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Registration number: NI041488

Bayview Contracts Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Bayview Contracts Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Profit and Loss Account

11

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 25

 

Bayview Contracts Limited

Company Information

Directors

Mr Barry Cunningham

Mr Paul Cunningham

Company secretary

Mr Paul Cunningham

Registered office

23 Greenbank Industrial Estate
Rampart Road
Newry
BT34 2QU

Auditors

C.D. Diamond & Company 46 Hill Street
Belfast
Co. Antrim
BT1 2LB

 

Bayview Contracts Limited

Strategic Report for the Year Ended 30 September 2024

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

Principal activity

The principal activity of the company is building, civil engineering and energy renewable contractors

Fair review of the business

The directors are pleased with the performance of the business during the year. Turnover increased by 1.3% year on year, as demand for energy efficient heating systems remained high and the company reported an improved margin of 28.85% (23.86% prior year) in spite of inflationary pressures. Against this, overheads increased as wage costs continued to rise and the directors are aware of the need to find cost efficiencies where possible in order to maintain profit levels. As energy costs remain high and government continues to incentivise improved home heating efficiencies the directors see this as an area of further potential future growth.

While the directors are encouraged by the level of turnover and margin achieved during the year they are also mindful of increased costs given the inflationary pressures experienced in recent years.

Profit before tax was £1,741,897, resulting in net assets increasing by £1,305,122.

Key Performance Indicators

The company uses many KPI's to monitor business performance including job performance reporting, return on capital employed and sales growth.

Principal risks and uncertainties

The directors have considered the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk. They are satisfied that all necessary steps have been taken to minimise any such exposure.

The directors believe that the specific risks the company may face are:
- economic factors affecting the cost of materials and therefore profit margins
- economic factors affecting the demand for energy efficient heating systems
- the impact of higher interest rates on the wider housing market

The company has taken all reasonable steps to ensure it is in the best possible position to continue investment in enhancing future growth despite the uncertainty brought about by macro-economic change.

 

Bayview Contracts Limited

Strategic Report for the Year Ended 30 September 2024

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Paul Cunningham
Company secretary and director

 

Bayview Contracts Limited

Directors' Report for the Year Ended 30 September 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr Barry Cunningham

Mr Paul Cunningham - Company secretary and director

Financial instruments

Objectives and policies

The directors have considered the need to disclose financial risks material to the company.

Price risk, credit risk, liquidity risk and cash flow risk

At this stage the directors are of the opinion that there are no material price, credit, or liquidity risks.

The directors will continue to assess the financial risks and their management on a regular basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors C.D. Diamond & Company are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Bayview Contracts Limited

Directors' Report for the Year Ended 30 September 2024

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Paul Cunningham
Company secretary and director

 

Bayview Contracts Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

 

Bayview Contracts Limited

Independent Auditor's Report to the Members of Bayview Contracts Limited

Opinion

We have audited the financial statements of Bayview Contracts Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Bayview Contracts Limited

Independent Auditor's Report to the Members of Bayview Contracts Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Bayview Contracts Limited

Independent Auditor's Report to the Members of Bayview Contracts Limited

Based on our understanding of the company and the industry, we identified the principal risks of non-compliance with laws and regulations realted to UK tax regulations, and considered the extent to which non-compliance may have a material effect on the financial statements. We evaluated management potential motivations and opportunities for fraudulent manipulation of the financial statements. We concluded the principal risks were related to management override of controls, posting inappropriate journals and management bias in accounting for estimates. Audit procedures performed were

- discussions with mangement regarding consideration of known or suspected non-compliances with laws and regulations and fraud and how they assess, identify and respond to fraud risks within the company
- evaluation of the effectiveness of management's controls designed to prevent and detect any irregularities
- testing of significant manual journal entries
- testing of assumptions and judgements made in significant accounting estimates
- testing for instances of management override of controls

There are inherent limitation in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error, as fraud may include deliberate concealment by misrepresentation or forgery or collusion.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 

Bayview Contracts Limited

Independent Auditor's Report to the Members of Bayview Contracts Limited

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

......................................
John O'Kane (Senior Statutory Auditor)
For and on behalf of C.D. Diamond & Company, Statutory Auditor
 46 Hill Street
Belfast
Co. Antrim
BT1 2LB

25 June 2025

 

Bayview Contracts Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

24,458,636

24,134,415

Cost of sales

 

(17,401,869)

(18,374,896)

Gross profit

 

7,056,767

5,759,519

Administrative expenses

 

(5,218,115)

(4,062,702)

Operating profit

5

1,838,652

1,696,817

Interest payable and similar expenses

6

(96,755)

2,713

Profit before tax

 

1,741,897

1,699,530

Tax on profit

10

(436,775)

(372,041)

Profit for the financial year

 

1,305,122

1,327,489

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Bayview Contracts Limited

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

1,305,122

1,327,489

Total comprehensive income for the year

1,305,122

1,327,489

 

Bayview Contracts Limited

(Registration number: NI041488)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

155,902

95,252

Current assets

 

Stocks

13

4,470,680

3,251,968

Debtors

14

5,312,648

5,617,833

Cash at bank and in hand

 

198,210

289,462

 

9,981,538

9,159,263

Creditors: Amounts falling due within one year

16

(4,774,437)

(5,212,970)

Net current assets

 

5,207,101

3,946,293

Total assets less current liabilities

 

5,363,003

4,041,545

Provisions for liabilities

17

(38,975)

(22,639)

Net assets

 

5,324,028

4,018,906

Capital and reserves

 

Called up share capital

654,000

654,000

Retained earnings

4,670,028

3,364,906

Shareholders' funds

 

5,324,028

4,018,906

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Barry Cunningham
Director

.........................................
Mr Paul Cunningham
Company secretary and director

 

Bayview Contracts Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

654,000

3,364,906

4,018,906

Profit for the year

-

1,305,122

1,305,122

At 30 September 2024

654,000

4,670,028

5,324,028

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

654,000

2,037,417

2,691,417

Profit for the year

-

1,327,489

1,327,489

At 30 September 2023

654,000

3,364,906

4,018,906

 

Bayview Contracts Limited

Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,305,122

1,327,489

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

83,416

51,105

Profit on disposal of tangible assets

4

(10,000)

-

Loss from disposals of investments

4

-

50

Finance costs

6

56,445

45,386

Income tax expense

10

436,775

372,041

 

1,871,758

1,796,071

Working capital adjustments

 

(Increase)/decrease in stocks

13

(1,218,712)

562,463

Decrease/(increase) in trade debtors

14

305,185

(3,105,009)

(Decrease)/increase in trade creditors

16

(303,420)

1,225,945

Cash generated from operations

 

654,811

479,470

Income taxes paid

10

(575,275)

(95,207)

Net cash flow from operating activities

 

79,536

384,263

Cash flows from investing activities

 

Acquisitions of tangible assets

(144,064)

(41,232)

Proceeds from sale of tangible assets

 

10,000

-

Net cash flows from investing activities

 

(134,064)

(41,232)

Cash flows from financing activities

 

Interest paid

6

(56,445)

(45,386)

Payments to finance lease creditors

 

19,722

(26,765)

Net cash flows from financing activities

 

(36,723)

(72,151)

Net (decrease)/increase in cash and cash equivalents

 

(91,251)

270,880

Cash and cash equivalents at 1 October

 

289,462

18,582

Effect of exchange rate fluctuations on cash held

 

(1)

-

Cash and cash equivalents at 30 September

 

198,210

289,462

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
23 Greenbank Industrial Estate
Rampart Road
Newry
BT34 2QU

These financial statements were authorised for issue by the Board on 25 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Fixtures & Fittings

25% Straight Line

Motor Vehicles

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

24,458,636

24,134,415

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

10,000

-

Loss from disposals of investments

-

(50)

10,000

(50)

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

83,416

51,105

Operating lease expense - plant and machinery

55,644

22,016

Profit on disposal of property, plant and equipment

(10,000)

-

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

3,160

4,302

Interest expense on other finance liabilities

53,285

41,084

Foreign exchange gains/(losses)

40,310

(48,099)

96,755

(2,713)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

7,392,245

5,552,669

Pension costs, defined contribution scheme

148,011

82,143

Other employee expense

47,138

25,844

7,587,394

5,660,656

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

136

100

Administration and support

43

30

179

130

8

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Remuneration

285,058

298,954

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

15,000

13,500


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

420,440

375,274

Deferred taxation

Arising from origination and reversal of timing differences

16,335

(3,233)

Tax expense in the income statement

436,775

372,041

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,741,897

1,699,530

Corporation tax at standard rate

435,474

424,883

Tax (decrease)/increase from effect of capital allowances and depreciation

(16,335)

334

Effect of Change in rate of UK Corporation Tax

-

(51,015)

Tax increase/(decrease) from other short-term timing differences

16,336

(3,234)

Effect of expense not deductible in determining taxable profit (tax loss)

1,300

1,073

Total tax charge

436,775

372,041

Deferred tax

Deferred tax include ... / is calculated ...

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated Tax Depreciation

-

38,975

-

38,975

2023

Asset
£

Liability
£

Accelerated Tax Depreciation

-

22,639

-

22,639

11

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 October 2023

115,000

115,000

At 30 September 2024

115,000

115,000

Amortisation

At 1 October 2023

115,000

115,000

At 30 September 2024

115,000

115,000

Carrying amount

At 30 September 2024

-

-

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

12

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

320,059

158,052

375,282

853,393

Additions

63,305

51,995

28,764

144,064

Disposals

-

(18,950)

-

(18,950)

At 30 September 2024

383,364

191,097

404,046

978,507

Depreciation

At 1 October 2023

260,854

138,602

358,685

758,141

Charge for the year

42,376

29,698

11,340

83,414

Eliminated on disposal

-

(18,950)

-

(18,950)

At 30 September 2024

303,230

149,350

370,025

822,605

Carrying amount

At 30 September 2024

80,134

41,747

34,021

155,902

At 30 September 2023

59,205

19,450

16,597

95,252

13

Stocks

2024
£

2023
£

Work in progress

4,470,680

3,251,968

14

Debtors

Current

2024
£

2023
£

Trade debtors

4,685,382

5,051,037

Other debtors

603,971

542,507

Prepayments

23,295

24,289

 

5,312,648

5,617,833

15

Cash and cash equivalents

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Cash on hand

8,580

2,380

Cash at bank

189,630

287,082

198,210

289,462

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

74,150

54,428

Trade creditors

 

2,600,424

3,116,042

Social security and other taxes

 

128,008

158,500

Other payables

 

1,359,236

1,356,293

Accruals

 

392,180

152,433

Income tax liability

10

220,439

375,274

 

4,774,437

5,212,970

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 October 2023

22,639

22,639

Increase (decrease) in existing provisions

16,336

16,336

At 30 September 2024

38,975

38,975

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £148,011 (2023 - £82,143).

19

Share capital

Allotted, called up and fully paid shares

 

Bayview Contracts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

4,000

4,000

4,000

4,000

Preference Shares of £1 each

650,000

650,000

650,000

650,000

654,000

654,000

654,000

654,000

20

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP liability 1 (under 1yr)

74,150

54,428

21

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

74,150

54,428

22

Related party transactions

Summary of transactions with other related parties

Best Maintenance Services Ltd is a related party by virtue of the fact that the directors hold shares in that company. During the year the company raised invoices totalling £734,132 to Best Maintenance Services Ltd (£1,006,012 in Y/E 30/9/23). At the year end date the amount owed by Best Maintenance Services Ltd was £26,321 (£33,746 at 30/9/23).

23

 

The company is controlled by The McCall Discretionary Trust by virtue of it's share ownership