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Company No: 11592807 (England and Wales)

# BAYSWOOD LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

BAYSWOOD LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

BAYSWOOD LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
BAYSWOOD LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

Directors | Raffi Malcolm Kachatorian
| Richard Martyn Whitaker
| Varand Zarifian

Registered office | Fourth Floor
| The Studio
| 17-19 Bellefields Road
| London
| SW9 9UH
| United Kingdom

Company number | 11592807 (England and Wales)

Accountant | Kreston Reeves LLP
| 37 St Margarets Street
| Canterbury
| Kent
| CT1 2TU

BAYSWOOD LIMITED

## BALANCE SHEET

As at 31 December 2024
BAYSWOOD LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 46,762 |  | 58,401
|  | 46,762 |  | 58,401
Current assets |  |  |  |
Stocks |  | 36,572 |  | 0
Debtors | 4 | 4,031,504 |  | 2,223,306
Cash at bank and in hand |  | 742,528 |  | 422,024
|  | 4,810,604 |  | 2,645,330
Creditors: amounts falling due within one year | 5 | ( 3,931,388) |  | ( 1,727,068)
Net current assets |  | 879,216 |  | 918,262
Total assets less current liabilities |  | 925,978 |  | 976,663
Provision for liabilities | 6 | ( 11,690) |  | ( 11,066)
Net assets |  | 914,288 |  | 965,597
Capital and reserves |  |  |  |
Called-up share capital | 7 | 3 |  | 3
Profit and loss account |  | 914,285 |  | 965,594
Total shareholders' funds |  | 914,288 |  | 965,597

For the financial 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 financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Bayswood Limited (registered number: 11592807) were approved and authorised for issue by the Board of Directors on 14 October 2025. They were signed on its behalf by:

Mr R M Whitaker Director |

BAYSWOOD LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
BAYSWOOD LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Bayswood Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fourth Floor, The Studio, 17-19 Bellefields Road, London, SW9 9UH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | depreciated over the life of the lease
Plant and machinery | 2 years straight line
Fixtures and fittings | 5 years straight line
Computer equipment | 3 years straight line

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 17 |  | 16

#### 3. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 January 2024 | 34,060 |  | 5,165 |  | 94,607 |  | 38,288 |  | 172,120
Additions | 0 |  | 957 |  | 2,961 |  | 16,983 |  | 20,901
At 31 December 2024 | 34,060 |  | 6,122 |  | 97,568 |  | 55,271 |  | 193,021
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 January 2024 | 22,707 |  | 4,151 |  | 64,021 |  | 22,840 |  | 113,719
Charge for the financial year | 11,353 |  | 1,093 |  | 6,712 |  | 13,382 |  | 32,540
At 31 December 2024 | 34,060 |  | 5,244 |  | 70,733 |  | 36,222 |  | 146,259
Net book value |  |  |  |  |  |  |  |  |
At 31 December 2024 | 0 |  | 878 |  | 26,835 |  | 19,049 |  | 46,762
At 31 December 2023 | 11,353 |  | 1,014 |  | 30,586 |  | 15,448 |  | 58,401

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 3,847,235 |  | 1,798,407
Prepayments and accrued income | 111,674 |  | 331,668
VAT recoverable | 9,708 |  | 27,985
Other debtors | 62,887 |  | 65,246
| 4,031,504 |  | 2,223,306

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 205,967 |  | 673,436
Accruals | 1,187,632 |  | 146,220
Taxation and social security | 245,152 |  | 266,037
Other creditors | 2,292,637 |  | 641,375
| 3,931,388 |  | 1,727,068

#### 6. Provision for liabilities

| 2024 |  | 2023
| £ |  | £
Deferred tax | 11,690 |  | 11,066

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 Ordinary share of £ 1.00 | 1 |  | 1
1 Ordinary A share of £ 1.00 | 1 |  | 1
1 Ordinary B share of £ 1.00 | 1 |  | 1
| 3 |  | 3

#### 8. Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.

#### 9. Ultimate controlling party

In the opinion of the Directors, there is no ultimate controlling party.