IRIS Accounts Production v23.3.0.418 02750898 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027508982022-03-31027508982023-03-31027508982022-04-012023-03-31027508982021-03-31027508982021-04-012022-03-31027508982022-03-3102750898ns10:Originalns15:EnglandWales2022-04-012023-03-3102750898ns14:PoundSterlingns10:Original2022-04-012023-03-3102750898ns10:Originalns10:Director12022-04-012023-03-3102750898ns10:Original2022-04-012023-03-3102750898ns10:Original2023-03-3102750898ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3102750898ns10:Originalns10:SmallEntities2022-04-012023-03-3102750898ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3102750898ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102750898ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3102750898ns10:Originalns10:FullAccounts2022-04-012023-03-3102750898ns10:Original12022-04-012023-03-3102750898ns10:Originalns10:Director22022-04-012023-03-3102750898ns10:Originalns10:Director32022-04-012023-03-3102750898ns10:Originalns10:Director42022-04-012023-03-3102750898ns10:CompanySecretary1ns10:Original2022-04-012023-03-3102750898ns10:Originalns10:RegisteredOffice2022-04-012023-03-3102750898ns10:Original2022-03-3102750898ns10:Originalns5:CurrentFinancialInstruments2023-03-3102750898ns10:Originalns5:CurrentFinancialInstruments2022-03-3102750898ns10:Originalns5:Non-currentFinancialInstruments2023-03-3102750898ns10:Originalns5:Non-currentFinancialInstruments2022-03-3102750898ns5:ShareCapitalns10:Original2023-03-3102750898ns5:ShareCapitalns10:Original2022-03-3102750898ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3102750898ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3102750898ns10:Originalns5:NetGoodwill2022-04-012023-03-3102750898ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3102750898ns10:Original2021-04-012022-03-3102750898ns10:Originalns5:NetGoodwill2022-03-3102750898ns10:Originalns5:NetGoodwill2023-03-3102750898ns10:Originalns5:NetGoodwill2022-03-3102750898ns10:Originalns5:PlantMachinery2022-03-3102750898ns10:Originalns5:PlantMachinery2022-04-012023-03-3102750898ns10:Originalns5:PlantMachinery2023-03-3102750898ns10:Originalns5:PlantMachinery2022-03-3102750898ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3102750898ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3102750898ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3102750898ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3102750898ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102750898ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3102750898ns10:Originalns10:Director222022-03-3102750898ns10:Originalns10:Director222021-03-3102750898ns10:Originalns10:Director222022-04-012023-03-3102750898ns10:Originalns10:Director222021-04-012022-03-3102750898ns10:Originalns10:Director222023-03-3102750898ns10:Originalns10:Director222022-03-3102750898ns10:Original1ns10:Director12022-03-3102750898ns10:Original1ns10:Director12021-03-3102750898ns10:Original1ns10:Director12022-04-012023-03-3102750898ns10:Original1ns10:Director12021-04-012022-03-3102750898ns10:Original1ns10:Director12023-03-3102750898ns10:Original1ns10:Director12022-03-31
REGISTERED NUMBER: 02750898 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

BAILEY'S OF NORFOLK LTD

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BAILEY'S OF NORFOLK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mrs M C Bailey
Mr A Bailey
Miss A J Bailey
Mr J C Harvey





SECRETARY: Mrs M C Bailey





REGISTERED OFFICE: 50 Brick Kiln Road
Hevingham
Norfolk
NR10 5NL





REGISTERED NUMBER: 02750898 (England and Wales)





ACCOUNTANTS: Berry & Warren Ltd
Chartered Accountants
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 9,000
Tangible assets 5 593,780 772,962
593,780 781,962

CURRENT ASSETS
Stocks 42,872 40,830
Debtors 6 420,137 366,172
Cash at bank and in hand 722,238 633,609
1,185,247 1,040,611
CREDITORS
Amounts falling due within one year 7 416,244 399,325
NET CURRENT ASSETS 769,003 641,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,362,783

1,423,248

CREDITORS
Amounts falling due after more than one
year

8

(148,275

)

(281,164

)

PROVISIONS FOR LIABILITIES (148,819 ) (146,862 )
NET ASSETS 1,065,689 995,222

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 1,065,588 995,121
SHAREHOLDERS' FUNDS 1,065,689 995,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

BALANCE SHEET - continued
31ST MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th October 2023 and were signed on its behalf by:





Mr A Bailey - Director


BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Bailey's Of Norfolk 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has accepted delivery of the goods.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life, considered to be 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery etc - 25% reducing balance

The assets' residual values , useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 180,000
AMORTISATION
At 1st April 2022 171,000
Charge for year 9,000
At 31st March 2023 180,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 9,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 1,761,161
Additions 21,800
Disposals (10,000 )
At 31st March 2023 1,772,961
DEPRECIATION
At 1st April 2022 988,199
Charge for year 199,981
Eliminated on disposal (8,999 )
At 31st March 2023 1,179,181
NET BOOK VALUE
At 31st March 2023 593,780
At 31st March 2022 772,962

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1st April 2022 927,700
Transfer to ownership (137,000 )
At 31st March 2023 790,700
DEPRECIATION
At 1st April 2022 326,990
Charge for year 138,739
Transfer to ownership (91,244 )
At 31st March 2023 374,485
NET BOOK VALUE
At 31st March 2023 416,215
At 31st March 2022 600,710

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 233,636 193,701
Other debtors 186,501 172,471
420,137 366,172

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 132,889 191,033
Trade creditors 119,324 175,175
Taxation and social security 159,972 29,249
Other creditors 4,059 3,868
416,244 399,325

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 148,275 281,164

BAILEY'S OF NORFOLK LTD (REGISTERED NUMBER: 02750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 281,164 472,197

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
Mrs M C Bailey
Balance outstanding at start of year 79,393 113,368
Amounts advanced 99,372 79,393
Amounts repaid (79,393 ) (113,368 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99,372 79,393

Mr A Bailey
Balance outstanding at start of year 39,696 56,683
Amounts advanced 49,686 39,696
Amounts repaid (39,696 ) (56,683 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,686 39,696

11. RELATED PARTY DISCLOSURES

The company is under the control of the directors.

The company paid Mr A & Mrs M C Bailey £84,000 in the year for the use of trading premises.