5 false false false false false false false false false false true false false false false false false No description of principal activity 2024-04-06 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 10,000 60,730 58,744 436 58,308 2,422 1,986 xbrli:pure xbrli:shares iso4217:GBP 03176503 2024-04-06 2025-04-05 03176503 2025-04-05 03176503 2024-04-05 03176503 2023-04-06 2024-04-05 03176503 2024-04-05 03176503 2023-04-05 03176503 core:NetGoodwill 2024-04-06 2025-04-05 03176503 core:FurnitureFittings 2024-04-06 2025-04-05 03176503 core:MotorVehicles 2024-04-06 2025-04-05 03176503 bus:Director1 2024-04-06 2025-04-05 03176503 core:WithinOneYear 2025-04-05 03176503 core:WithinOneYear 2024-04-05 03176503 core:NetGoodwill 2025-04-05 03176503 core:LandBuildings 2024-04-05 03176503 core:FurnitureFittings 2024-04-05 03176503 core:MotorVehicles 2024-04-05 03176503 core:LandBuildings 2025-04-05 03176503 core:FurnitureFittings 2025-04-05 03176503 core:MotorVehicles 2025-04-05 03176503 core:LandBuildings 2024-04-06 2025-04-05 03176503 core:AfterOneYear 2025-04-05 03176503 core:AfterOneYear 2024-04-05 03176503 core:ShareCapital 2025-04-05 03176503 core:ShareCapital 2024-04-05 03176503 core:RetainedEarningsAccumulatedLosses 2025-04-05 03176503 core:RetainedEarningsAccumulatedLosses 2024-04-05 03176503 core:CostValuation core:Non-currentFinancialInstruments 2025-04-05 03176503 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-04-05 03176503 core:ImpairmentReversalProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2025-04-05 03176503 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2025-04-05 03176503 core:Non-currentFinancialInstruments 2025-04-05 03176503 core:Non-currentFinancialInstruments 2024-04-05 03176503 core:LandBuildings 2024-04-05 03176503 core:FurnitureFittings 2024-04-05 03176503 core:MotorVehicles 2024-04-05 03176503 bus:SmallEntities 2024-04-06 2025-04-05 03176503 bus:AuditExemptWithAccountantsReport 2024-04-06 2025-04-05 03176503 bus:SmallCompaniesRegimeForAccounts 2024-04-06 2025-04-05 03176503 bus:PrivateLimitedCompanyLtd 2024-04-06 2025-04-05 03176503 bus:FullAccounts 2024-04-06 2025-04-05
COMPANY REGISTRATION NUMBER: 03176503
BAY PROPERTIES LETTING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 April 2025
BAY PROPERTIES LETTING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
5 April 2025
2025
2024
Note
£
£
£
FIXED ASSETS
Tangible assets
6
12,621,675
9,551,019
Investments
7
2,422
1,986
---------------
--------------
12,624,097
9,553,005
CURRENT ASSETS
Debtors
8
3,431,843
3,789,315
Cash at bank and in hand
228,613
1,508,332
--------------
--------------
3,660,456
5,297,647
CREDITORS: amounts falling due within one year
9
1,512,342
1,551,359
--------------
--------------
NET CURRENT ASSETS
2,148,114
3,746,288
---------------
---------------
TOTAL ASSETS LESS CURRENT LIABILITIES
14,772,211
13,299,293
CREDITORS: amounts falling due after more than one year
10
741,130
2,341,216
PROVISIONS
Taxation including deferred tax
1,451,168
740,939
---------------
---------------
NET ASSETS
12,579,913
10,217,138
---------------
---------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
12,579,912
10,217,137
---------------
---------------
SHAREHOLDERS FUNDS
12,579,913
10,217,138
---------------
---------------
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 income and retained earnings has not been delivered.
BAY PROPERTIES LETTING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2025
For the year ending 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 July 2025 , and are signed on behalf of the board by:
Mr B R Long
Director
Company registration number: 03176503
BAY PROPERTIES LETTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 70 Buckingham Road, Morecambe, Lancashire, LA3 1BD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents gross rental income receivable during the year
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures Fittings & Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 6 April 2024 and 5 April 2025
10,000
---------
Amortisation
At 6 April 2024 and 5 April 2025
10,000
---------
Carrying amount
At 5 April 2025
---------
At 5 April 2024
---------
6. TANGIBLE ASSETS
Investment properties
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 6 April 2024
9,521,208
98,501
64,348
9,684,057
Additions
602,222
602,222
Disposals
( 260,428)
( 260,428)
Fair value gains
2,736,314
2,736,314
---------------
---------
---------
---------------
At 5 April 2025
12,599,316
98,501
64,348
12,762,165
---------------
---------
---------
---------------
Depreciation
At 6 April 2024
95,746
37,292
133,038
Charge for the year
689
6,763
7,452
---------------
---------
---------
---------------
At 5 April 2025
96,435
44,055
140,490
---------------
---------
---------
---------------
Carrying amount
At 5 April 2025
12,599,316
2,066
20,293
12,621,675
---------------
---------
---------
---------------
At 5 April 2024
9,521,208
2,755
27,056
9,551,019
---------------
---------
---------
---------------
The investment properties held by the company were valued by the Director on the 5th April 2025, at fair value as required by FRS 102. The unrealised profit on these of £2,736,314 was credited to the profit and loss during the year. Deferred tax has been provided on this fair value adjustment.
7. INVESTMENTS
Other investments other than loans
£
Cost
At 6 April 2024 and 5 April 2025
60,730
---------
Impairment
At 6 April 2024
58,744
Reversal of impairment losses
( 436)
---------
At 5 April 2025
58,308
---------
Carrying amount
At 5 April 2025
2,422
---------
At 5 April 2024
1,986
---------
The fixed asset investment relates to 5858 HBOS Shares purchases 29/6/2007 which converted to 3726 Lloyds Banking Group Shares on 28/3/2011.
An unrealised impairment loss of £58,308 has been provided for within these accounts, together with an associated credit of £14,577 to the deferred tax account.
8. DEBTORS
2025
2024
£
£
Trade debtors
4,872
3,851
Other debtors
3,426,971
3,785,464
--------------
--------------
3,431,843
3,789,315
--------------
--------------
The debtors above include the following amounts falling due after more than one year:
2025
2024
£
£
Other debtors
1,054,183
-----
--------------
9. CREDITORS: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
200,000
501
Inter company account
1,023,025
1,132,234
Accruals and deferred income
19,956
28,390
Corporation tax
123,179
180,999
Social security and other taxes
1,517
1,517
Director loan accounts
82,619
83,323
Other creditors
62,046
124,395
--------------
--------------
1,512,342
1,551,359
--------------
--------------
Lloyds Bank plc has various mortgages and charges secured over the company's properties. They also have a debenture giving them a fixed and floating charge over the company assets.
10. CREDITORS: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
741,130
2,341,216
-----------
--------------
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The Director had a loan account with the company which remained in credit throughout the year. The balance is included in creditors.
12. RELATED PARTY TRANSACTIONS
During the year the company had transactions with Gelmode Limited, a company which Mr B R Long is sole director. At the year end the company owed £1,023,025 to Gelmode Limited which is included in creditors.