Bayfield Capital Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05935090

Bayfield Capital Limited

Filleted Unaudited Financial Statements

30 September 2024

Bayfield Capital Limited

Financial Statements

Period from 1 April 2023 to 30 September 2024

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Bayfield Capital Limited

Officers and Professional Advisers

The board of directors	M. J. Duschenes
	J. Duschenes

Registered office	Downs Court
	The Downs
	Altrincham
	England
	WA14 2QD

Accountants	Edwards Veeder (UK) Limited
	Chartered accountants
	4 Broadgate
	Broadway Business Park
	Chadderton
	Oldham
	OL9 9XA

Bayfield Capital Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bayfield Capital Limited

Period from 1 April 2023 to 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bayfield Capital Limited for the period ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Bayfield Capital Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bayfield Capital Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bayfield Capital Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bayfield Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bayfield Capital Limited. You consider that Bayfield Capital Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Bayfield Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Edwards Veeder (UK) Limited Chartered accountants

4 Broadgate Broadway Business Park Chadderton Oldham OL9 9XA

30 September 2025

Bayfield Capital Limited

Statement of Financial Position

30 September 2024

	30 Sep 24		31 Mar 23
Note	£	£	£

Fixed assets

Investments	6		3,104,969	3,104,969

Current assets

Debtors	7	328,006	96,850
Cash at bank and in hand		19,608	235,443
		---------	---------
		347,614	332,293

Creditors: amounts falling due within one year	8	15,911		12,842
		---------		---------
Net current assets			331,703	319,451
			------------	------------
Total assets less current liabilities			3,436,672	3,424,420

Creditors: amounts falling due after more than one year	9		1,717,866	1,628,886

Provisions

Taxation including deferred tax	103,582	103,582
	------------	------------
Net assets	1,615,224	1,691,952
	------------	------------

Bayfield Capital Limited

Statement of Financial Position (continued)

30 September 2024

	30 Sep 24		31 Mar 23
Note	£	£	£

Capital and reserves

Called up share capital	10	1,300	1,300
Profit and loss account	11	1,613,924	1,690,652
		------------	------------
Shareholder funds		1,615,224	1,691,952
		------------	------------

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.

For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the period 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 were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

M. J. Duschenes

Director

Company registration number: 05935090

Bayfield Capital Limited

Notes to the Financial Statements

Period from 1 April 2023 to 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Downs Court, The Downs, Altrincham, WA14 2QD, England.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Valuation of other investments as determined by the director. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 are 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. Employee numbers

The average number of persons employed by the company during the period amounted to 2 (2023: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2023 and 30 September 2024	10,210	10,210
	--------	--------
Depreciation
At 1 April 2023 and 30 September 2024	10,210	10,210
	--------	--------
Carrying amount
At 30 September 2024	–	–
	--------	--------
At 31 March 2023	–	–
	--------	--------

6. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 April 2023 and 30 September 2024	467,335	2,637,634	3,104,969
	---------	------------	------------
Impairment
At 1 April 2023 and 30 September 2024	–	–	–
	---------	------------	------------

Carrying amount
At 30 September 2024	467,335	2,637,634	3,104,969
	---------	------------	------------
At 31 March 2023	467,335	2,637,634	3,104,969
	---------	------------	------------

The other investments are stated at market value as determined by the director.

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Bayfield Capital Management Limited	Downs Court	Ordinary	100
	29 The Downs
	Altrincham
	England WA14 2QD

The results and capital and reserves for the period are as follows:

	Capital and reserves		Profit/(loss) for the year
	30 Sep 24	31 Mar 23	30 Sep 24	31 Mar 23
	£	£	£	£
Subsidiary undertakings
Bayfield Capital Management Limited	–	(40,448)	–	(80,077)
	----	--------	----	--------

7. Debtors

	30 Sep 24	31 Mar 23
	£	£
Trade debtors	120	27,644
Other debtors	327,886	69,206
	---------	--------
	328,006	96,850
	---------	--------

8. Creditors: amounts falling due within one year

	30 Sep 24	31 Mar 23
	£	£
Bank loans and overdrafts	–	31,725
Trade creditors	11,890	( 18,883)
Corporation tax	1,021	–
Other creditors	3,000	–
	--------	--------
	15,911	12,842
	--------	--------

The bank loans and overdrafts are secured by a charge over the company's investment properties.

9. Creditors: amounts falling due after more than one year

	30 Sep 24	31 Mar 23
	£	£
Bank loans and overdrafts	1,717,866	1,628,886
	------------	------------

The bank loans and overdrafts are secured by a charge over the company's investment properties.

10. Called up share capital

Issued, called up and fully paid

	30 Sep 24		31 Mar 23
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
Deferred ordinary shares of £ 0.10 each	3,000	300	3,000	300
	-------	-------	-------	-------
	4,000	1,300	4,000	1,300
	-------	-------	-------	-------

11. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss account reserves is an amount of £544,822 (2023: £544,822) which is non distributable.

12. Directors' advances, credits and guarantees

Included within debtors is a directors current account balance of £284,605 (2023: £50,062). This balance is unsecured, interest free and repayable on demand.

13. Related party transactions

The parent company and its subsidiaries have taken advantage of exemption section 33 of FRS 102 from disclosing transactions with other members of the group. During the period the director was paid a dividend of £90,000 (2023: £40,000).