Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.ABC72023-04-01false7falsefalse 04478969 2023-04-01 2024-03-31 04478969 2022-04-01 2023-03-31 04478969 2024-03-31 04478969 2023-03-31 04478969 c:Director5 2023-04-01 2024-03-31 04478969 d:Buildings 2023-04-01 2024-03-31 04478969 d:Buildings 2024-03-31 04478969 d:Buildings 2023-03-31 04478969 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:PlantMachinery 2023-04-01 2024-03-31 04478969 d:PlantMachinery 2024-03-31 04478969 d:PlantMachinery 2023-03-31 04478969 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:MotorVehicles 2023-04-01 2024-03-31 04478969 d:MotorVehicles 2024-03-31 04478969 d:MotorVehicles 2023-03-31 04478969 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:FurnitureFittings 2023-04-01 2024-03-31 04478969 d:FurnitureFittings 2024-03-31 04478969 d:FurnitureFittings 2023-03-31 04478969 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:OfficeEquipment 2023-04-01 2024-03-31 04478969 d:OfficeEquipment 2024-03-31 04478969 d:OfficeEquipment 2023-03-31 04478969 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04478969 d:Goodwill 2023-04-01 2024-03-31 04478969 d:Goodwill 2024-03-31 04478969 d:Goodwill 2023-03-31 04478969 d:CurrentFinancialInstruments 2024-03-31 04478969 d:CurrentFinancialInstruments 2023-03-31 04478969 d:Non-currentFinancialInstruments 2024-03-31 04478969 d:Non-currentFinancialInstruments 2023-03-31 04478969 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04478969 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04478969 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04478969 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04478969 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 04478969 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04478969 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 04478969 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04478969 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 04478969 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 04478969 d:ShareCapital 2024-03-31 04478969 d:ShareCapital 2023-03-31 04478969 d:SharePremium 2024-03-31 04478969 d:SharePremium 2023-03-31 04478969 d:RetainedEarningsAccumulatedLosses 2024-03-31 04478969 d:RetainedEarningsAccumulatedLosses 2023-03-31 04478969 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04478969 c:OrdinaryShareClass1 2024-03-31 04478969 c:OrdinaryShareClass1 2023-03-31 04478969 c:OrdinaryShareClass2 2023-04-01 2024-03-31 04478969 c:OrdinaryShareClass2 2024-03-31 04478969 c:OrdinaryShareClass2 2023-03-31 04478969 c:OrdinaryShareClass3 2023-04-01 2024-03-31 04478969 c:OrdinaryShareClass3 2024-03-31 04478969 c:OrdinaryShareClass3 2023-03-31 04478969 c:OrdinaryShareClass4 2023-04-01 2024-03-31 04478969 c:OrdinaryShareClass4 2024-03-31 04478969 c:OrdinaryShareClass4 2023-03-31 04478969 c:OrdinaryShareClass5 2023-04-01 2024-03-31 04478969 c:OrdinaryShareClass5 2024-03-31 04478969 c:OrdinaryShareClass5 2023-03-31 04478969 c:FRS102 2023-04-01 2024-03-31 04478969 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04478969 c:FullAccounts 2023-04-01 2024-03-31 04478969 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04478969 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 04478969 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04478969









BAYFOLD ENTERPRISES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BAYFOLD ENTERPRISES LIMITED
REGISTERED NUMBER: 04478969

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
15,525
36,225

Tangible assets
 5 
5,625,044
5,601,131

  
5,640,569
5,637,356

Current assets
  

Stocks
 6 
393,845
591,039

Debtors: amounts falling due within one year
 7 
230,632
219,146

Cash at bank and in hand
 8 
8,867
26,064

  
633,344
836,249

Creditors: amounts falling due within one year
 9 
(202,546)
(574,338)

Net current assets
  
 
 
430,798
 
 
261,911

Total assets less current liabilities
  
6,071,367
5,899,267

Creditors: amounts falling due after more than one year
 10 
(942,899)
(684,399)

  

Net assets
  
5,128,468
5,214,868


Capital and reserves
  

Called up share capital 
 12 
1,889,634
1,889,634

Share premium account
  
1,832,884
1,832,884

Profit and loss account
  
1,405,950
1,492,350

  
5,128,468
5,214,868


Page 1

 
BAYFOLD ENTERPRISES LIMITED
REGISTERED NUMBER: 04478969
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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



J J Love
Director

Date: 20 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Bayfold Enterprises Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Hillside, Valley Road, Fawkham, Kent, DA3 8EG. The principal activity continues to be property development and the operation of two caravan parks.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 3

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

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

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.


Page 4

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life of five years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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. 

Depreciation is provided on the following basis:

Plant & machinery
-
20%
reducing
Motor vehicles
-
20%
reducing
Fixtures & fittings
-
20%
reducing
Office equipment
-
10%
straight line

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.

Page 5

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

Creditors

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

 
2.13

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 6

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
103,500



At 31 March 2024

103,500



Amortisation


At 1 April 2023
67,275


Charge for the year on owned assets
20,700



At 31 March 2024

87,975



Net book value



At 31 March 2024
15,525



At 31 March 2023
36,225



Page 7

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023
5,590,000
5,917
745
3,494
7,080


Additions
17,990
-
5,500
-
3,070



At 31 March 2024

5,607,990
5,917
6,245
3,494
10,150



Depreciation


At 1 April 2023
-
2,731
383
1,383
1,608


Charge for the year on owned assets
-
637
714
422
874



At 31 March 2024

-
3,368
1,097
1,805
2,482



Net book value



At 31 March 2024
5,607,990
2,549
5,148
1,689
7,668



At 31 March 2023
5,590,000
3,186
362
2,111
5,472
Page 8

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
5,607,236


Additions
26,560



At 31 March 2024

5,633,796



Depreciation


At 1 April 2023
6,105


Charge for the year on owned assets
2,647



At 31 March 2024

8,752



Net book value



At 31 March 2024
5,625,044



At 31 March 2023
5,601,131


6.


Stocks

2024
2023
£
£

Development work in progress
303,423
282,746

Stock of park homes and plots
90,422
308,293

393,845
591,039


Page 9

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
204,303
204,303

Other debtors
26,126
9,810

Prepayments
203
5,033

230,632
219,146



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,867
26,064

Less: bank overdrafts
(64,542)
(39,362)

(55,675)
(13,298)



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
64,542
39,362

Bank loans
44,072
268,881

Trade creditors
848
4,970

Corporation tax
60,193
100,188

Other creditors
23,616
144,900

Accruals and deferred income
9,275
16,037

202,546
574,338


Page 10

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
942,899
684,399

942,899
684,399


The bank loans are secured on the freehold property on which the borrowings relate.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
44,072
268,881

Amounts falling due 1-2 years

Bank loans
40,044
88,550

Amounts falling due 2-5 years

Bank loans
902,855
265,650

Amounts falling due after more than 5 years

Bank loans
-
330,199

986,971
953,280


Page 11

 
BAYFOLD ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



50 (2023 - 50) Ordinary A shares of £1.00 each
50
50
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50
50 (2023 - 50) Ordinary C shares of £1.00 each
50
50
50 (2023 - 50) Ordinary D shares of £1.00 each
50
50
120 (2023 - 120) Ordinary E shares of £1.00 each
120
120
10 (2023 - 10) Ordinary F shares of £1.00 each
10
10
10 (2023 - 10) Ordianry G shares of £1.00 each
10
10
1,889,294 (2023 - 1,889,294) Preference shares shares of £1.00 each
1,889,294
1,889,294

1,889,634

1,889,634


 
Page 12