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BAYS International Limited
Filleted accounts
31 December 2024
Company registration number: 08092700
BAYS International Limited
Directors and other information
Directors S Ahmed
A Sohail
B Sohail
Secretary U Sohail
Company number 08092700
Registered office 37a Oxford Road
Oxford
Oxfordshire
OX4 2EN
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
BAYS International Limited
Balance sheet
31st December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,579 6,615
_______ _______
4,579 6,615
Current assets
Stocks - 34,917
Debtors 6 478,603 528,492
Cash at bank and in hand 1,350 9,794
_______ _______
479,953 573,203
Creditors: amounts falling due
within one year 7 ( 318,950) ( 442,089)
_______ _______
Net current assets 161,003 131,114
_______ _______
Net assets 165,582 137,729
_______ _______
Capital and reserves
Called up share capital 8 400,000 400,000
Profit and loss account ( 234,418) ( 262,271)
_______ _______
Shareholders funds 165,582 137,729
_______ _______
For the year ending 31 December 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:
A Sohail
Director
Company registration number: 08092700
BAYS International Limited
Notes to the financial statements
Year ended 31st December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 37a Oxford Road, Oxford, Oxfordshire, OX4 2EN. There was no significant change in the company's principal activity during the year which continued to be the wholesale of perfumes and cosmetics and the provision of fulfilment and management services .
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. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, 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 not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - Straight line basis at 25% - 33.3% per annum
Motor vehicles - Reducing balance basis at 25% per annum
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1st January 2024 and 31st December 2024 25,602 60,536 86,138
_______ _______ _______
Depreciation
At 1st January 2024 24,973 54,550 79,523
Charge for the year 539 1,497 2,036
_______ _______ _______
At 31st December 2024 25,512 56,047 81,559
_______ _______ _______
Carrying amount
At 31st December 2024 90 4,489 4,579
_______ _______ _______
At 31st December 2023 629 5,986 6,615
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 156,455 148,716
Other debtors 322,148 379,776
_______ _______
478,603 528,492
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,674 46,518
Social security and other taxes 1,435 873
Other creditors 312,841 394,698
_______ _______
318,950 442,089
_______ _______
Other creditors include loans from directors totalling £306,899 (2023: £389,743) which are subordinated to all third party creditors.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 400,000 400,000 400,000 400,000
_______ _______ _______ _______
9. Controlling party
The company is under the control of S Ahmed who owns 100% of the issued share capital.