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Registered number: 00581564
















J.T. BAYLIS & COMPANY LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024


































img2a84.png


J.T. BAYLIS & COMPANY LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Burmester 
D J Mace 
N P Smith 
R Cliff 




COMPANY SECRETARY
N P Smith



REGISTERED NUMBER
00581564



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




BANKERS
National Westminster Bank Plc
North Street

Bristol

BS3 1JB






J.T. BAYLIS & COMPANY LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 30



J.T. BAYLIS & COMPANY LIMITED

 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

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

BUSINESS REVIEW
 
The principal activity of the company is that of a holding company.
The main activities of the significant subsidiaries in the group are set out below:
John Baylis Limited holds a headlease of The Mall Regional Shopping Centre at Cribbs Causeway, Bristol from which it receives a share of the net rents.
John Baylis Leisure Limited holds a headlease of The Venue Leisure Park at Cribbs Causeway, Bristol from which it receives a share of the net rents.
In June 2024 Baylis Ventures Limited purchased the freehold of a small retail park on Fox Den Road, North Bristol consisting of a Premier Inn hotel, Beefeater restaurant, Aldi supermarket and Costa coffee. Due to the various rent-free periods there was no rental income received from any of the tenants during the financial year. Rents will be received from all tenants by the end of the next financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The group operates within the commercial property investment market with a high exposure to the retail and leisure sectors. The principal risk to the group is the economic impact the recent budget and interest rate reduction delays may have on both footfall and sales at any of its investment properties, leading to potential tenant failures, voids and rent reductions.
The directors have considered the short-term impact on the group and although there has been a short-term reduction in net rents receivable, which will increase with the commencement of rents from Fox Den Road throughout the next financial year, the group has sufficient resources for the forseeable future. 
With the continuing uncertainty in the economy, the directors are aware that any plans for the future
development of the business are subject to evolving circumstances, which may involve unforeseen events outside the directors’ control. The directors will continue to monitor events and react in order to sustain the group.
Further details are included in note 2.3 to these financial statements.

FINANCIAL KEY PERFORMANCE INDICATORS
 
We consider the key performance indicator to be rents receivable.
The Group has seen an increase in turnover from £9.1m in 2023 to £9.5m in 2024, with a consequent reduction in gross profit from £4.8m in 2023 to £4.6m in 2024, reflecting high repair and maintenance costs in the properties.
An increase in the Fair Values of the property portfolio resulted in a Fair value movement in the year of £4.2m.
The value of the group’s investment property portfolio increased from £58.3m in 2023 to £73.7m in 2024 as a result of the investment in Fox Den Road and an increase in the overall value of the properties.
At 30 June 2024, the Group continued to have a strong financial position maintaining a profit before fair value movements and associated deferred tax of £4.0m (2023 : £4.2m), translating to an operating cash net inflow of £0.8m (2023: £4.4m).
If necessary the Group can decide to withhold distributions of surpluses to shareholders to maintain an adequate level of working capital cover.

Page 1


J.T. BAYLIS & COMPANY LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024


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





N P Smith
Company Secretary

Date: 8 January 2025

Page 2


J.T. BAYLIS & COMPANY LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

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

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £6,198,194 (2023: £1,024,460).

Dividends of £1,680,000 (2023: £1,930,000) were paid in the year.

DIRECTORS

The directors who served during the period were:

J Burmester 
D J Mace 
N P Smith 
R Cliff 

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 and the Group'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 and the Group'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.

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 3


J.T. BAYLIS & COMPANY LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


J.T. BAYLIS & COMPANY LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J.T. BAYLIS & COMPANY LIMITED
OPINION


We have audited the financial statements of J.T. Baylis & Company Limited (the 'parent company') and its subsidiaries (the 'Group') for the period ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated analysis of net debt, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent company's affairs as at 30 June 2024 and of the Group's profit for the period 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 Group 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 Group's or the parent 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 5


J.T. BAYLIS & COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J.T. BAYLIS & COMPANY 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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 4, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6


J.T. BAYLIS & COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J.T. BAYLIS & COMPANY 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 Group 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 Group and Company; and,
Any matters we identified having obtained and reviewed the Group and 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 Group and 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 7


J.T. BAYLIS & COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J.T. BAYLIS & COMPANY 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 members, as a body, 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 members 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 members, as a body, 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 8


J.T. BAYLIS & COMPANY LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,510,523
9,060,596

Cost of sales
  
(4,934,424)
(4,285,543)

GROSS PROFIT
  
4,576,099
4,775,053

Administrative expenses
  
(534,064)
(576,202)

Other operating income
  
-
1,461

Fair value movements
  
4,216,783
(2,250,000)

OPERATING PROFIT
 5 
8,258,818
1,950,312

Interest receivable and similar income
 9 
712,646
205,038

Interest payable and similar expenses
 10 
(307,343)
(403,205)

PROFIT BEFORE TAXATION
  
8,664,121
1,752,145

Tax on profit
 11 
(2,465,927)
(727,685)

PROFIT FOR THE FINANCIAL PERIOD
  
6,198,194
1,024,460

  

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
  
6,198,194
1,024,460

  

  

The notes on pages 16 to 30 form part of these financial statements.

Page 9


J.T. BAYLIS & COMPANY LIMITED
REGISTERED NUMBER:00581564

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
-
1,567

Investment property
 16 
73,650,000
58,318,906

  
73,650,000
58,320,473

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
1,778,281
2,370,696

Cash at bank and in hand
 18 
3,611,405
13,151,883

  
5,389,686
15,522,579

Creditors: amounts falling due within one year
 19 
(8,371,947)
(9,045,396)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(2,982,261)
 
 
6,477,183

TOTAL ASSETS LESS CURRENT LIABILITIES
  
70,667,739
64,797,656

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 20 
(3,267,670)
(1,915,781)

  
 
 
(3,267,670)
 
 
(1,915,781)

NET ASSETS EXCLUDING PENSION ASSET
  
67,400,069
62,881,875

NET ASSETS
  
67,400,069
62,881,875


CAPITAL AND RESERVES
  

Called up share capital 
 21 
50,000
50,000

Investment property reserve
 22 
22,696,113
18,676,113

Profit and loss account
 22 
44,653,956
44,155,762

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
67,400,069
62,881,875

  
67,400,069
62,881,875


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 16 to 30 form part of these financial statements.

Page 10


J.T. BAYLIS & COMPANY LIMITED
REGISTERED NUMBER:00581564

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
-
1,567

Investments
 15 
30,001
30,001

  
30,001
31,568

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
21,828,154
8,104,311

Cash at bank and in hand
 18 
3,611,405
13,151,883

  
25,439,559
21,256,194

Creditors: amounts falling due within one year
 19 
(19,558,972)
(13,811,816)

NET CURRENT ASSETS
  
 
 
5,880,587
 
 
7,444,378

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,910,588
7,475,946

  

  

NET ASSETS EXCLUDING PENSION ASSET
  
5,910,588
7,475,946

NET ASSETS
  
5,910,588
7,475,946


CAPITAL AND RESERVES
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
5,860,588
7,425,946

  
5,910,588
7,475,946


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 16 to 30 form part of these financial statements.

Page 11


J.T. BAYLIS & COMPANY LIMITED


CONSOLIDATED 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 2023
50,000
18,676,113
44,155,762
62,881,875



Profit for the year
-
-
6,198,194
6,198,194

Dividends: Equity capital
-
-
(1,680,000)
(1,680,000)

Transfer from profit and loss account
-
-
(4,020,000)
(4,020,000)

Transfer to profit and loss account
-
4,020,000
-
4,020,000


AT 30 JUNE 2024
50,000
22,696,113
44,653,956
67,400,069



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023


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

£
£
£
£

At 1 July 2022
50,000
20,237,884
43,499,531
63,787,415



Profit for the year
-
-
1,024,460
1,024,460

Dividends: Equity capital
-
-
(1,930,000)
(1,930,000)

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 30 JUNE 2023
50,000
18,676,113
44,155,762
62,881,875


The notes on pages 16 to 30 form part of these financial statements.

Page 12


J.T. BAYLIS & COMPANY LIMITED


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
50,000
7,425,946
7,475,946



Profit for the year
-
114,642
114,642

Dividends: Equity capital
-
(1,680,000)
(1,680,000)


AT 30 JUNE 2024
50,000
5,860,588
5,910,588



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
50,000
3,485,643
3,535,643



Profit for the year
-
5,870,303
5,870,303

Dividends: Equity capital
-
(1,930,000)
(1,930,000)


AT 30 JUNE 2023
50,000
7,425,946
7,475,946


The notes on pages 16 to 30 form part of these financial statements.

Page 13


J.T. BAYLIS & COMPANY LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
6,198,194
1,024,460

ADJUSTMENTS FOR:

Depreciation of tangible assets
1,567
5,907

Interest paid
307,343
403,205

Interest received
(712,646)
(205,038)

Taxation charge
2,465,927
727,685

Decrease in debtors
592,415
502,198

(Decrease)/increase in creditors
(2,876,663)
1,292,737

Net fair value (gains)/losses recognised in P&L
(4,216,783)
2,250,000

Corporation tax (paid)
(910,824)
(1,602,393)

NET CASH GENERATED FROM OPERATING ACTIVITIES

848,530
4,398,761


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investment properties
(11,114,311)
(10,278,906)

Sale of investment properties
-
9,325,000

Interest received
712,646
205,038

NET CASH FROM INVESTING ACTIVITIES

(10,401,665)
(748,868)

CASH FLOWS FROM FINANCING ACTIVITIES

New secured loans
7,000,000
-

Repayment of loans
(5,000,000)
(5,000,000)

Dividends paid
(1,680,000)
(1,930,000)

Interest paid
(307,343)
(403,205)

NET CASH USED IN FINANCING ACTIVITIES
12,657
(7,333,205)

(DECREASE) IN CASH AND CASH EQUIVALENTS
(9,540,478)
(3,683,312)

Cash and cash equivalents at beginning of period
13,151,883
16,835,195

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD
3,611,405
13,151,883


CASH AND CASH EQUIVALENTS AT THE END OF PERIOD COMPRISE:

Cash at bank and in hand
3,611,405
13,151,883

3,611,405
13,151,883


The notes on pages 16 to 30 form part of these financial statements.

Page 14


J.T. BAYLIS & COMPANY LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

13,151,883

(9,540,478)

3,611,405

Debt due after 1 year

-

(7,000,000)

(7,000,000)

Debt due within 1 year

(5,000,000)

5,000,000

-



8,151,883
(11,540,478)
(3,388,595)

The notes on pages 16 to 30 form part of these financial statements.

Page 15


J.T. BAYLIS & COMPANY LIMITED

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

1.


GENERAL INFORMATION

The principal activity of the company and its subsidiaries are set out in the strategic report. The company 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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

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

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the group and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

GOING CONCERN

The company operates from a low fixed cost base that is resilient to changes in turnover. The nature of the group is to generate a surplus which can be distributed to the shareholders. The shareholders of the group will not request any distribution that the group is unable to afford.
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

TURNOVER

Turnover represents rents receivable and development and management services provided during the year. It is recognised to the extent that it is probable that the economic benefits will flow to the group 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

Page 16


J.T. BAYLIS & COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods noted below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line basis
Fixtures and fittings
-
10-25% reducing balance basis

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.

 
2.6

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 Consolidated statement of comprehensive income.

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 17


J.T. BAYLIS & COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.11

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

FINANCIAL INSTRUMENTS

The Group 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 Group's Statement of financial position when the Group 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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 receipts 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 Group 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 Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 18


J.T. BAYLIS & COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)

Derecognition of financial liabilities

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

 
2.13

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.

 
2.14

OPERATING LEASES: THE GROUP AS LESSOR

Rental income in respect of property subject to operating leases is credited to the Consolidated statement of comprehensive income in accordance with the specific terms of the lease.

 
2.15

OPERATING LEASES: THE GROUP AS LESSEE

Rentals in respect of property held under operating leases are charged to the Consolidated 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 over the lease term.

 
2.16

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

INTEREST INCOME

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

 
2.18

BORROWING COSTS

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

Page 19


J.T. BAYLIS & COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.19

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


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 turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,567
5,908

Operating lease rentals
34,455
46,145

Defined contribution pension scheme
17,000
11,500

Page 20


J.T. BAYLIS & COMPANY LIMITED

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

6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements

26,250
25,000


7.


EMPLOYEES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
209,540
227,303
209,540
227,303

Social security costs
24,012
25,297
24,012
25,297

Cost of defined contribution scheme
17,000
11,500
17,000
11,500

250,552
264,100
250,552
264,100


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Administration
5
5


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
209,540
209,793

Company contributions to defined contribution pension schemes
17,000
8,500

226,540
218,293


The highest paid director received remuneration of £88,000 (2023: £61,800).

Pension contributions of £17,000 (2023: £8,500) were made by the group on behalf of directors in the year.

Page 21


J.T. BAYLIS & COMPANY LIMITED

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

9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
712,646
205,038

712,646
205,038


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
208,439
253,205

Other loan interest payable
98,904
150,000

307,343
403,205


11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
1,112,633
854,253

Adjustments in respect of previous periods
(9)
-


1,112,624
854,253


TOTAL CURRENT TAX
1,112,624
854,253

DEFERRED TAX


Origination and reversal of timing differences
1,353,303
(126,568)

TOTAL DEFERRED TAX
1,353,303
(126,568)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
2,465,927
727,685
Page 22


J.T. BAYLIS & COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of25% (2023:20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
8,664,121
1,752,145


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
2,166,030
359,190

EFFECTS OF:


Expenses not deductible for tax purposes
287,145
22

Fixed asset differences
-
(299)

Income not taxable for tax purposes
(1,325,000)
-

Chargeable gains
491,696
(70,262)

Capital losses
-
461,250

Deferred taxation not recognised
848,062
710

Change in tax rates affecting the deferred tax provided on revaluation gains
(2,006)
(22,926)

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
2,465,927
727,685

Page 23


J.T. BAYLIS & COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors impacting future tax charges.
A deferred tax asset has not been recognised in respect of tax losses carried forward in the parent company and group of £1,143,406 (2023: £857,844) on the grounds that it is unlikely that sufficient taxable profits will be recognised in the near future in order to utilise the losses.


12.


DIVIDENDS

2024
2023
£
£


Interim dividend paid
1,680,000
1,930,000

1,680,000
1,930,000


13.


PARENT COMPANY PROFIT FOR THE YEAR

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £114,642 (2023: £5,870,303).

Page 24


J.T. BAYLIS & COMPANY LIMITED

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

14.


TANGIBLE FIXED ASSETS

Group and Company






Short-term leasehold property
Fixtures and fittings
Total

£
£
£



COST


At 1 July 2023
86,332
138,107
224,439



At 30 June 2024

86,332
138,107
224,439



DEPRECIATION


At 1 July 2023
86,332
136,540
222,872


Charge for the period on owned assets
-
1,567
1,567



At 30 June 2024

86,332
138,107
224,439



NET BOOK VALUE



At 30 June 2024
-
-
-



At 30 June 2023
-
1,567
1,567


15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 July 2023
30,001



At 30 June 2024
30,001




Page 25


J.T. BAYLIS & COMPANY LIMITED

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

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

John Baylis Limited
Ordinary
100%
John Baylis Leisure Limited
Ordinary
100%
Baylis Ventures Limited
Ordinary
100%
John Baylis FDR Limited
Ordinary
100%

All subsidiaries are held directly and have the registered office of Churchfields, Westbury Hill, Bristol, BS9 3AA

Page 26


J.T. BAYLIS & COMPANY LIMITED

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

16.


INVESTMENT PROPERTY

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



VALUATION


At 1 July 2023
8,028,906
50,290,000
58,318,906


Additions at cost
11,114,311
-
11,114,311


Surplus on revaluation
(1,143,217)
5,360,000
4,216,783



AT 30 JUNE 2024
18,000,000
55,650,000
73,650,000

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
18,676,113
20,237,884

Net gain / (deficit) in movement properties
4,020,000
(1,561,771)

AT 30 JUNE 2024
22,696,113
18,676,113



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
52,622,642
41,508,331

52,622,642
41,508,331




Page 27


J.T. BAYLIS & COMPANY LIMITED

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

17.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,406,398
1,702,036
-
-

Amounts owed by group undertakings
-
-
20,513,923
6,765,596

Other debtors
40,184
576,009
1,180,456
1,294,435

Prepayments and accrued income
331,699
92,651
133,775
44,280

1,778,281
2,370,696
21,828,154
8,104,311



18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,611,405
13,151,883
3,611,405
13,151,883

3,611,405
13,151,883
3,611,405
13,151,883



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
7,000,000
-
-
-

Other loans
-
5,000,000
-
-

Trade creditors
939,144
3,757,168
5,487
849

Amounts owed to group undertakings
-
-
19,372,326
13,563,689

Corporation tax
203,214
-
-
-

Other taxation and social security
87,535
183,778
87,535
183,778

Other creditors
58,624
7,315
58,624
-

Accruals and deferred income
83,430
97,135
35,000
63,500

8,371,947
9,045,396
19,558,972
13,811,816

Page 28


J.T. BAYLIS & COMPANY LIMITED

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

20.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(1,915,781)


Charged to profit or loss
(1,351,889)



AT END OF YEAR
(3,267,670)

Group
Group
2024
2023
£
£

Accelerated capital allowances
(1,543,205)
(1,517,977)

Revaluation gains
(1,724,465)
(397,804)

(3,267,670)
(1,915,781)


21.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



50,000 (2023: 50,000) Ordinary shares of £1 each
50,000
50,000



22.


RESERVES

Profit and loss account

This includes all current and prior period retained profits and losses, less fair value movements on investment properties, which are transferred each year to the fair value reserve to reflect their non-distributable nature.
Investment property reserve
This non-distributable reserve includes all current and prior period fair value movements on investment properties, less deferred tax recognised on the net surplus.


23.


PENSION COMMITMENTS

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £17,000 (2023: £11,500). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 29


J.T. BAYLIS & COMPANY LIMITED

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

24.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



At 30 June 2024 the group had further commitments under two non-cancellable operating leases for land and buildings. The leases are due to expire in 471 and 473 years. The commitments are dependent upon the amount of rent received from sub-tenants, being a total of £30,000 per annum plus one-third and one-quarter respectively of the net rents received under each lease. As the rents received are variable, it is not possible to exactly quantify the commitment. In the current year this amounted to £2,200,793 (2023: £2,143,114.


25.


RELATED PARTY TRANSACTIONS

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation (including remuneration and employers NI and pension contributions) in respect of these individuals for the year was £250,553 (2023: £241,692).
The beneficial interest in a majority of the company's issued share capital is held by a trust, The J.T. Baylis Discretionary Settlement ("the Settlement"). At the year end, loans outstanding from the Settlement to the group stood at £Nil (2023: £5,000,000). Interest of £98,904 (2023: £150,000) on the loans has been included in these financial statements, including interest accrued of £Nil (2023: £25,505).


26.


CONTROLLING PARTY

The company is controlled by The J.T. Baylis Discretionary Settlement.

 
Page 30