Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-300truetrue2023-07-01false0truefalsefalse 06442584 2023-07-01 2024-06-30 06442584 2022-07-01 2023-06-30 06442584 2024-06-30 06442584 2023-06-30 06442584 2022-07-01 06442584 1 2023-07-01 2024-06-30 06442584 1 2022-07-01 2023-06-30 06442584 2 2022-07-01 2023-06-30 06442584 3 2023-07-01 2024-06-30 06442584 3 2022-07-01 2023-06-30 06442584 d:CompanySecretary1 2023-07-01 2024-06-30 06442584 d:Director1 2023-07-01 2024-06-30 06442584 d:Director2 2023-07-01 2024-06-30 06442584 d:Director3 2023-07-01 2024-06-30 06442584 d:Director5 2023-07-01 2024-06-30 06442584 d:RegisteredOffice 2023-07-01 2024-06-30 06442584 e:FreeholdInvestmentProperty 2023-07-01 2024-06-30 06442584 e:FreeholdInvestmentProperty 2024-06-30 06442584 e:FreeholdInvestmentProperty 2023-06-30 06442584 e:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 06442584 e:CurrentFinancialInstruments 2024-06-30 06442584 e:CurrentFinancialInstruments 2023-06-30 06442584 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 06442584 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 06442584 e:UKTax 2023-07-01 2024-06-30 06442584 e:UKTax 2022-07-01 2023-06-30 06442584 e:ShareCapital 2024-06-30 06442584 e:ShareCapital 2023-06-30 06442584 e:ShareCapital 2022-07-01 06442584 e:InvestmentPropertiesRevaluationReserve 2024-06-30 06442584 e:InvestmentPropertiesRevaluationReserve 2023-06-30 06442584 e:InvestmentPropertiesRevaluationReserve 2022-07-01 06442584 e:InvestmentPropertiesRevaluationReserve 2 2022-07-01 2023-06-30 06442584 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 06442584 e:RetainedEarningsAccumulatedLosses 2024-06-30 06442584 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 06442584 e:RetainedEarningsAccumulatedLosses 2023-06-30 06442584 e:RetainedEarningsAccumulatedLosses 2022-07-01 06442584 e:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 06442584 d:OrdinaryShareClass1 2023-07-01 2024-06-30 06442584 d:OrdinaryShareClass1 2024-06-30 06442584 d:OrdinaryShareClass1 2023-06-30 06442584 d:FRS102 2023-07-01 2024-06-30 06442584 d:Audited 2023-07-01 2024-06-30 06442584 d:FullAccounts 2023-07-01 2024-06-30 06442584 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06442584 e:ShareCapital 2 2022-07-01 2023-06-30 06442584 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06442584
















BAYLIS VENTURES LIMITED




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































img4351.png


BAYLIS VENTURES LIMITED

 
COMPANY INFORMATION


DIRECTORS
D Mace 
N P Smith 
J Burmester 
R Cliff 




COMPANY SECRETARY
N P Smith



REGISTERED NUMBER
06442584



REGISTERED OFFICE
Churchfields
Westbury Hill

Westbury On Trym

Bristol

BS9 3AA




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






BAYLIS VENTURES LIMITED


CONTENTS



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 15



BAYLIS VENTURES LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is that of an investment property company.
During the year the company completed the purchase of a newly built multi-property scheme in North Bristol. Rent-free periods granted to the tenants will end in the 30 June 2025 financial year during which rents will start to be collected.

DIRECTORS

The directors who served during the year were:

D Mace 
N P Smith 
J Burmester 
R Cliff 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






N P Smith
Director

Date: 8 January 2025

Churchfields
Westbury Hill
Westbury On Trym
Bristol
BS9 3AA

Page 1


BAYLIS VENTURES LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2


BAYLIS VENTURES LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS VENTURES LIMITED
OPINION


We have audited the financial statements of Baylis Ventures Limited (the 'company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3


BAYLIS VENTURES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS VENTURES LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 4


BAYLIS VENTURES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS VENTURES LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have considered the following:
 
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and,
Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
 
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes;
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and,
Challenging assumptions and judgements made by management in their significant accounting estimates.
 
Page 5


BAYLIS VENTURES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS VENTURES LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.






Chris Trantham FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 January 2025
Page 6


BAYLIS VENTURES LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
160,952
201,301

Cost of sales
  
(3,927)
-

GROSS PROFIT
  
157,025
201,301

Administrative expenses
  
(78,822)
(46,673)

Profit on disposal of investment property
  
-
1,461

Fair value movements
  
(1,143,217)
(2,250,000)

OPERATING LOSS
  
(1,065,014)
(2,093,911)

Interest receivable and similar income
  
586,321
71,278

LOSS BEFORE TAX
  
(478,693)
(2,022,633)

Tax on loss
 7 
(166,122)
49,128

LOSS FOR THE FINANCIAL YEAR
  
(644,815)
(1,973,505)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 15 form part of these financial statements.

Page 7


BAYLIS VENTURES LIMITED
REGISTERED NUMBER:06442584

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 8 
18,000,000
8,028,906

  
18,000,000
8,028,906

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 9 
193,255
74,075

  
193,255
74,075

Creditors: amounts falling due within one year
 10 
(20,790,378)
(10,055,289)

NET CURRENT LIABILITIES
  
 
 
(20,597,123)
 
 
(9,981,214)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(2,597,123)
(1,952,308)

  

NET LIABILITIES
  
(2,597,123)
(1,952,308)


CAPITAL AND RESERVES
  

Called up share capital 
 11 
10,000
10,000

Profit and loss account
  
(2,607,123)
(1,962,308)

  
(2,597,123)
(1,952,308)


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N P Smith
Director

Date: 8 January 2025

The notes on pages 10 to 15 form part of these financial statements.

Page 8


BAYLIS VENTURES LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Investment property reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
10,000
1,561,771
4,199,426
5,771,197



Loss for the year
-
-
(1,973,505)
(1,973,505)

Dividends: Equity capital
-
-
(5,750,000)
(5,750,000)

Transfer from profit and loss account
-
-
1,561,771
1,561,771

Transfer to profit and loss account
-
(1,561,771)
-
(1,561,771)


At 1 July 2023
10,000
-
(1,962,308)
(1,952,308)



Loss for the year
-
-
(644,815)
(644,815)


AT 30 JUNE 2024
10,000
-
(2,607,123)
(2,597,123)


The notes on pages 10 to 15 form part of these financial statements.

Page 9


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

The principal activity of the company is that of an investment company. Baylis Ventures Limited is a private limited company, incorporated in the United Kingdom and registered in England & Wales. Its registered office is at Churchfields, Westbury Hill, Westbury on Trym, Bristol, BS9 3AA.

2.ACCOUNTING POLICIES

 

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.1

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of J.T Baylis & Company Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis.
The net liabilities of £2,596,660 shown in the Statement of financial position includes £20,513,923 payable to this company's parent company. The parent company has indicated that it will not demand more than this company can pay, and anticipated cash flows are sufficient to meet the company's other liabilities as they fall due.
During the year the company completed it's new investment property at Fox Den Road, and tenants moved in in the final quarter of the financial year. The new tenancy agreements will generate sufficient revenues to return the company to profit in future years.
In this period of transition the directors confirm that the parent company will continue to support the company for a period of at least 12 months from the approval of these financial statements. 
The directors are therefore not aware of any events or conditions which may cast significant doubt upon the company's ability to continue as a going concern.

Page 10


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

TURNOVER

Turnover represents rents receivable during the year. It is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals in respect of property held under operating leases are charged to the Statement of comprehensive income in accordance with the specific terms of the lease and, in the case of other assets, on a straight line basis.

 
2.5

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.


 
2.6

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
In the current year the new property under construction is carried at cost to date until it is brought into use after which it will be recoginsed as above.

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


TURNOVER

All of the company's turnover in both financial years arose in the United Kingdom.

Page 11


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
5,800
5,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


6.


EMPLOYEES

The directors of the company are also directors of the parent company and certain fellow subsidiaries. The directors do not believe that it is practicable to apportion payments made by the parent company between their services as directors of Baylis Ventures Limited and their services as directors of the parent company and fellow subsidiaries.
The company had no employees during the year other than its directors (2023: NIL).



7.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
166,131
90,779

Adjustments in respect of previous periods
(9)
-


166,122
90,779


TOTAL CURRENT TAX
166,122
90,779

DEFERRED TAX


Origination and reversal of timing differences
-
(139,907)

TOTAL DEFERRED TAX
-
(139,907)


TAX ON LOSS
166,122
(49,128)
Page 12


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
7.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(478,693)
(2,022,633)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
(119,673)
(414,640)

EFFECTS OF:


Fixed asset differences
-
(299)

Capital allowances for year in excess of depreciation
-
29

Chargeable gains/(losses)
(848,304)
(70,262)

Adjustments to tax charge in respect of prior periods
(9)
-

Change in tax rates affecting the deferred tax provided on fair value movements
-
(25,206)

Movement in deferred tax not recognised
848,304
-

Expenses not deductible for tax purposes
285,804
461,250

TOTAL TAX CHARGE FOR THE YEAR
166,122
(49,128)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors impacting future tax charges.

Page 13


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 July 2023
8,028,906


Additions at cost
11,114,311


Surplus on revaluation
(1,143,217)



AT 30 JUNE 2024
18,000,000

The 2024 valuations were made by JLL, independent valuers, on an open market value for existing use basis.

2024
2023
£
£

REVALUATION RESERVES


At 1 July 2023
-
1,561,771

Net deficit in movement properties
-
(1,561,771)

AT 30 JUNE 2024
-
-



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
21,393,217
10,278,906


9.


DEBTORS

2024
2023
£
£


Other debtors
2,970
74,075

Prepayments and accrued income
190,285
-

193,255
74,075


Page 14


BAYLIS VENTURES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
19,554
3,198,914

Amounts owed to group undertakings
20,513,923
6,765,596

Corporation tax
256,901
90,779

20,790,378
10,055,289



11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,000 (2023: 10,000) Ordinary shares of £1 each
10,000
10,000



12.


RELATED PARTY TRANSACTIONS

Advantage has been taken of the exemption available under section 33.1A of FRS 102 not to disclose transactions with other group companies on the basis that the company is a wholly owned subsidiary and the company's parent company produces publicly available consolidated financial statements in which this company is included.
No remuneration was paid to key management personnel during the year.


13.


CONTROLLING PARTY

The company is controlled by J.T Baylis & Company Limited, its parent company. Copies of its group financial statements can be obtained from the Registrar of Companies, Crown Way, Cardiff. The ultimate controlling party is The J.T. Baylis Discretionary Settlement.

 
Page 15