BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of this company is financial intermediation. 31 October 2024 2 2 13709302 2023-03-31 13709302 2022-10-31 13709302 2021-10-31 13709302 2022-11-01 2023-03-31 13709302 2021-11-01 2022-10-31 13709302 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-03-31 13709302 uk-curr:PoundSterling 2022-11-01 2023-03-31 13709302 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-03-31 13709302 uk-bus:FullAccounts 2022-11-01 2023-03-31 13709302 uk-bus:Director1 2022-11-01 2023-03-31 13709302 uk-bus:Director2 2022-11-01 2023-03-31 13709302 uk-bus:RegisteredOffice 2022-11-01 2023-03-31 13709302 uk-bus:Agent1 2022-11-01 2023-03-31 13709302 uk-core:ShareCapital 2023-03-31 13709302 uk-core:ShareCapital 2022-10-31 13709302 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 13709302 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 13709302 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 13709302 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 13709302 uk-bus:FRS102 2022-11-01 2023-03-31 13709302 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-03-31 13709302 uk-core:CurrentFinancialInstruments 2023-03-31 13709302 uk-core:CurrentFinancialInstruments 2022-10-31 13709302 uk-core:WithinOneYear 2023-03-31 13709302 uk-core:WithinOneYear 2022-10-31 13709302 uk-core:ParentEntities 2022-11-01 2023-03-31 13709302 2022-11-01 2023-03-31 13709302 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 13709302
 
 
Bay Advisory Limited
 
Unaudited Financial Statements
 
for the financial period ended 31 March 2023



Bay Advisory Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Michael Tarr
Michael Costello
 
 
Company Registration Number 13709302
 
 
Registered Office 2nd Floor 38 - 43 Lincoln's Inn Fields
London
WC2A 3PE
United Kingdom
 
 
Business Address 2nd Floor 38 - 43 Lincoln's Inn Fields
London
WC2A 3PE
United Kingdom
 
 
Accountants Quarter
Chartered Accountants
St. Anne's House
Cathedral Quarter
15 Church Street
Belfast
Co.Antrim
BT1 1PG
 
 
Bankers NatWest
  Chatham Customer Service Centre
  Western Avenue
  Waterside Court
  Chatham
  Kent
  ME44RT
  United Kingdom



Bay Advisory Limited
Company Registration Number: 13709302
STATEMENT OF FINANCIAL POSITION
as at 31 March 2023

Mar 23 Oct 22
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 5,071 -
───────── ─────────
 
Current Assets
Receivables 6 4,330,674 -
Cash and cash equivalents 67,614 150,727
───────── ─────────
4,398,288 150,727
───────── ─────────
Payables: amounts falling due within one year 7 (3,863,720) (84,788)
───────── ─────────
Net Current Assets 534,568 65,939
───────── ─────────
Total Assets less Current Liabilities 539,639 65,939
═════════ ═════════
 
Equity
Called up share capital 2 2
Retained earnings 539,637 65,937
───────── ─────────
Equity attributable to owners of the company 539,639 65,939
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 31 October 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Michael Tarr     Michael Costello
Director     Director
           



Bay Advisory Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 31 March 2023

   
1. General Information
 
Bay Advisory Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 13709302. The registered office of the company is 2nd Floor 38 - 43 Lincoln's Inn Fields, London, WC2A 3PE, United Kingdom. The principal activity of this company is financial intermediation. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 5 month period ended 31 March 2023.
The comparative figures relate to the 12 month period ended 31 October 2022.
       
4. Employees
 
The average number of employees, including directors, during the financial period was 2.
 
  Mar 23 Oct 22
  Number Number
 
Director 2 2
  ═════════ ═════════
       
5. Property, plant and equipment
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost or Valuation
At 1 November 2022 - -
Additions 5,634 5,634
  ───────── ─────────
At 31 March 2023 5,634 5,634
  ───────── ─────────
Depreciation
At 1 November 2022 - -
Charge for the financial period 563 563
  ───────── ─────────
At 31 March 2023 563 563
  ───────── ─────────
Carrying amount
At 31 March 2023 5,071 5,071
  ═════════ ═════════
       
6. Receivables Mar 23 Oct 22
  £ £
 
Amounts owed by connected parties (Note 10) 3,553,378 -
Prepayments and accrued income 777,296 -
  ───────── ─────────
  4,330,674 -
  ═════════ ═════════
       
7. Payables Mar 23 Oct 22
Amounts falling due within one year £ £
 
Amounts owed to connected parties (Note 10) - 10,961
Taxation  (Note 8) 235,659 48,316
Directors' current accounts 23,761 23,761
Accruals and deferred income 3,604,300 1,750
  ───────── ─────────
  3,863,720 84,788
  ═════════ ═════════
       
8. Taxation Mar 23 Oct 22
  £ £
 
Payables:
Corporation tax 235,659 48,316
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 March 2023.
           
10. Related party transactions
  Balance Movement Balance Maximum
  Mar 23 in period Oct 22 in period
  £ £ £ £
 
YCSE Holdco Limited 1,782,945 1,782,945 - 1,782,945
Tank Holdco Limited 1,770,433 1,770,433 - 1,770,433
  ───────── ───────── ───────── ═════════
  3,553,378 3,553,378 -  
  ═════════ ═════════ ═════════  
 
The following amounts are due to other connected parties:
      Mar 23 Oct 22
      £ £
 
Tank Holdco Limited     - 10,961
      ═════════ ═════════
 
Net balances with other connected parties:
      Mar 23 Oct 22
      £ £
 
YCSE Holdco Limited     1,782,945 -
Tank Holdco Limited     1,770,433 (10,961)
      ───────── ─────────
      3,553,378 (10,961)
      ═════════ ═════════
 
YCSE Holdco Limited
Michael Costello is a director and shareholder of Bay Advisory Limited and YCSE Holdco Limited. During the year Bay Advisory Limited made transfers to YCSE Holdco Limited totalling £1,782,945. As of 31 March 2023, YCSE Holdco Limited owed Bay Advisory Limited £1,782,945.

Tank Holdco Limited
Michael Tarr is a director and shareholder of Bay Advisory Limited and Tank Holdco Limited. As of 31st October 2022, Bay Advisory Limited owed Tank Holdco Limited £10,961. During the year Bay Advisory Limited made transfers to Tank Holdco Limited totalling £1,781,394. As of 31 March 2023, Tank Holdco Limited owed Bay Advisory Limited £1,770,433.
   
11. Parent company
 
The company regards YCSE Holdco Limited as its parent company.
 
   
12. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial period-end.