Bayhill Property Limited 08576402 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property development consultancy Digita Accounts Production Advanced 6.30.9574.0 true 08576402 2023-04-01 2024-03-31 08576402 2024-03-31 08576402 core:CurrentFinancialInstruments 2024-03-31 08576402 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08576402 core:Non-currentFinancialInstruments 2024-03-31 08576402 core:FurnitureFittingsToolsEquipment 2024-03-31 08576402 bus:SmallEntities 2023-04-01 2024-03-31 08576402 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08576402 bus:FullAccounts 2023-04-01 2024-03-31 08576402 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08576402 bus:RegisteredOffice 2023-04-01 2024-03-31 08576402 bus:Director1 2023-04-01 2024-03-31 08576402 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08576402 core:FurnitureFittings 2023-04-01 2024-03-31 08576402 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08576402 core:OfficeEquipment 2023-04-01 2024-03-31 08576402 core:OtherRelatedParties 2023-04-01 2024-03-31 08576402 countries:EnglandWales 2023-04-01 2024-03-31 08576402 2023-03-31 08576402 core:FurnitureFittingsToolsEquipment 2023-03-31 08576402 2022-08-01 2023-03-31 08576402 2023-03-31 08576402 core:CurrentFinancialInstruments 2023-03-31 08576402 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08576402 core:Non-currentFinancialInstruments 2023-03-31 08576402 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 08576402

Prepared for the registrar

Bayhill Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bayhill Property Limited

(Registration number: 08576402)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,778

2,493

Investment property

5

2,500,000

1,907,434

 

2,502,778

1,909,927

Current assets

 

Stocks

21,210

13,637

Debtors

6

1,381,811

1,249,122

Cash at bank and in hand

 

325,069

191,377

 

1,728,090

1,454,136

Creditors: Amounts falling due within one year

7

(1,126,424)

(489,159)

Net current assets

 

601,666

964,977

Total assets less current liabilities

 

3,104,444

2,874,904

Deferred tax liabilities

 

(148,142)

-

Net assets

 

2,956,302

2,874,904

Capital and reserves

 

Called up share capital

10

10

Revaluation reserve

444,424

-

Profit and loss account

2,511,868

2,874,894

Shareholders' funds

 

2,956,302

2,874,904

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 November 2024
 


G D Wooddisse
Director

 

Bayhill Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bayhill House
Orchard Drive
Cheltenham
GL51 4AD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bayhill Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Investment property

Investment property is initially recognised at cost and valued thereafter at fair value, derived from the current market prices for comparable real estate determined annually by the directors and/or external valuers. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bayhill Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 April 2023

6,011

Additions

2,355

Disposals

(3,617)

At 31 March 2024

4,749

Depreciation

At 1 April 2023

3,518

Charge for the period

544

Eliminated on disposal

(2,091)

At 31 March 2024

1,971

Carrying amount

At 31 March 2024

2,778

At 31 March 2023

2,493

 

Bayhill Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Investment properties

£

At 1 April 2023

1,907,434

Fair value adjustments

592,566

At 31 March 2024

2,500,000

At 31 March 2024 the investment property was valued by the director on an open market basis. The original cost of the investment property was £1,907,434 (2023 - £1,907,434).

There has been no valuation of investment property by an independent valuer.

 

6

Debtors

Note

31 March 2024
 £

31 March 2023
 £

Amounts owed by related parties

8

-

935

Other debtors

 

1,381,311

1,247,687

Prepayments

 

500

500

   

1,381,811

1,249,122

Less non-current portion

 

(1,379,910)

(1,246,910)

 

7

Creditors

31 March 2024
 £

31 March 2023
 £

Due within one year

Amounts due to related parties

340,035

-

Social security and other taxes

4,550

-

Other creditors

629,839

264,789

Accrued expenses

152,000

135,438

Corporation tax liability

-

88,932

1,126,424

489,159

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2024, the company owed £340,035 (2023: director owed £935) to the director in the form of a director's loan account. No interest was charged on this balance, and there are no fixed repayment terms.