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Registered number: 01270056
















BAYLIS ESTATES LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































img6c85.png


BAYLIS ESTATES LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Burmester 
D Mace 
N Smith 
E Haycock 
D Roberts 




COMPANY SECRETARY
N P Smith



REGISTERED NUMBER
01270056



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 ESTATES LIMITED


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Statement of Financial Position
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 24



BAYLIS ESTATES LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present their strategic report for the year ended 30 June 2024

BUSINESS REVIEW
 
The principal activity of the company is that of property development.
The company holds land which is either undeveloped or is subject to ongoing and completed developments.
The company’s key performance indicators relate to the progress made on developments and the sale of completed developments.
The company continues to make good progress on a number of active development projects. The financial year was very busy in terms of property development and sale completions.
At Cribbs Causeway the development of 12 acres of land adjacent to the Venue Leisure Park is nearing completion. Having secured planning consent the Car Showroom, Indoor Ice Rink and Costa Drive Through are completed and trading. In December 2023 construction was completed on a Greggs Drive Through which was handed over to the tenant. In April 2024 part of the site was sold to Aldi to construct a convenience store. Discussions are on-going with further occupiers to complete the development.
Construction of the Stellantis&You car dealership on a 2.5 acre site at Cribbs Causeway was completed in December 2023, with handover to the tenant in January 2024. The property was forward sold to an investor, with the sale completing in January 2024.
A further 4-acre development in North Bristol was completed in the financial year. This comprises a Premier Inn hotel, Beefeater restaurant, Aldi supermarket and Costa Drive Through. The completed development was sold to an investor in June 2024.
Significant infrastructure works are under way at the 44-acre site at SouthPoint Business Park, Chippenham. A significant part of the site was sold to Siemens in November 2024, after the financial year end. Discussions are on-going with other potential occupiers for the remainder of the site.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Construction costs have stabilised over the last year resulting in more predictable costs of development. Demand from potential tenants and occupiers for the remaining plots seems to be strong, although there is a risk that the current high levels of inflation, the Bank of England delaying interest rate cuts and the tax raising budget may all impact future demand on the available sites.
The rental income from the various properties has stabilised over the last year and occupancy has increased with some large occupiers renewing their leases during the year. The future performance of the rental-income generating assets will be vulnerable to the economic effects on disposable income of the delayed interest rate cuts and the recent tax raising budget.
The directors continue to monitor the situation and to adapt operating activity accordingly.
 

Page 1


BAYLIS ESTATES LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors consider the key performance indicator to be Profit After Tax.
The profit for the year, after taxation, amounted to £1,181,152 (2023: £244,162).
Rents receivable have stabilised and increased slightly from £2.45m in 2023 to £2.48m in 2024.
Sales of Stock revenues have increased significantly from £13.0m in 2023 to £20.2m in 2024.
Profits Before Tax increased from £511k in 2023 to £1,782k in 2024.


This report was approved by the board on 8 January 2025 and signed on its behalf.



N Smith
Director

Page 2


BAYLIS ESTATES 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 property development.

RESULTS

The profit for the year, after taxation, amounted to £1,181,152 (2023: £244,162).

DIRECTORS

The directors who served during the year were:

J Burmester 
D Mace 
N Smith 
E Haycock 
D Roberts 

MATTERS COVERED IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

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.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

Page 3


BAYLIS ESTATES LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

AUDITORS

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

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






N Smith
Director

Date: 8 January 2025

Churchfields
Westbury Hill
Westbury On Trym
Bristol
BS9 3AA

Page 4


BAYLIS ESTATES LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Strategic Report, 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 5


BAYLIS ESTATES LIMITED

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


We have audited the financial statements of Baylis Estates Limited (the 'company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Analysis of Net Debt 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 profit 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 6


BAYLIS ESTATES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS ESTATES 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 7


BAYLIS ESTATES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS ESTATES 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 8


BAYLIS ESTATES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF BAYLIS ESTATES 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 9


BAYLIS ESTATES LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,671,151
15,435,630

Cost of sales
  
(18,289,207)
(12,931,474)

GROSS PROFIT
  
4,381,944
2,504,156

Administrative expenses
  
(1,014,600)
(1,007,327)

OPERATING PROFIT
  
3,367,344
1,496,829

Interest receivable and similar income
 8 
40,548
5,347

Interest payable and similar expenses
 9 
(1,626,224)
(990,871)

PROFIT BEFORE TAX
  
1,781,668
511,305

Tax on profit
 10 
(600,516)
(267,143)

PROFIT AFTER TAX
  
1,181,152
244,162

  

  

Retained earnings at the beginning of the year
  
12,671,869
12,427,707

  
12,671,869
12,427,707

Profit for the year
  
1,181,152
244,162

RETAINED EARNINGS AT THE END OF THE YEAR
  
13,853,021
12,671,869
The notes on pages 14 to 24 form part of these financial statements.

Page 10


BAYLIS ESTATES LIMITED
REGISTERED NUMBER:01270056

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
19,673
24,697

  
19,673
24,697

CURRENT ASSETS
  

Stocks
 12 
17,965,526
20,217,284

Debtors: amounts falling due after more than one year
 13 
-
7,692

Debtors: amounts falling due within one year
 13 
770,756
6,700,115

Cash at bank and in hand
 14 
5,926,014
807,290

  
24,662,296
27,732,381

Creditors: amounts falling due within one year
 15 
(10,828,344)
(15,084,477)

NET CURRENT ASSETS
  
 
 
13,833,952
 
 
12,647,904

TOTAL ASSETS LESS CURRENT LIABILITIES
  
13,853,625
12,672,601

PROVISIONS FOR LIABILITIES
  

Deferred tax
 16 
(502)
(630)

  
 
 
(502)
 
 
(630)

NET ASSETS
  
13,853,123
12,671,971


CAPITAL AND RESERVES
  

Called up share capital 
 17 
102
102

Profit and loss account
 18 
13,853,021
12,671,869

  
13,853,123
12,671,971


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





N Smith
Director

Date: 8 January 2025

The notes on pages 14 to 24 form part of these financial statements.

Page 11


BAYLIS ESTATES LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,181,152
244,162

ADJUSTMENTS FOR:

Depreciation of tangible assets
5,024
5,024

Interest paid
1,626,224
990,871

Interest received
(40,548)
(5,347)

Taxation charge
600,516
267,143

Decrease/(increase) in stocks
2,251,758
(1,745,786)

Decrease/(increase) in debtors
5,937,051
(5,685,808)

(Decrease)/increase in creditors
(1,583,274)
2,002,900

Corporation tax (paid)
(473,503)
(266,513)

NET CASH GENERATED FROM OPERATING ACTIVITIES

9,504,400
(4,193,354)


CASH FLOWS FROM INVESTING ACTIVITIES

Interest received
40,548
5,347

NET CASH FROM INVESTING ACTIVITIES

40,548
5,347

CASH FLOWS FROM FINANCING ACTIVITIES

New secured loans
-
2,500,000

Shares treated as debt - redeemed
(2,800,000)
-

Interest paid
(1,626,224)
(990,871)

NET CASH USED IN FINANCING ACTIVITIES
(4,426,224)
1,509,129

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
5,118,724
(2,678,878)

Cash and cash equivalents at beginning of year
807,290
3,486,168

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
5,926,014
807,290


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
5,926,014
807,290

5,926,014
807,290


The notes on pages 14 to 24 form part of these financial statements.

Page 12


BAYLIS ESTATES LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

807,290

5,118,724

5,926,014

Debt due within 1 year

(12,301,032)

2,800,000

(9,501,032)



(11,493,742)
7,918,724
(3,575,018)

The notes on pages 14 to 24 form part of these financial statements.

Page 13


BAYLIS ESTATES 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 property development. Baylis Estates 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

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 prepared in sterling which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company operates from a low fixed cost base that is resilient to changes in turnover. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

TURNOVER

Turnover represents amounts receivable on developments sold and for rent 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

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14


BAYLIS ESTATES LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

STOCKS

Stocks and work in progress are stated at the lower of cost and net realisable value, the latter being the estimated selling price less costs to complete and sell. Cost consists of purchases of land and the costs of developing it for later sale including associated professional fees. The cost of constructing infrastructure on a site is allocated to each development on an appropriate basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Any impairment loss is recognised immediately in the Statement of comprehensive income.
When stock is sold the carrying amount of the stock is recognised as an expense in the period in which the related revenue is recognised.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Long term debtors are measured at amortised cost using the effective interest method.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15


BAYLIS ESTATES LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 16


BAYLIS ESTATES LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.


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.

Page 17


BAYLIS ESTATES LIMITED

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

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£


Gross ground rents receivable
3,038,839
3,034,648

Permitted deductions
(841,681)
(710,354)

Ground rents receivable
2,197,158
2,324,294


Rents receivable
286,409
126,271

Sale of Stock
20,187,584
12,985,065

TOTAL
22,671,151
15,435,630


All turnover arose within the United Kingdom.


5.


AUDITORS' REMUNERATION

2024
2023
£
£



Fees payable to the company's auditor and its associates for the audit of the company's annual accounts
11,000
10,000


6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
603,130
597,118

Social security costs
73,187
64,127

Cost of defined contribution scheme
60,830
26,330

737,147
687,575


The average monthly number of employees, including directors, during the year was 8 (2023: 8).

Page 18


BAYLIS ESTATES LIMITED

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

7.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
467,620
467,620

Company contributions to defined contribution pension schemes
11,330
11,330

478,950
478,950


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £154,500 (2023: £154,500).


8.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
40,548
5,347


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
898,845
206,788

Other loan interest payable
727,379
784,083

1,626,224
990,871

Page 19


BAYLIS ESTATES LIMITED

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

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
612,657
266,513

Adjustments in respect of previous periods
(12,013)
-


600,644
266,513


TOTAL CURRENT TAX
600,644
266,513

DEFERRED TAX


Origination and reversal of timing differences
(128)
630

TOTAL DEFERRED TAX
(128)
630


TAX ON PROFIT
600,516
267,143

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
£
£


Profit on ordinary activities before tax
1,781,668
511,305


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
429,204
104,797

EFFECTS OF:


Expenses not deductible for tax purposes
182,216
160,793

Capital allowances for year in excess of depreciation
1,128
1,003

Adjustments to tax charge in respect of prior periods
(12,032)
(80)

Deferred tax not recognised
-
630

TOTAL TAX CHARGE FOR THE YEAR
600,516
267,143


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors impacting future tax charges.

Page 20


BAYLIS ESTATES LIMITED

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

11.


TANGIBLE FIXED ASSETS





Plant and machinery

£



COST


At 1 July 2023
50,234



At 30 June 2024

50,234



DEPRECIATION


At 1 July 2023
25,537


Charge for the year on owned assets
5,024



At 30 June 2024

30,561



NET BOOK VALUE



At 30 June 2024
19,673



At 30 June 2023
24,697


12.


STOCKS

2024
2023
£
£

Raw materials and consumables
3
3

Work in progress (goods to be sold)
16,497,238
18,748,996

Finished goods and goods for resale
1,468,285
1,468,285

17,965,526
20,217,284


Page 21


BAYLIS ESTATES LIMITED

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

13.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
-
7,692

-
7,692


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
602,342
3,765,349

Other debtors
155,532
1,929,215

Prepayments and accrued income
12,882
17,361

Amounts recoverable on long-term contracts
-
988,190

770,756
6,700,115



14.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
5,926,014
807,290

5,926,014
807,290



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
2,500,000
2,500,000

Trade creditors
206,532
1,993,007

Corporation tax
127,141
-

Other taxation and social security
57,115
23,544

Other creditors
-
23,896

Accruals and deferred income
936,524
742,998

Share capital treated as debt
7,001,032
9,801,032

10,828,344
15,084,477


The bank loan is secured by a fixed charge over the relevant assets in stock.

Page 22


BAYLIS ESTATES LIMITED

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

16.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(630)
-


Charged to profit or loss
128
(630)



AT END OF YEAR
(502)
(630)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(502)
(630)


17.


SHARE CAPITAL

2024
2023
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



102 (2023: 102) Ordinary shares of £1 each
102
102



2024
2023
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



7,001,032 (2023: 9,801,032) Preference shares of £1 each
7,001,032
9,801,032


The company has the right to redeem all or any of the preference shares at par at any time upon giving one month's notice to the shareholders.
The preference shares entitle the holders to receive preferential dividends of 8% of the nominal value per annum. They carry no rights to vote at general meetings except in respect of any resolutions constituting a variation in their rights.


18.


RESERVES

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 23


BAYLIS ESTATES LIMITED

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

19.


CONTROLLING PARTY

The company was controlled throughout the financial period by the J.T. Baylis Will Trust.


20.


RELATED PARTY TRANSACTIONS

The J.T. Baylis Will Trust received a total of £Nil (2023: £Nil) dividends on Ordinary shares and £727,379 (2023: £784,083) dividends on Preference shares from this company during the year.
The remuneration of key management personnel, including employer's NI and pension contributions, during the year was £537,204 (2023: £538,812).

 
Page 24