Bailey Marine Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03396990 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

BAILEY MARINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

J E Bailey

Mrs A J Bailey

SECRETARY:

Mrs A J Bailey

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

03396990 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

117

138

CURRENT ASSETS

Stocks

5

4,548

5,383

Debtors

6

32,984

41,846

Cash at bank

95,495

78,989

133,027

126,218

CREDITORS

Amounts falling due within one year

7

37,049

39,561

NET CURRENT ASSETS

95,978

86,657

TOTAL ASSETS LESS CURRENT LIABILITIES

96,095

86,795

PROVISIONS FOR LIABILITIES

8

23

28

NET ASSETS

96,072

86,767

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

10

95,872

86,567

SHAREHOLDERS' FUNDS

96,072

86,767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 31 August 2017 and were signed on its behalf by:

J E Bailey - Director

1.	STATUTORY INFORMATION

Bailey Marine 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.

Turnover

Turnover represents amounts earned during the period net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

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.

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 year was 3 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2016

and 30 June 2017

1,485

1,828

16,359

19,672

DEPRECIATION

At 1 July 2016

1,347

1,828

16,359

19,534

Charge for year

21

-

-

21

At 30 June 2017

1,368

1,828

16,359

19,555

NET BOOK VALUE

At 30 June 2017

117

-

-

117

At 30 June 2016

138

-

-

138

5.

STOCKS

2017

2016

£

£

Stocks

4,548

5,383

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

27,697

36,676

VAT

1,529

1,516

Prepayments and accrued income

3,758

3,654

32,984

41,846

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

24,215

25,319

Corporation tax

8,932

9,225

Social security and other taxes

293

350

Wages control

50

50

Pension

25

25

Directors' current accounts

2,184

3,242

Accruals and deferred income

1,350

1,350

37,049

39,561

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

23

28

Deferred

tax

£

Balance at 1 July 2016

28

Provided during year

(5

)

Balance at 30 June 2017

23

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

200

Ordinary

£1

200

200

10.

RESERVES

Retained

earnings

£

At 1 July 2016

86,567

Profit for the year

35,505

Dividends

(26,200

)

At 30 June 2017

95,872

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £26,200 were paid to the directors .

At the balance sheet date the company owed the directors £2,184 (2016 -£3,242). This balance is

interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

13.	FIRST YEAR ADOPTION

There are no adjustments to the accounts required by the first time adoption of FRS 102 s1a.

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Bailey Marine Limited for the year ended 30 June 2017 which comprise

the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bailey Marine Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bailey Marine Limited and state those matters that we have agreed to state to the Board of Directors of Bailey Marine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bailey Marine Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bailey Marine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bailey Marine Limited. You consider that Bailey Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bailey Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

31 August 2017