Bayliss Printing Company Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00969252 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2016 TO 24 APRIL 2017

FOR

BAYLISS PRINTING COMPANY LIMITED

Page

Company Information

1

Operating and Financial Review

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs I A Phillips

Mr J Bayliss

Mr. M Shaw

REGISTERED OFFICE:

Coach Close

Shireoaks Triangle

Worksop

Nottinghamshire

S81 8AP

REGISTERED NUMBER:

00969252 (England and Wales)

ACCOUNTANTS:

Anderson & Co

18 Diamond Avenue

Kirkby in Ashfield

Nottinghamshire

NG17 7GR

During the year under review a significant restructuring process was undertaken by the Company which should leave it

better placed for future commercial success. Costs directly attributable to this restructuring are included as expenses

within the profit and loss account and amount to approx £70,000. Furthermore profits were also significantly reduced by

an abnormal bad debt in respect of a customer totalling £95,315.

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,491,273

1,585,152

1,491,273

1,585,152

CURRENT ASSETS

Stocks

37,018

16,210

Debtors

6

502,711

508,400

Cash at bank and in hand

57,527

82,775

597,256

607,385

CREDITORS

Amounts falling due within one year

7

946,667

853,537

NET CURRENT LIABILITIES

(349,411

)

(246,152

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,141,862

1,339,000

CREDITORS

Amounts falling due after more than one year

8

(998,427

)

(1,056,244

)

PROVISIONS FOR LIABILITIES

(43,208

)

(81,330

)

NET ASSETS

100,227

201,426

CAPITAL AND RESERVES

Called up share capital

130

130

Fair value reserve

10

65,315

-

Retained earnings

34,782

201,296

SHAREHOLDERS' FUNDS

100,227

201,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 24 April 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 24 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 April 2018 and were signed on its behalf by:

Mr. M Shaw - Director

Mr J Bayliss - Director

Mrs I A Phillips - Director

1.	STATUTORY INFORMATION

Bayliss Printing Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

No depreciation is provided on Freehold Land and Buildings which is included in the accounts at fair valuation.

Depreciation is provided on other fixed assets at rates calculated to write off the cost of those assets over their

expected useful life as follows:

Plant and Equipment

10-25%

reducing balance basis

Motor Vehicles

25%

reducing balance basis

Fixtures and Fittings

15%

reducing balance basis

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 25 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2016

and 24 April 2017

40,000

AMORTISATION

At 1 May 2016

and 24 April 2017

40,000

NET BOOK VALUE

At 24 April 2017

-

At 30 April 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 May 2016

354,685

1,893,413

26,236

33,265

2,307,599

Additions

-

10,520

705

-

11,225

Disposals

-

(125

)

-

-

(125

)

Revaluations

65,315

-

-

-

65,315

At 24 April 2017

420,000

1,903,808

26,941

33,265

2,384,014

DEPRECIATION

At 1 May 2016

-

681,656

19,923

20,868

722,447

Charge for period

-

166,129

1,068

3,097

170,294

At 24 April 2017

-

847,785

20,991

23,965

892,741

NET BOOK VALUE

At 24 April 2017

420,000

1,056,023

5,950

9,300

1,491,273

At 30 April 2016

354,685

1,211,757

6,313

12,397

1,585,152

Cost or valuation at 24 April 2017 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2017

65,315

-

-

-

65,315

Cost

354,685

1,903,808

26,941

33,265

2,318,699

420,000

1,903,808

26,941

33,265

2,384,014

The net book value of tangible fixed assets includes £ 895,350 (2016 - £ 1,028,932 ) in respect of assets held

under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.4.17

30.4.16

£

£

Trade debtors

425,915

495,971

Value added tax

50,688

12,429

Sundry debtors and prepayments

1,108

-

Directors' loan accounts

25,000

-

502,711

508,400

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.4.17

30.4.16

£

£

Bank loans and overdrafts

30,681

29,275

Hire purchase contracts

135,972

129,189

Trade creditors

413,846

308,801

Factored debt advances

220,359

150,483

PAYE and national insurance

20,975

11,491

Accruals and sundry creditors

58,389

16,235

Directors' loan accounts

66,445

208,063

946,667

853,537

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

24.4.17

30.4.16

£

£

Bank loans - 1-2 years

32,254

30,681

Bank loans - 2-5 years

92,494

88,073

Bank loans more 5 yr by instal

98,773

134,945

Hire purchase contracts

637,330

772,545

Other creditors

137,576

30,000

998,427

1,056,244

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

98,773

134,945

Hire purchase

-

166,914

98,773

301,859

9.	SECURED DEBTS

The following secured debts are included within creditors:

24.4.17

30.4.16

£

£

Bank loans

254,202

282,974

Hire purchase contracts

773,302

901,734

1,027,504

1,184,708

10.

RESERVES

Fair

value

reserve

£

Transfer of Realised Revaluation Reserve

65,315

At 24 April 2017

65,315