Registered number
07961053
Bayston Associates Ltd
Filleted Accounts
29 February 2024
Bayston Associates Ltd
Registered number: 07961053
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 335,814 252,927
Current assets
Stocks 595,865 313,124
Debtors 5 49,478 61,249
Cash at bank and in hand 4,033 -
649,376 374,373
Creditors: amounts falling due within one year 6 (603,545) (306,940)
Net current assets 45,831 67,433
Total assets less current liabilities 381,645 320,360
Creditors: amounts falling due after more than one year 7 (112,866) (120,959)
Net assets 268,779 199,401
Capital and reserves
Called up share capital 2 2
Profit and loss account 268,777 199,399
Shareholders' funds 268,779 199,401
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B R Bayston
Director
Approved by the board on 23 April 2024
Bayston Associates Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor vehicles 25% RBM
Fixtures, fittings, tools and equipment 25% RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 10,000
At 29 February 2024 10,000
Amortisation
At 1 March 2023 10,000
At 29 February 2024 10,000
Net book value
At 29 February 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 235,791 29,334 14,149 279,274
Additions - 1,012 115,654 116,666
At 29 February 2024 235,791 30,346 129,803 395,940
Depreciation
At 1 March 2023 672 17,495 8,180 26,347
Charge for the year 160 3,213 30,406 33,779
At 29 February 2024 832 20,708 38,586 60,126
Net book value
At 29 February 2024 234,959 9,638 91,217 335,814
At 28 February 2023 235,119 11,839 5,969 252,927
5 Debtors 2024 2023
£ £
Trade debtors - 601
Other debtors 49,478 60,648
49,478 61,249
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 112,336 46,558
Trade creditors 34,477 6,425
Taxation and social security costs 25,995 9,816
Other creditors 430,737 244,141
603,545 306,940
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 112,866 120,959
8 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr B R Bayston
Directors Loan Account 58,846 (29,699) 68,063 97,210
58,846 (29,699) 68,063 97,210
9 Controlling party
The company is controlled by the company director, Mr B Bayston, by virtue of his shareholding.
10 Other information
Bayston Associates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Granary Wharf Business Park
Wetmore Road
Burton upon Trent
Staffs
DE14 1DU
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