Company registration number 05205904 (England and Wales)
BAYTOR (PROPERTY SERVICES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BAYTOR (PROPERTY SERVICES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BAYTOR (PROPERTY SERVICES) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
224,049
180,757
Current assets
Stocks
11,400
9,500
Debtors
5
689,339
280,543
Cash at bank and in hand
103,403
428,017
804,142
718,060
Creditors: amounts falling due within one year
6
(552,042)
(369,007)
Net current assets
252,100
349,053
Total assets less current liabilities
476,149
529,810
Provisions for liabilities
(55,111)
(42,444)
Net assets
421,038
487,366
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
420,038
486,366
Total equity
421,038
487,366
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
BAYTOR (PROPERTY SERVICES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
For the financial year ended 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mrs K J Luscombe
Director
Company Registration No. 05205904
BAYTOR (PROPERTY SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Baytor (Property Services) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, King Charles Business Park, Old Newton Road, Heathfield, Newton Abbot, Devon, TQ12 6UT.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. The income is recognised as the work is completed, with contracts for services in place prior to the work commencing.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings - freehold
33% per annum on cost
Leasehold improvements
Straight line over the lease term
Plant and machinery
25% per annum on net book value
Fixtures, fittings & equipment
25% per annum on net book value
Motor vehicles
25% per annum on net book value
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BAYTOR (PROPERTY SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
18
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
77,621
Amortisation and impairment
At 1 January 2023 and 31 December 2023
77,621
Carrying amount
At 31 December 2023
At 31 December 2022
BAYTOR (PROPERTY SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
36,772
355,070
391,842
Additions
107,717
107,717
Disposals
(2,705)
(2,705)
At 31 December 2023
36,772
460,082
496,854
Depreciation and impairment
At 1 January 2023
25,794
185,291
211,085
Depreciation charged in the year
7,374
56,667
64,041
Eliminated in respect of disposals
(2,321)
(2,321)
At 31 December 2023
33,168
239,637
272,805
Carrying amount
At 31 December 2023
3,604
220,445
224,049
At 31 December 2022
10,978
169,779
180,757
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
671,029
264,167
Other debtors
18,310
16,376
689,339
280,543
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
197,969
109,533
Taxation and social security
125,290
106,874
Other creditors
228,783
152,600
552,042
369,007
BAYTOR (PROPERTY SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
19,302
7,303
Between two and five years
24,700
65,000
Total lease commitments
44,002
72,303
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.18
13,851
125,000
1,148
(139,999)
-
13,851
125,000
1,148
(139,999)
-
The loan to the directors was unsecured and repayable on demand.