Bayliss Bros Limited 09704003 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is bulk haulage and provision of a workshop carrying out vehicle repairs. Digita Accounts Production Advanced 6.30.9574.0 Software true true 09704003 2023-04-01 2024-03-31 09704003 2024-03-31 09704003 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-31 09704003 core:RetainedEarningsAccumulatedLosses 2024-03-31 09704003 core:ShareCapital 2024-03-31 09704003 core:CurrentFinancialInstruments 2024-03-31 09704003 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09704003 core:Non-currentFinancialInstruments 2024-03-31 09704003 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09704003 core:Goodwill 2024-03-31 09704003 core:FurnitureFittings 2024-03-31 09704003 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09704003 core:MotorVehicles 2024-03-31 09704003 core:OfficeEquipment 2024-03-31 09704003 core:PlantMachinery 2024-03-31 09704003 bus:SmallEntities 2023-04-01 2024-03-31 09704003 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09704003 bus:FullAccounts 2023-04-01 2024-03-31 09704003 bus:RegisteredOffice 2023-04-01 2024-03-31 09704003 bus:CompanySecretary1 2023-04-01 2024-03-31 09704003 bus:Director2 2023-04-01 2024-03-31 09704003 bus:Director3 2023-04-01 2024-03-31 09704003 bus:OrdinaryShareClass1 bus:OtherShareType 2023-04-01 2024-03-31 09704003 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09704003 bus:Agent1 2023-04-01 2024-03-31 09704003 core:Goodwill 2023-04-01 2024-03-31 09704003 core:FurnitureFittings 2023-04-01 2024-03-31 09704003 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09704003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09704003 core:LeaseholdImprovements 2023-04-01 2024-03-31 09704003 core:MotorCars 2023-04-01 2024-03-31 09704003 core:MotorVehicles 2023-04-01 2024-03-31 09704003 core:OfficeEquipment 2023-04-01 2024-03-31 09704003 core:PlantMachinery 2023-04-01 2024-03-31 09704003 countries:AllCountries 2023-04-01 2024-03-31 09704003 2023-03-31 09704003 core:Goodwill 2023-03-31 09704003 core:FurnitureFittings 2023-03-31 09704003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09704003 core:MotorVehicles 2023-03-31 09704003 core:OfficeEquipment 2023-03-31 09704003 core:PlantMachinery 2023-03-31 09704003 2022-04-01 2023-03-31 09704003 2023-03-31 09704003 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 09704003 core:RetainedEarningsAccumulatedLosses 2023-03-31 09704003 core:ShareCapital 2023-03-31 09704003 core:CurrentFinancialInstruments 2023-03-31 09704003 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09704003 core:Non-currentFinancialInstruments 2023-03-31 09704003 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09704003 core:Goodwill 2023-03-31 09704003 core:FurnitureFittings 2023-03-31 09704003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09704003 core:MotorVehicles 2023-03-31 09704003 core:OfficeEquipment 2023-03-31 09704003 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09704003

Bayliss Bros Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

Bayliss Bros Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Bayliss Bros Limited

Company Information

Directors

Mr PA Bayliss

Mr PW Bayliss

Company secretary

Mrs HL Bayliss

Registered office

Plot 1b
The Old Sawmills
Eardisley
Herefordshire
HR3 6NR

 

Bankers

Barclays Bank plc
1-3 Broad Street
Hereford
HR4 9BH

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bayliss Bros Limited

(Registration number: 09704003)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

43,393

64,221

Tangible assets

5

2,275,348

2,025,757

 

2,318,741

2,089,978

Current assets

 

Stocks

24,483

25,705

Debtors

6

390,632

422,164

Cash at bank and in hand

 

139,109

145,597

 

554,224

593,466

Creditors: Amounts falling due within one year

7

(1,185,979)

(1,130,674)

Net current liabilities

 

(631,755)

(537,208)

Total assets less current liabilities

 

1,686,986

1,552,770

Creditors: Amounts falling due after more than one year

7

(1,173,110)

(1,054,411)

Provisions for liabilities

(299,354)

(224,552)

Net assets

 

214,522

273,807

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

214,422

273,707

Total equity

 

214,522

273,807

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Bayliss Bros Limited

(Registration number: 09704003)

Balance Sheet
as at 31 March 2024

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 Board on 31 July 2024 and signed on its behalf by:
 

.........................................

Mr PA Bayliss

Director

.........................................

Mr PW Bayliss

Director

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Plot 1b
The Old Sawmills
Eardisley
Herefordshire
HR3 6NR

These financial statements were authorised for issue by the Board on 31 July 2024.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The company has net current liabilities as at the balance sheet date. The two directors and shareholders have significant directors loan account balances owed to them. The financial statements have been prepared on a going concern basis as the directors have pledged their ongoing support for the company and do not include any adjustment that would be necessary if they were to withdraw their financial support.

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 and value added tax.

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.

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises 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 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.

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

Short leasehold property improvements

Nil

Fixtures and fittings

25% on reducing balance

Plant and machinery

25% on reducing balance

Computer equipment

25% on reducing balance

Lorries and trailers

12.5% on reducing balance

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.

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

Straight line over 5 years

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

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 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.

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

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.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

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 directors) during the year, was 28 (2023 - 29).

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

208,282

208,282

At 31 March 2024

208,282

208,282

Amortisation

At 1 April 2023

144,061

144,061

Amortisation charge

20,828

20,828

At 31 March 2024

164,889

164,889

Carrying amount

At 31 March 2024

43,393

43,393

At 31 March 2023

64,221

64,221

5

Tangible assets

Short leasehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 April 2023

48,763

4,777

148,195

9,474

Additions

-

-

-

-

Disposals

-

-

-

-

At 31 March 2024

48,763

4,777

148,195

9,474

Depreciation

At 1 April 2023

-

3,589

102,568

7,103

Charge for the year

-

296

11,405

593

Eliminated on disposal

-

-

-

-

At 31 March 2024

-

3,885

113,973

7,696

Carrying amount

At 31 March 2024

48,763

892

34,222

1,778

At 31 March 2023

48,763

1,188

45,627

2,371

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Lorries and trailers
£

Total
£

Cost or valuation

At 1 April 2023

3,307,000

3,518,209

Additions

848,909

848,909

Disposals

(955,935)

(955,935)

At 31 March 2024

3,199,974

3,411,183

Depreciation

At 1 April 2023

1,379,192

1,492,452

Charge for the year

271,209

283,503

Eliminated on disposal

(640,120)

(640,120)

At 31 March 2024

1,010,281

1,135,835

Carrying amount

At 31 March 2024

2,189,693

2,275,348

At 31 March 2023

1,927,808

2,025,757

 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

370,428

391,114

Prepayments

20,204

30,850

Other debtors

-

200

390,632

422,164

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

589,029

555,642

Trade creditors

 

168,274

203,818

Taxation and social security

 

110,470

82,482

Accruals and deferred income

 

71,563

19,901

Other creditors

 

246,643

268,831

 

1,185,979

1,130,674

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,173,110

1,054,411

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Bayliss Bros Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,667

21,667

HP and finance lease liabilities

1,161,443

1,032,744

1,173,110

1,054,411

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

539,029

505,642

Other borrowings

40,000

40,000

589,029

555,642