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COMPANY REGISTRATION NUMBER: SC097397
BAYHANARTS LIMITED
Filleted Unaudited Abridged Financial Statements
31 March 2024
BAYHANARTS LIMITED
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
123,998
124,814
Investments
5
10,000
10,000
---------
---------
133,998
134,814
Current assets
Debtors
23,213
23,079
Cash at bank and in hand
11,679
11,383
--------
--------
34,892
34,462
Creditors: amounts falling due within one year
660
700
--------
--------
Net current assets
34,232
33,762
---------
---------
Total assets less current liabilities
168,230
168,576
Provisions
Taxation including deferred tax
660
815
---------
---------
Net assets
167,570
167,761
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
166,570
166,761
---------
---------
Shareholders funds
167,570
167,761
---------
---------
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 statement of income and retained earnings has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
BAYHANARTS LIMITED
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
W E Bryan
Director
Company registration number: SC097397
BAYHANARTS 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 Scotland. The address of the registered office is Macdowall & Co, Tulloch Street, Dingwall, Ross-shire, IV15 9JY.
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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, as either financial assets or financial liabilities.
4. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024
146,672
---------
Depreciation
At 1 April 2023
21,858
Charge for the year
816
---------
At 31 March 2024
22,674
---------
Carrying amount
At 31 March 2024
123,998
---------
At 31 March 2023
124,814
---------
5. Investments
£
Cost
At 1 April 2023 and 31 March 2024
10,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
10,000
--------
At 31 March 2023
10,000
--------
6. Prior period errors
A prior year adjustment has been made to take account of an accrual for deferred tax of £4,330.
7. Related party transactions
The company was under the control of the directors Mr W Bryan & Mrs A Bryan throughout the current and previous year.
8. Other spare note 99 heading
SPAREB99 USER DEFINED HEADING
The company.......