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Registration number: SC620579

Bailey Property Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Bailey Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Bailey Property Investments Ltd

Company Information

Director

Ms D Clark

Registered office

28 Springfield Crescent
South Queensferry
EH30 9SB

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Bailey Property Investments Ltd

(Registration number: SC620579)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,209

1,623

Investment property

5

420,000

395,000

 

421,209

396,623

Current assets

 

Debtors

6

38,122

34,799

Creditors: Amounts falling due within one year

7

(127,252)

(113,716)

Net current liabilities

 

(89,130)

(78,917)

Total assets less current liabilities

 

332,079

317,706

Creditors: Amounts falling due after more than one year

7

(291,692)

(295,619)

Provisions for liabilities

(22,786)

(18,036)

Net assets

 

17,601

4,051

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

17,600

4,050

Shareholders' funds

 

17,601

4,051

 

Bailey Property Investments Ltd

(Registration number: SC620579)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 October 2023
 

.........................................
Ms D Clark
Director

 

Bailey Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
28 Springfield Crescent
South Queensferry
EH30 9SB
United Kingdom

These financial statements were authorised for issue by the director on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bailey Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Bailey Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,658

1,658

At 28 February 2023

1,658

1,658

Depreciation

At 1 March 2022

35

35

Charge for the year

414

414

At 28 February 2023

449

449

Carrying amount

At 28 February 2023

1,209

1,209

At 28 February 2022

1,623

1,623

5

Investment properties

2023
£

At 1 March

395,000

Fair value adjustments

25,000

At 28 February

420,000

There has been a valuation of investment property by an independent valuer.

 

Bailey Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Other debtors

37,758

34,481

Prepayments

364

318

38,122

34,799

Current

2023
£

2022
£

Prepayments

364

318

Other debtors

37,758

34,481

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

9,855

5,220

Accruals and deferred income

 

12,680

10,360

Other creditors

 

104,717

98,136

 

127,252

113,716

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

291,692

295,619

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Bailey Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

291,692

295,619

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

7,590

5,220

Other borrowings

2,265

-

9,855

5,220

10

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Ms D Clark

(98,137)

3,306

(9,887)

(104,717)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Ms D Clark

(97,560)

6,864

(7,440)

(98,137)

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,800

8,800