Company registration number 01891147 (England and Wales)
BAYTREES HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BAYTREES HOMES LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BAYTREES HOMES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BAYTREES HOMES LIMITED FOR THE YEAR ENDED 5 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baytrees Homes Limited for the year ended 5 April 2023 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Baytrees Homes Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2008. Our work has been undertaken solely to prepare for your approval the financial statements of Baytrees Homes Limited and state those matters that we have agreed to state to the board of directors of Baytrees Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baytrees Homes Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Baytrees Homes 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 Baytrees Homes Limited. You consider that Baytrees Homes 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 Baytrees Homes 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.
Carpenter Box
4 April 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BAYTREES HOMES LIMITED
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
681,058
706,140
Current assets
Debtors
4
205,551
47,427
Cash at bank and in hand
229,733
349,048
435,284
396,475
Creditors: amounts falling due within one year
5
(219,394)
(176,519)
Net current assets
215,890
219,956
Total assets less current liabilities
896,948
926,096
Creditors: amounts falling due after more than one year
6
(138,754)
(155,295)
Provisions for liabilities
(5,852)
(5,700)
Net assets
752,342
765,101
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
751,342
764,101
Total equity
752,342
765,101
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BAYTREES HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2023
05 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mrs Susan Miele
Director
Company registration number 01891147 (England and Wales)
BAYTREES HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
1
Accounting policies
Company information
Baytrees Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Property
2% per annum straight line (from the completion date of conversion work)
Fixtures and Fittings
10% per annum diminishing balance
Motor Vehicles
25% per annum diminishing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
BAYTREES HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 40 (2022 - 60).
BAYTREES HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 6 -
3
Tangible fixed assets
Freehold Property
Fixtures and Fittings
Motor Vehicles
Total
£
£
£
£
Cost
At 6 April 2022 and 5 April 2023
1,117,150
157,457
23,564
1,298,171
Depreciation and impairment
At 6 April 2022
436,473
133,282
22,276
592,031
Depreciation charged in the year
22,343
2,417
322
25,082
At 5 April 2023
458,816
135,699
22,598
617,113
Carrying amount
At 5 April 2023
658,334
21,758
966
681,058
At 5 April 2022
680,677
24,175
1,288
706,140
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
205,060
47,427
Other debtors
491
205,551
47,427
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,000
30,304
Trade creditors
157,553
7,850
Taxation and social security
28,879
148,632
Other creditors
9,962
(10,267)
219,394
176,519
The bank loans are secured over the freehold property owned by the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
138,754
155,295
The bank loans are secured over the freehold property owned by the company.
BAYTREES HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000