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COMPANY REGISTRATION NUMBER: 00955262
Bay Travel Limited
Filleted Abridged Financial Statements
31 March 2024
Bay Travel Limited
Abridged Financial Statements
Year ended 31 March 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
2
Bay Travel Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
1,316,694
917,463
Cash at bank and in hand
72,626
220,054
------------
------------
1,389,320
1,137,517
Creditors: amounts falling due within one year
638,586
402,493
------------
------------
Net current assets
750,734
735,024
---------
---------
Total assets less current liabilities
750,734
735,024
---------
---------
Net assets
750,734
735,024
---------
---------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
730,734
715,024
---------
---------
Shareholder funds
750,734
735,024
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr K.M. Rees
Director
Company registration number: 00955262
Bay Travel Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Laburnum Close, Rogerstone, Newport, NP10 9JQ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the going concern basis. The directors have reviewed the financial position of the company including projections for future trading and obtained suitable assurances from the lenders and the parent undertaking C.H. Bailey Plc.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Contingencies
A debenture registered on 2nd September 2008 by Barclays Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever, including a cross guarantee between the group's UK undertakings. These borrowings at 31 March 2024 were £Nil (2023: £Nil). Industrial Investment Corporation Limited has provided guarantees of £500,000 to Barclays Bank plc in respect of UK bank borrowings.
6. Summary audit opinion
The auditor's report dated 16 August 2024 was unqualified .
The senior statutory auditor was Mr D.R. Thomas FCA , for and on behalf of Haasco Limited .
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Charles H. Bailey
( 16,577)
8,733
( 7,844)
--------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Charles H. Bailey
( 44,967)
28,390
( 16,577)
--------
--------
--------
8. Related party transactions
Transactions between the company and group undertakings, which are related parties, have been eliminated in the consolidated accounts and are not disclosed in this note. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
9. Controlling party
The company is a wholly owned subsidiary undertaking of C.H. Bailey Group Limited, a company incorporated in England and Wales, which is the ultimate parent undertaking.