Company registration number 07602013 (England and Wales)
BAYBUTT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BAYBUTT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J R Baybutt
Mr R A Baybutt
Mrs R Baybutt
Company number
07602013
Registered office
467 Moss Lane
Hesketh Bank
Preston
PR4 6XJ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BAYBUTT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
BAYBUTT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

Whilst the principal activity of the company is that of a holding company, it also owns land and buildings and items of plant and machinery. The company generates income from its shares in group undertakings and through rental income on the fixed assets held, derived from its subsidiary company. For a fuller understanding of the wider group, the directors would refer readers to the financial statements of Baybutt Investments Limited, the parent company.

 

The company has reported a pre tax profit of £929,071 (2023: £909,206), being the key performance indicator. The other key performance indicator is net assets of £4,028,877 (2023: £3,311,392).

Principal risks and uncertainties

The company’s principal risks and uncertainties lie with its subsidiary’s ability to trade and therefore pay rent and dividends to the company. There are no foreign exchange risks, and the company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Development and performance

The company receives rent from its subsidiary. The income is sufficient to meet the company’s expenses. The company does not currently have any plans to develop its portfolio further and as such performance should remain consistent for future years.

Other information and explanations

The director believes the financial results delivered in the year to 30 April 2024 place the company in a strong position to enable it to continue trading for the foreseeable future and take advantage of any future opportunities that present themselves.

On behalf of the board

Mr J R Baybutt
Director
31 January 2025
BAYBUTT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of a holding company to a trading subsidiary.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £117,500. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J R Baybutt
Mr R A Baybutt
Mrs R Baybutt
Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J R Baybutt
Director
31 January 2025
BAYBUTT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

BAYBUTT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAYBUTT HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Baybutt Holdings Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

BAYBUTT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAYBUTT HOLDINGS LIMITED (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor 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 auditor's 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

BAYBUTT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAYBUTT HOLDINGS LIMITED (CONTINUED)
- 6 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Joe Sullivan FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
31 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
BAYBUTT HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
-
-
Administrative expenses
(539,325)
(436,648)
Other operating income
1,165,980
1,003,497
Operating profit
4
626,655
566,849
Interest receivable and similar income
6
650,000
579,622
Interest payable and similar expenses
7
(347,584)
(237,265)
Profit before taxation
929,071
909,206
Tax on profit
8
(94,086)
(108,974)
Profit for the financial year
834,985
800,232

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

BAYBUTT HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
13,139,947
11,932,274
Investments
11
500,190
500,190
13,640,137
12,432,464
Current assets
Debtors
13
336,360
348,998
Creditors: amounts falling due within one year
14
(3,108,492)
(2,474,338)
Net current liabilities
(2,772,132)
(2,125,340)
Total assets less current liabilities
10,868,005
10,307,124
Creditors: amounts falling due after more than one year
15
(5,959,325)
(6,210,015)
Provisions for liabilities
Deferred tax liability
18
879,803
785,717
(879,803)
(785,717)
Net assets
4,028,877
3,311,392
Capital and reserves
Called up share capital
19
80
80
Capital redemption reserve
20
20
Profit and loss reserves
4,028,777
3,311,292
Total equity
4,028,877
3,311,392

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr J R Baybutt
Director
Company registration number 07602013 (England and Wales)
BAYBUTT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
80
20
2,590,060
2,590,160
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
800,232
800,232
Dividends
9
-
-
(79,000)
(79,000)
Balance at 30 April 2023
80
20
3,311,292
3,311,392
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
834,985
834,985
Dividends
9
-
-
(117,500)
(117,500)
Balance at 30 April 2024
80
20
4,028,777
4,028,877
BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
1
Accounting policies
Company information

Baybutt Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 467 Moss Lane, Hesketh Bank, Preston, PR4 6XJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain freehold properties. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Baybutt Holdings Limited is a wholly owned subsidiary of Baybutt Investments Limited. The financial statements of the company are consolidated in the financial statements of Baybutt Investments Limited. These consolidated financial statements are available from its registered office, Hodsons Farm, 467 Moss Lane, Hesketh Bank, Preston, Lancashire, PR4 6XJ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The trading subsidiary company has retained its close links with key customers who are looking to source goods from the next cycle of crops. At the time of approving the financial statements, the directors have also secured sufficient labour for the subsidiary to harvest its crops in the upcoming Summer season. true

Taking this into account, along with the budgets prepared and evidence obtained from interim accounts, the directors have at the time of approving the financial statements every expectation that the company has adequate resources to continue in operational existence for the foreseeable future and at the very least, greater than one year from the date of the audit report. As a consequence they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation on land. Buildings over 15 years
Plant and machinery
15% or 25% reducing balance
Fixtures, fittings & equipment
25% reducing balance or 33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, and other investments, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

All of the company's financial liabilities are basic financial instruments.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of fixed asset investment

The company has made a material investment in another trading group. The directors have assessed the carrying value for any indications of impairment at the year end. As the directors have access to timely financial information and a seat on the board of the investment, they are equipped with relevant information to aid their considered judgement. In addition this is a complimentary investment to the business, meaning they can employ their many years of experience to benefit their judgement in this regard. At the balance sheet date, the directors judge that there are no indications of impairment.

Depreciation and life of tangible fixed assets

Depreciation is provided so as to write down the assets to their residual values over their estimated useful economic lives. The selection of each requires the exercise of management judgement and is reviewed at each balance sheet date. Management put their many years of industry experience to use in making such decisions after appraising themselves of individual assets' condition and current second hand market values.

 

 

 

 

 

 

 

 

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
3
Revenue
2024
2023
£
£
Interest income
-
622
Dividends received
650,000
579,000
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
462,871
376,944
Depreciation of tangible fixed assets held under finance leases
78,596
50,189
Profit on disposal of tangible fixed assets
(7,090)
(15,000)

The fee for the audit of these financial statements is met by the subsidiary company and included within its financial statements.

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
622
Income from fixed asset investments
Income from shares in group undertakings
650,000
579,000
Total income
650,000
579,622
BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
339,541
228,202
Interest on finance leases and hire purchase contracts
8,043
9,063
347,584
237,265
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
94,086
82,820
Changes in tax rates
-
0
26,154
Total deferred tax
94,086
108,974

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
929,071
909,206
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
232,268
172,749
Tax effect of income not taxable in determining taxable profit
(176,654)
(110,010)
Effect of change in corporation tax rate
-
0
26,154
Group relief
37,522
36,264
Super deduction element
-
0
(16,183)
Gains/rollover relief
950
-
0
Taxation charge for the year
94,086
108,974

The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023. This policy was substantively enacted on 24 May 2021.

9
Dividends
2024
2023
£
£
Final paid
117,500
79,000
BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
10
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
9,291,625
5,760,745
74,075
421,066
15,547,511
Additions
369,848
1,293,842
-
0
162,475
1,826,165
Disposals
-
0
(80,000)
-
0
-
0
(80,000)
At 30 April 2024
9,661,473
6,974,587
74,075
583,541
17,293,676
Depreciation and impairment
At 1 May 2023
465,755
2,889,864
71,376
188,242
3,615,237
Depreciation charged in the year
-
0
459,998
714
80,755
541,467
Eliminated in respect of disposals
-
0
(2,975)
-
0
-
0
(2,975)
At 30 April 2024
465,755
3,346,887
72,090
268,997
4,153,729
Carrying amount
At 30 April 2024
9,195,718
3,627,700
1,985
314,544
13,139,947
At 30 April 2023
8,825,870
2,870,881
2,699
232,824
11,932,274

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
709,138
497,046
Motor vehicles
36,656
48,875
745,794
545,921

Freehold land and buildings with a carrying amount of £637,260 were revalued at 30 April 2014 by Petty Estate Agents, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

At the date of transition to FRS 102, the company took the exemption to use the valuation of the freehold land and buildings at the date of transition as deemed cost under FRS 102 section 35.10(d).

 

Land with a total carrying value of £7,223,646 (2023: £7,593,495 ) is included within freehold land and buildings.

If revalued assets were stated on a historical cost basis rather than at deemed cost, the total amounts included would have been as follows:

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Tangible fixed assets
(Continued)
- 18 -
2024
2023
£
£
Cost
953,002
953,002
Accumulated depreciation
(315,742)
(315,742)
Carrying value
637,260
637,260
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
190
190
Unlisted investments
500,000
500,000
500,190
500,190
12
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alan Baybutt & Sons Limited
467 Moss Lane, Preston, PR4 6XJ
Ordinary A
95.00
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
10,800
Amounts owed by group undertakings
335,000
335,000
Other debtors
1,360
3,198
336,360
348,998
BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
256,224
245,130
Obligations under finance leases
17
294,497
195,040
Trade creditors
20,470
28,200
Amounts owed to group undertakings
1,797,238
1,336,474
Other creditors
722,757
651,692
Accruals and deferred income
17,306
17,802
3,108,492
2,474,338
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
5,746,459
6,012,837
Obligations under finance leases
17
212,866
197,178
5,959,325
6,210,015
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,629,691
3,913,687
16
Loans and overdrafts
2024
2023
£
£
Bank loans
5,997,908
6,257,085
Bank overdrafts
4,775
882
6,002,683
6,257,967
Payable within one year
256,224
245,130
Payable after one year
5,746,459
6,012,837

The long-term loans are secured by way of a cross-company unlimited guarantee between all of the companies in the group as well as fixed and floating charges over group assets, legal charges over land and buildings owned by the group and a personal guarantee from the directors.

BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Loans and overdrafts
(Continued)
- 20 -

The company has a fixed rate bank loan with an interest rate of 3.57% and a variable rate bank loan with an interest rate of 1.8% above base rate. These loans are being repaid over 20 years to February 2038.

 

The company also has another variable rate bank loan with an interest rate of 2% above base rate. This loan is being repaid over 20 years to December 2038.

 

The company also has another fixed rate bank loan with an interest rate of 5.902%. This loan is being repaid over 5 years to January 2028.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
294,497
217,106
In two to five years
253,669
206,468
548,166
423,574
Less: future finance charges
(40,803)
(31,356)
507,363
392,218

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The usual lease term is either 3 or 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
879,803
785,717
2024
Movements in the year:
£
Liability at 1 May 2023
785,717
Charge to profit or loss
94,086
Liability at 30 April 2024
879,803
BAYBUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
18
Deferred taxation
(Continued)
- 21 -

The deferred tax liability set out above is not expected to materially reverse within 12 months owing to the company's capital expenditure programme.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
80
80
80
80
20
Financial commitments, guarantees and contingent liabilities

A cross-company unlimited guarantee is in place in favour of the group's bankers between the company, Alan Baybutt & Sons Limited and Baybutt Investments Limited.

 

At the balance sheet date, other group company borrowings payable to the group's bankers totalled £1,100,903 (2023:£1,193,305).

21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Land rental income
Asset rental income
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
323,579
323,579
537,763
423,018

During the year, the company purchased land from other related parties for £369,848. The directors deem this transaction to be at market value.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,797,237
1,336,474
Key management personnel
722,340
651,276
22
Ultimate controlling party

The company's parent company is Baybutts Investments Limited. Its registered office is Hodsons Farm, 467 Moss Lane, Hesketh Bank, Preston, Lancashire, PR4 6XJ.

 

The only group for which consolidated accounts are prepared, of which this company is a member, is the group headed by Baybutt Investments Limited. Copies of the group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ or the company's registered office.

2024-04-302023-05-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.301Mr J R BaybuttMr R A BaybuttMrs R Baybutt076020132023-05-012024-04-3007602013bus:Director12023-05-012024-04-3007602013bus:Director22023-05-012024-04-3007602013bus:Director32023-05-012024-04-3007602013bus:RegisteredOffice2023-05-012024-04-30076020132024-04-30076020132022-05-012023-04-3007602013core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3007602013core:RetainedEarningsAccumulatedLosses2023-05-012024-04-30076020132023-04-3007602013core:LandBuildingscore:OwnedOrFreeholdAssets2024-04-3007602013core:PlantMachinery2024-04-3007602013core:FurnitureFittings2024-04-3007602013core:MotorVehicles2024-04-3007602013core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3007602013core:PlantMachinery2023-04-3007602013core:FurnitureFittings2023-04-3007602013core:MotorVehicles2023-04-3007602013core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3007602013core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3007602013core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3007602013core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3007602013core:CurrentFinancialInstruments2024-04-3007602013core:CurrentFinancialInstruments2023-04-3007602013core:Non-currentFinancialInstruments2024-04-3007602013core:Non-currentFinancialInstruments2023-04-3007602013core:ShareCapital2024-04-3007602013core:ShareCapital2023-04-3007602013core:CapitalRedemptionReserve2024-04-3007602013core:CapitalRedemptionReserve2023-04-3007602013core:RetainedEarningsAccumulatedLosses2024-04-3007602013core:RetainedEarningsAccumulatedLosses2023-04-3007602013core:ShareCapital2022-04-3007602013core:CapitalRedemptionReserve2022-04-3007602013core:RetainedEarningsAccumulatedLosses2022-04-3007602013core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3007602013core:PlantMachinery2023-05-012024-04-3007602013core:FurnitureFittings2023-05-012024-04-3007602013core:MotorVehicles2023-05-012024-04-3007602013core:UKTax2023-05-012024-04-3007602013core:UKTax2022-05-012023-04-300760201312023-05-012024-04-300760201312022-05-012023-04-300760201322023-05-012024-04-300760201322022-05-012023-04-3007602013core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3007602013core:PlantMachinery2023-04-3007602013core:FurnitureFittings2023-04-3007602013core:MotorVehicles2023-04-30076020132023-04-3007602013core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-04-3007602013core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-04-3007602013core:WithinOneYear2024-04-3007602013core:WithinOneYear2023-04-3007602013core:BetweenTwoFiveYears2024-04-3007602013core:BetweenTwoFiveYears2023-04-3007602013bus:PrivateLimitedCompanyLtd2023-05-012024-04-3007602013bus:FRS1022023-05-012024-04-3007602013bus:Audited2023-05-012024-04-3007602013bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP