 04653559 core:LandBuildings 2023-05-31 04653559 core:MotorVehicles 2023-05-31 04653559 core:OtherPropertyPlantEquipment 2023-05-31 04653559 bus:SmallEntities 2022-06-01 2023-05-31 04653559 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 04653559 bus:FullAccounts 2022-06-01 2023-05-31 04653559 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 04653559 bus:RegisteredOffice 2022-06-01 2023-05-31 04653559 bus:CompanySecretary1 2022-06-01 2023-05-31 04653559 bus:Director1 2022-06-01 2023-05-31 04653559 bus:Director1 1 2022-06-01 2023-05-31 04653559 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04653559 core:Goodwill 2022-06-01 2023-05-31 04653559 core:FurnitureFittings 2022-06-01 2023-05-31 04653559 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 04653559 core:LandBuildings 2022-06-01 2023-05-31 04653559 core:MotorVehicles 2022-06-01 2023-05-31 04653559 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 04653559 core:PlantMachinery 2022-06-01 2023-05-31 04653559 core:Vehicles 2022-06-01 2023-05-31 04653559 countries:EnglandWales 2022-06-01 2023-05-31 04653559 2022-05-31 04653559 bus:Director1 1 2022-05-31 04653559 core:Goodwill 2022-05-31 04653559 core:FurnitureFittingsToolsEquipment 2022-05-31 04653559 core:LandBuildings 2022-05-31 04653559 core:MotorVehicles 2022-05-31 04653559 core:OtherPropertyPlantEquipment 2022-05-31 04653559 2021-06-01 2022-05-31 04653559 2022-05-31 04653559 bus:Director1 1 2022-05-31 04653559 core:RetainedEarningsAccumulatedLosses 2022-05-31 04653559 core:ShareCapital 2022-05-31 04653559 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-05-31 04653559 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-05-31 04653559 core:CurrentFinancialInstruments 2022-05-31 04653559 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 04653559 core:Non-currentFinancialInstruments 2022-05-31 04653559 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 04653559 core:Goodwill 2022-05-31 04653559 core:MoreThanFiveYears 1 2022-05-31 04653559 core:FurnitureFittingsToolsEquipment 2022-05-31 04653559 core:LandBuildings 2022-05-31 04653559 core:MotorVehicles 2022-05-31 04653559 core:OtherPropertyPlantEquipment 2022-05-31 04653559 bus:Director1 1 2021-06-01 2022-05-31 04653559 bus:Director1 1 2021-05-31 iso4217:GBP xbrli:pure

Registration number: 04653559

Bazeleys Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Bazeleys Limited
(Registration number: 04653559)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bazeleys Limited
(Registration number: 04653559)

Company Information

Director

Mr A Bazeley

Company secretary

Mrs D Bazeley

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Bazeleys Limited
(Registration number: 04653559)

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

500

3,500

Tangible assets

5

569,357

547,809

 

569,857

551,309

Current assets

 

Stocks

6

5,750

5,750

Debtors

7

390,868

219,365

Cash at bank and in hand

 

110,670

-

 

507,288

225,115

Creditors: Amounts falling due within one year

8

(265,395)

(423,596)

Net current assets/(liabilities)

 

241,893

(198,481)

Total assets less current liabilities

 

811,750

352,828

Creditors: Amounts falling due after more than one year

8

(132,245)

(176,316)

Provisions for liabilities

(76,199)

(56,178)

Net assets

 

603,306

120,334

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

603,206

120,234

Total equity

 

603,306

120,334

For the financial year ending 31 May 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.

 

Bazeleys Limited
(Registration number: 04653559)

Balance Sheet as at 31 May 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 February 2024
 

.........................................
Mr A Bazeley
Director

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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.

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

10 % straight line

Fixtures and fittings

20 % straight line

Vehicles

20 % straight line

Investment properties

Not depreciated

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 12 (2022 - 12).

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

60,000

60,000

At 31 May 2023

60,000

60,000

Amortisation

At 1 June 2022

56,500

56,500

Amortisation charge

3,000

3,000

At 31 May 2023

59,500

59,500

Carrying amount

At 31 May 2023

500

500

At 31 May 2022

3,500

3,500

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

251,243

36,131

79,313

582,375

949,062

Additions

-

1,180

14,167

73,039

88,386

Disposals

-

-

-

(23,500)

(23,500)

At 31 May 2023

251,243

37,311

93,480

631,914

1,013,948

Depreciation

At 1 June 2022

-

36,131

72,994

292,128

401,253

Charge for the year

-

236

5,993

47,684

53,913

Eliminated on disposal

-

-

-

(10,575)

(10,575)

At 31 May 2023

-

36,367

78,987

329,237

444,591

Carrying amount

At 31 May 2023

251,243

944

14,493

302,677

569,357

At 31 May 2022

251,243

-

6,319

290,247

547,809

Included within the net book value of land and buildings above is £251,243 (2022 - £251,243) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other stocks

5,750

5,750

7

Debtors

2023
£

2022
£

Trade debtors

235,510

157,179

Other debtors

153,130

61,358

Prepayments and accrued income

2,228

828

Total current trade and other debtors

390,868

219,365

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

55,560

190,115

Trade creditors

 

57,584

106,923

Taxation and social security

 

148,180

123,087

Accrued expenses

 

4,071

3,471

 

265,395

423,596

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

132,245

176,316

2023
£

2022
£

Due after more than five years

After more than five years by instalments

51,078

54,872

-

-

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,032

14,032

Bank overdrafts

-

126,992

Hire purchase contracts

41,528

49,091

55,560

190,115

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

87,206

100,999

Hire purchase contracts

45,039

75,317

132,245

176,316

Included in the loans and borrowings are the following amounts due after more than five years:

 

Bazeleys Limited
(Registration number: 04653559)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

After more than five years by instalments

51,078

54,872

51,078

54,872

10

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr A Bazeley

Interest free loan, repayable on demand

12,500

145,021

(123,760)

33,762

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr A Bazeley

Interest free loan, repayable on demand

7,467

100,908

(95,875)

12,500