Company Registration No. 07376134 (England and Wales)
BAYLISS COMMERCIAL HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BAYLISS COMMERCIAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BAYLISS COMMERCIAL HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,882,177
1,655,036
Investments
4
100
100
1,882,277
1,655,136
Current assets
Debtors
5
236,374
303,655
Cash at bank and in hand
12,331
42,580
248,705
346,235
Creditors: amounts falling due within one year
6
(86,435)
(67,845)
Net current assets
162,270
278,390
Total assets less current liabilities
2,044,547
1,933,526
Creditors: amounts falling due after more than one year
7
(323,506)
(271,606)
Net assets
1,721,041
1,661,920
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
638,704
564,764
Profit and loss reserves
1,082,237
1,097,056
Total equity
1,721,041
1,661,920
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BAYLISS COMMERCIAL HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2021 and are signed on its behalf by:
Mr J K Bayliss
Mrs S L Maslauskas
Director
Director
Company Registration No. 07376134
BAYLISS COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Bayliss Commercial Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lysander Works, Blenheim Road, Airfield Industrial Estate, Ashbourne, Derbyshire, DE6 1HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No Depreciation
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
BAYLISS COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
BAYLISS COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 April 2020
1,655,036
Additions
227,141
At 31 March 2021
1,882,177
Depreciation and impairment
At 1 April 2020 and 31 March 2021
Carrying amount
At 31 March 2021
1,882,177
At 31 March 2020
1,655,036
Included within land and buildings is property carried at a revalued amount of £1,460,712. The company has elected to apply the transitional relief under FRS 102 to carry the land at deemed cost. The historic cost equivalent of freehold property is £1,317,413 ( 2020 - £1.090,272).
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
236,374
303,655
BAYLISS COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
72,795
57,531
Trade creditors
90
Corporation tax
10,540
6,564
Other taxation and social security
560
Other creditors
3,100
3,100
86,435
67,845
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
94,189
Other creditors
229,317
271,606
323,506
271,606
8
Revaluation reserve
2021
2020
£
£
At the beginning of the year
564,764
564,764
Deferred tax on revaluation of tangible assets
73,940
-
At the end of the year
638,704
564,764
BAYLISS COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
9
Related party transactions
Bayliss Commercial Holdings Limited (BCH) owns 100% of the share capital in Bayliss Precision Components Limited (BPC).
During the year BCH has charged rent of £60,000 (2020 - £40,000) to BPC and received a dividend of £80,000 (2020 - £40,000) from BPC. At the year end BCH was owed £234,585 (2020 - £303,655) by means of an intercompany loan.