Company Registration No. 06024941 (England and Wales)
BAYHAM PRODUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
BAYHAM PRODUCTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BAYHAM PRODUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
803,671
742,201
Current assets
Debtors
11,039
-
Creditors: amounts falling due within one year
3
(23,543)
(21,680)
Net current liabilities
(12,504)
(21,680)
Total assets less current liabilities
791,167
720,521
Capital and reserves
Called up share capital
4
800,100
800,100
Non-distributable reserves
15,042
-
Profit and loss reserves
(23,975)
(79,579)
Total equity
791,167
720,521
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 2018 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.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2018 and are signed on its behalf by:
Mr Alan Harley
Director
Company Registration No. 06024941
BAYHAM PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Bayham Production Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mr A Harley, 24 Ellerdale Road, Hampstead, London, NW3 6BB.
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
Cash at bank and in hand
Cash at bank and in hand
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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or are receivable within one year are measured at transaction price.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BAYHAM PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BAYHAM PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
2
Fixed asset investments
2018
2017
£
£
Investments
803,671
742,201
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017
800,100
Unrealised gain
15,042
At 31 March 2018
815,142
Impairment
At 1 April 2017
57,899
Impairment losses
(46,428)
At 31 March 2018
11,471
Carrying amount
At 31 March 2018
803,671
At 31 March 2017
742,201
3
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
9
-
Other creditors
23,534
21,680
23,543
21,680
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
800,100 Ordinary shares of £1 each
800,100
800,100
800,100
800,100
BAYHAM PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
5
Related party transactions
Transactions with related parties
During the year, Mrs Harley paid expenses on behalf of the company. At the year end there was a balance due to Mrs Harley of £21,734 (2017: £18,080).
This balance is included in other creditors.