Registration number:
Bayberry Limited
for the
Year Ended 29 February 2024
Bayberry Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bayberry Limited
Company Information
Directors |
Mrs VYA Blount Mr A Blount Mrs AP Cooper |
Registered office |
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Accountants |
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Bayberry Limited
(Registration number: 06809492)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Bayberry Limited
(Registration number: 06809492)
Balance Sheet as at 29 February 2024
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Glebe Farm
Small Lane
Earlswood
West Midlands
B94 5EL
United Kingdom
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 that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Going concern
As at 29 February 2024, the company had net current liabilities of £1,125,152 (2023: £996,634) and a net liabilities position of £1,065,828 (2023: £925,286).
Included in net current liabilities is an amount outstanding to the directors of £493,551 (2023: £504,092). The directors have confirmed that they will not seek repayment of this loan until such time as the company has sufficient funds and profits to do so.
The company has gone through a cost cutting exercise to identify any spend that can be reduced from the company's budget. Savings have been identified and are hoped to be achieved in the 2025 year.
The directors have ensured that the company can remain trading for the foreseeable future and deem it appropriate to apply the going concern policy assuming that the company will remain trading in 12 months time.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Government grants
The company has received funding in the form of infection control grants were received from local authorities which are not required to be repaid.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
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 |
Improvements to property |
Straight line over term of lease |
Fixtures and fittings |
25% reducing balance |
Computer equipment (included within fixtures and fittings) |
25% on cost |
Motor vehicle |
25% reducing balance |
Plant and machinery |
25% reducing balance |
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.
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Improvements to property |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £39,721 (2023: £50,427).
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
6 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include a bank loan which is secured of £17,132 (2023: £24,167).
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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50 |
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50 |
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50 |
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50 |
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25 |
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25 |
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Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 29 February 2024 |
Mrs AP Cooper |
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Directors loan account |
( |
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( |
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Mr A Blount |
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Directors loan account |
( |
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- |
( |
Mrs VYA Blount |
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Directors loan account |
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- |
( |
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
10 |
Related party transactions (continued) |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mrs AP Cooper |
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Directors loan account |
( |
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( |
( |
Mr A Blount |
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Directors loan account |
( |
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( |
( |
Mrs VYA Blount |
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Directors loan account |
( |
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( |
( |
Bayberry Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
10 |
Related party transactions (continued) |
Summary of transactions with other related parties
A dormant company under common control of two of the directors. As at the balance sheet date, the company was owed £1,804 (2023: £1,804) from Priority Health Limited. This loan is considered interest free and repayable on demand. All transactions are made on an arms length basis.
Pathways Support & Community Association Limited:
A registered society under common control of two of the directors. As at the balance sheet date, the company was owed £367 (2023: £367) from Pathways Support & Community Association Limited. This loan is considered interest free and repayable on demand. All transactions are made on an arms length basis.
Limitless Unlimited Limited:
A company under common control of the directors. As at the balance sheet date, the company was owed £157 (2023: nil) from Limitless Unlimited Limited. This loan is considered interest free and repayable on demand. All transactions are made on an arms length basis.
Bayberry College Limited:
A company under common control of the directors. As at the balance sheet date, the company owed Bayberry College Limited £125 (2023: £1,132). This loan is considered interest free and repayable on demand. All transactions are made on an arms length basis.
Warley Engineering and Developments Limited:
A company under common control of two of the directors. As at the balance sheet date, the company owed Warley Engineering and Developments Limited £68,301 (2023: £35,000). This loan is considered interest free and repayable on demand. All transactions are made on an arms length basis.