Bailey Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04639081 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

BAILEY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G R Bailey

REGISTERED OFFICE:

Century Works

Europa Way

Wisbech

Cambridgeshire

PE13 2TZ

REGISTERED NUMBER:

04639081 (England and Wales)

ACCOUNTANTS:

GreenStones Limited

9 Commerce Road

Lynchwood

Peterborough

Cambridgeshire

PE2 6LR

FIXED ASSETS

Tangible assets

4

40,553

53,624

CURRENT ASSETS

Stocks

49,500

22,250

Debtors

5

159,766

127,939

Cash at bank and in hand

10,731

47,367

219,997

197,556

CREDITORS

Amounts falling due within one year

6

165,889

135,081

NET CURRENT ASSETS

54,108

62,475

TOTAL ASSETS LESS CURRENT LIABILITIES

94,661

116,099

CREDITORS

Amounts falling due after more than one year

7

-

1,867

NET ASSETS

94,661

114,232

CAPITAL AND RESERVES

Called up share capital

100,100

100,100

Retained earnings

(5,439

)

14,132

SHAREHOLDERS' FUNDS

94,661

114,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 26 September 2019 and were signed by:

G R Bailey - Director

1.	STATUTORY INFORMATION

Bailey Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to

disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

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.

Freehold property

-

5% on cost and not provided

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

obsolete and slow moving items.

Taxation

Taxation for the year 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 year

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.

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.

Cash flow

The Financial Statements do not include a cash flow statement because the company, as a small

reporting entity, is exempt from the requirement to prepare such a statement under the Financial

Reporting Standards for Smaller Entities (effective April 2008).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2018

1,680

108,515

7,794

Additions

-

5,100

-

Disposals

-

(46,072

)

-

At 31 December 2018

1,680

67,543

7,794

DEPRECIATION

At 1 January 2018

798

67,021

7,239

Charge for year

84

4,119

138

Eliminated on disposal

-

(31,013

)

-

At 31 December 2018

882

40,127

7,377

NET BOOK VALUE

At 31 December 2018

798

27,416

417

At 31 December 2017

882

41,494

555

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

10,525

18,073

146,587

Additions

-

3,580

8,680

Disposals

(1,675

)

-

(47,747

)

At 31 December 2018

8,850

21,653

107,520

DEPRECIATION

At 1 January 2018

4,070

13,835

92,963

Charge for year

1,158

1,135

6,634

Eliminated on disposal

(1,617

)

-

(32,630

)

At 31 December 2018

3,611

14,970

66,967

NET BOOK VALUE

At 31 December 2018

5,239

6,683

40,553

At 31 December 2017

6,455

4,238

53,624

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

and 31 December 2018

8,850

DEPRECIATION

At 1 January 2018

1,844

Charge for year

1,752

At 31 December 2018

3,596

NET BOOK VALUE

At 31 December 2018

5,254

At 31 December 2017

7,006

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

119,466

107,479

Amounts owed by group undertakings

25,777

9,998

Other debtors

14,523

10,462

159,766

127,939

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

1,867

2,800

Trade creditors

87,739

49,150

Amounts owed to group undertakings

17,800

17,800

Taxation and social security

19,678

26,583

Other creditors

38,805

38,748

165,889

135,081

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

1,867

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 December 2018 and 31 December 2017:

2018

2017

£

£

G R Bailey

Balance outstanding at start of year

(33,308

)

(26,548

)

Amounts advanced

9,036

11,683

Amounts repaid

(4,170

)

(18,443

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(28,442

)

(33,308

)

These loans are unsecured and interest free.

Geoff Bailey has provided a personal guarantee for the overdraft with Barclays Bank.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Geoff Bailey Ltd.