Bailey Commercial Consulting Ltd Filleted accounts for Companies House (small and micro)

BAILEY COMMERCIAL CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07966437

Bailey Commercial Consulting Ltd

Filleted Unaudited Financial Statements

28 February 2021

Bailey Commercial Consulting Ltd

Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		6,082	2,423

Current assets

Debtors	6	21,822	5,619
Cash at bank and in hand		123,714	104,365
		---------	---------
		145,536	109,984

Creditors: amounts falling due within one year	7	16,282		25,412
		---------		---------
Net current assets			129,254	84,572
			---------	--------
Total assets less current liabilities			135,336	86,995

Creditors: amounts falling due after more than one year	8	50,000	–
		---------	--------
Net assets		85,336	86,995
		---------	--------

Capital and reserves

Called up share capital	140	140
Profit and loss account	85,196	86,855
	--------	--------
Shareholders funds	85,336	86,995
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2021 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bailey Commercial Consulting Ltd

Statement of Financial Position (continued)

28 February 2021

These financial statements were approved by the board of directors and authorised for issue on 13 September 2021 , and are signed on behalf of the board by:

Mr G S Bailey
Director

Company registration number: 07966437

Bailey Commercial Consulting Ltd

Notes to the Financial Statements

Year ended 28 February 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eden Cottage, Faringdon Road, Southmoor, Abingdon, Oxon, OX13 5AF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Office Equipment	-	25% reducing balance

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Office Equipment	Total
	£	£	£	£
Cost
At 1 March 2020	–	507	5,646	6,153
Additions	3,874	422	1,391	5,687
	-------	----	-------	--------
At 28 February 2021	3,874	929	7,037	11,840
	-------	----	-------	--------
Depreciation
At 1 March 2020	–	459	3,271	3,730
Charge for the year	968	118	942	2,028
	-------	----	-------	--------
At 28 February 2021	968	577	4,213	5,758
	-------	----	-------	--------
Carrying amount
At 28 February 2021	2,906	352	2,824	6,082
	-------	----	-------	--------
At 29 February 2020	–	48	2,375	2,423
	-------	----	-------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	2,981	3,158
Other debtors	18,841	2,461
	--------	-------
	21,822	5,619
	--------	-------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	14,889	24,018
Social security and other taxes	1,393	1,394
	--------	--------
	16,282	25,412
	--------	--------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	50,000	–
	--------	----

9. Directors' advances, credits and guarantees

At the beginning of the year, the directors owed the company £2,461 which was fully repaid on 4 June 2020. Further net advances were made to the directors totalling £18,181 which was still owing to the company at the period end. Interest was chargeable on the average balance outstanding over the period. The maximum amount outstanding at any time was £18,250 .

10. Related party transactions

The company was under the control of the directors throughout the current period Mr G S Bailey is the managing director.