Bailey Hall Limited Filleted accounts for Companies House (small and micro)

BAILEY HALL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03129187

BAILEY HALL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2023

BAILEY HALL LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2023

	2023		2022
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		1,551,409		1,551,658

CURRENT ASSETS

Debtors	5	198,692	86,326
Cash at bank and in hand		110,616	114,190
		----------	----------
		309,308	200,516

CREDITORS: amounts falling due within one year	6	122,325		26,086
		----------		----------
NET CURRENT ASSETS			186,983		174,430
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,738,392		1,726,088

CREDITORS: amounts falling due after more than one year	7		159,814		172,050

PROVISIONS

Taxation including deferred tax	242,561	184,458
	-------------	-------------
NET ASSETS	1,336,017	1,369,580
	-------------	-------------

BAILEY HALL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2023

	2023		2022
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	4	4
Revaluation reserve	819,930	878,080
Profit and loss account	516,083	491,496
	-------------	-------------
SHAREHOLDERS FUNDS	1,336,017	1,369,580
	-------------	-------------

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 comprehensive income has not been delivered.

For the year ending 30 June 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:

N Walsh

Director

Company registration number: 03129187

BAILEY HALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgement that management has made in the process of applying the entity's accounting policies and that has had the most significant effect on the amounts recognised in the financial statements is the estimate of the fair value of the investment property. This estimate has been made by considering the return made on investment in year and the market value.

Revenue recognition

Turnover is measured at the fair value of rents received or receivable, stated net of discounts.

Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method .

4. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 July 2022 and 30 June 2023	1,550,000	6,060	30,961	1,587,021
	-------------	-------	---------	-------------
Depreciation
At 1 July 2022	–	5,560	29,803	35,363
Charge for the year	–	75	174	249
	-------------	-------	---------	-------------
At 30 June 2023	–	5,635	29,977	35,612
	-------------	-------	---------	-------------
Carrying amount
At 30 June 2023	1,550,000	425	984	1,551,409
	-------------	-------	---------	-------------
At 30 June 2022	1,550,000	500	1,158	1,551,658
	-------------	-------	---------	-------------

The investment properties have been valued by the directors on the 30 June 2022, using the return on investment and the estimated market value to reach a fair value for these properties. Based on the directors' valuation the fair value of the investment properties at 30 June 2022 was £1,550,000. The directors do not consider that the property valuation has changed at 30 June 2023. The original cost of the properties, including additions, was £487,777.

5. DEBTORS

	2023	2022
	£	£
Other debtors	198,692	86,326
	----------	---------

6. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Bank loans	13,800	16,200
Trade creditors	4,871	–
Corporation tax	7,385	6,536
Other creditors	94,519	–
Other creditors	1,750	3,350
	----------	---------
	122,325	26,086
	----------	---------

A bank loan of £10,800 is secured on the certain fixed assets of the company and a commercial rate of interest is charged on the daily balance outstanding. The remaining bank loan of £3,000 is unsecured and carries a commercial rate of interest on the daily balance outstanding.

7. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans	159,814	172,050
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £100,000 (2022: £110,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

A bank loan of £153,564 is secured on the certain fixed assets of the company and a commercial rate of interest is charged on the daily balance outstanding. The remaining bank loan of £6,250 is unsecured and carries a commercial rate of interest on the daily balance outstanding.