0 01/07/2023 30/06/2024 2024-06-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12015638 2023-07-01 2024-06-30 12015638 2024-06-30 12015638 2023-06-30 12015638 2022-07-01 2023-06-30 12015638 2023-06-30 12015638 2022-06-30 12015638 bus:Director1 2023-07-01 2024-06-30 12015638 core:WithinOneYear 2024-06-30 12015638 core:WithinOneYear 2023-06-30 12015638 core:ShareCapital 2024-06-30 12015638 core:ShareCapital 2023-06-30 12015638 core:RetainedEarningsAccumulatedLosses 2024-06-30 12015638 core:RetainedEarningsAccumulatedLosses 2023-06-30 12015638 bus:SmallEntities 2023-07-01 2024-06-30 12015638 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12015638 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 12015638 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12015638 bus:AbridgedAccounts 2023-07-01 2024-06-30
Company registration number: 12015638
BY1 Ltd
Unaudited filleted abridged financial statements
30 June 2024
BY1 Ltd
Contents
Abridged statement of financial position
Notes to the financial statements
BY1 Ltd
Abridged statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 487,786 487,786
_______ _______
487,786 487,786
Current assets
Debtors 243 532
Cash at bank and in hand 17,747 18,852
_______ _______
17,990 19,384
Creditors: amounts falling due
within one year ( 785,058) ( 760,222)
_______ _______
Net current liabilities ( 767,068) ( 740,838)
_______ _______
Total assets less current liabilities ( 279,282) ( 253,052)
_______ _______
Net liabilities ( 279,282) ( 253,052)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 279,382) ( 253,152)
_______ _______
Shareholders deficit ( 279,282) ( 253,052)
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
S L Carpenito J E S Kollard
Director Director
Company registration number: 12015638
BY1 Ltd
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Choice House, 107 Dickson Road, Blackpool, Lancashire, FY1 2ET.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has not yet commenced to trade. Funds have been introduced by the directors and the related party which will not be pressed for payment until such time as monies are available. As such the accounts are prepared on a going concern basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 July 2023 and 30 June 2024 487,786
_______
Depreciation
At 1 July 2023 and 30 June 2024 -
_______
Carrying amount
At 30 June 2024 487,786
_______
At 30 June 2023 487,786
_______
5. Directors advances, credits and guarantees
There are no advances to the directors at the date of these accounts.
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Choice Hotels Limited - - ( 784,558) ( 759,558)
_______ _______ _______ _______
The directors are also shareholders and directors of Choice Hotels Limited.