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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BAYLEAF HOLDINGS LIMITED
COMPANY INFORMATION
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BAYLEAF HOLDINGS LIMITED
CONTENTS
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BAYLEAF HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Bayleaf (“the Group”) is a leading commercial cleaning and soft facilities management provider, focussed on premises located in central London.
The Group operates across four sectors: • Offices • Hospitality • Retail • Hotels With its Head Office strategically located in Islington in central London, the Group employs over 700 staff and services more than 150 clients across approximately 300 sites.
In 2024, the Group continued its strong growth trajectory with revenue of £16.3m, up from £11.9m in the prior year. This performance was driven by a healthy combination of organic growth from existing clients and new client acquisition.
Growth is expected to continue, underpinned by an operational focus on delivering exceptional standards of service and nurturing long-term partnerships that promote client retention. Innovation and transparency are fundamental to long-term success. Enhancements in quality control processes, reporting and procurement continue to deliver improvements in standards, efficiency, transparency and cost control across the business. These initiatives, combined with the Group’s client first consultative approach and continuous investment in its people through training, progression opportunities and a supportive culture, ensure the highest standards of delivery across the portfolio of services. Client Focus The market has seen a marked shift towards cost control, with organisations reviewing budgets and scrutinising costs more closely than ever. The Group recognises its role in delivering the highest standard of service whilst providing solutions that are flexible, efficient and transparent. By listening carefully and tailoring its approach, the Group meets the unique requirements of each individual client. Environment and Social Governance The Group is embedding Environmental, Social and Governance (ESG) principles across the business through a structured strategy aligned with the European Sustainability Reporting Standards (ESRS) and the Corporate Sustainability Reporting Directive (CSRD). This framework establishes clear goals across environmental impact, social responsibility and governance oversight, positioning the Group ahead of industry expectations and providing a more comprehensive approach than some of the common certifications. Commitments include reducing emissions and trialling sustainable practices such as chemical-free cleaning, investing in people through initiatives such as the Bayleaf Academy, and maintaining transparency and accountability at every level. The Directors believe this strategy positions the Group to deliver responsible growth and long-term value for clients, employees and stakeholders.
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BAYLEAF HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors recognise that the Group is subject to a range of risks and uncertainties which could affect financial performance. The key risks identified, together with the mitigating actions taken, are summarised below.
Market and Macroeconomic Risk The Group is exposed to fluctuations in property occupancy levels and footfall, inflationary pressure and consumer spending habits, and wider macroeconomic trends. The Group maintains a diverse client base across a variety of industry segments, actively monitors the wider economic environment and operates a flexible cost base. Staffing Risk Maintaining high levels of service quality is dependent on the recruitment, training and retention of staff. While ensuring pay remains at competitive levels, the Group prides itself on its staff engagement initiatives, including the introduction of the Bayleaf Academy to ensure career progression opportunities are accessible through a structured development programme for staff of all levels. Client Credit and Liquidity Risk Non-payment or delayed payment from clients negatively impacts cash flows. The Group runs credit checks on clients and operates under clearly defined credit control policies, actively monitoring clients’ payment behaviour and enacting strict escalation processes in event of default. The Group also maintains high cash reserves and updates cash forecasts on a weekly basis to manage any negative cash impacts. Regulatory Risk The Group must comply with employment, health and safety, and environmental regulations. It operates a strong compliance framework with regular staff training and advice from external experts where required.
The Group delivered a strong performance during the year, with turnover increasing to £16,344,678 in 2024 from £11,881,794 in 2023. This growth was reflected in profitability, as gross profit rose to £4,218,706 from £2,875,789 in the prior year.
Looking ahead, the Directors remain confident in the Group’s ability to deliver continued growth. The focus will remain on sustaining high service standards, investing in people and technology, and embedding ESG principles throughout operations. With a strong client base, experienced workforce and sound financial management, the Group is well positioned to capitalise on future opportunities.
This report was approved by the board and signed on its behalf.
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BAYLEAF HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £176,792 (2023 - loss of £145,021).
No dividends were declared during the year.
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BAYLEAF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group recognises the importance of effective communication and engagement with its employees. Regular team meetings and staff briefings are held to keep employees informed about Group developments, priorities and performance. Feedback is encouraged through informal discussions and periodic surveys, enabling management to respond to staff views. The Group is committed to providing a safe, inclusive and supportive working environment for all employees and invests in training and development to support career progression.
There have been no significant events affecting the Group since the year end.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BAYLEAF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAYLEAF HOLDINGS LIMITED
We have audited the financial statements of Bayleaf Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 auditing the financial statements, we have concluded that the directors' 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.
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BAYLEAF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAYLEAF HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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BAYLEAF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAYLEAF HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: IFRS and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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BAYLEAF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAYLEAF HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
101 New Cavendish Street
1st Floor South
W1W 6XH
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BAYLEAF HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BAYLEAF HOLDINGS LIMITED
REGISTERED NUMBER: 12579655
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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BAYLEAF HOLDINGS LIMITED
REGISTERED NUMBER: 12579655
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 36 form part of these financial statements.
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BAYLEAF HOLDINGS LIMITED
REGISTERED NUMBER: 12579655
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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BAYLEAF HOLDINGS LIMITED
REGISTERED NUMBER: 12579655
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 36 form part of these financial statements.
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