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Bailams Insolvency Practitioners Limited

Financial Statements for the Year Ended 28 February 2023






Bailams Insolvency Practitioners Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: M Williams
J Bailey





SECRETARY: M Williams





REGISTERED OFFICE: Ty Antur
Navigation Park
Abercynon
Pontypridd
CF45 5SN





REGISTERED NUMBER: 06845250 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Bailams Insolvency Practitioners Limited


The following reproduces the text of the report prepared for the directors 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 Bailams Insolvency Practitioners Limited for the year ended 28 February 2023 which comprise the Profit and Loss Account, 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 Bailams Insolvency Practitioners 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 Bailams Insolvency Practitioners Limited and state those matters that we have agreed to state to the Board of Directors of Bailams Insolvency Practitioners 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 Bailams Insolvency Practitioners Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bailams Insolvency Practitioners 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 Bailams Insolvency Practitioners Limited. You consider that Bailams Insolvency Practitioners 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 Bailams Insolvency Practitioners 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.






BPU Limited
Chartered Accountants


28 November 2023

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 12,536 2,156

CURRENT ASSETS
Debtors 4 55,640 76,508
Cash at bank 27,318 16,869
82,958 93,377
CREDITORS
Amounts falling due within one year 5 40,552 26,156
NET CURRENT ASSETS 42,406 67,221
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,942

69,377

CREDITORS
Amounts falling due after more than
one year

6

28,301

20,747
NET ASSETS 26,641 48,630

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 26,541 48,530
SHAREHOLDERS' FUNDS 26,641 48,630

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Balance Sheet - continued
28 February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





M Williams - Director


Bailams Insolvency Practitioners Limited (Registered number: 06845250)

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


1. 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.

Turnover
Turnover represents net invoiced sales of insolvency services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% straight line
Fixtures and fittings - 20% straight line

Pension costs
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.

Fees and amounts due from contracts
Fees represent the invoiced value of goods and services supplied by the business, net of value added tax. Fees in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end. The amount of uninvoiced services is shown in the balance sheet as amounts due from contracts.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 March 2022 - 6,112 6,112
Additions 11,546 363 11,909
At 28 February 2023 11,546 6,475 18,021
DEPRECIATION
At 1 March 2022 - 3,956 3,956
Charge for year 839 690 1,529
At 28 February 2023 839 4,646 5,485
NET BOOK VALUE
At 28 February 2023 10,707 1,829 12,536
At 28 February 2022 - 2,156 2,156

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,656 4,397
Amounts recoverable on contract 23,000 47,000
Other debtors & prepayments 26,984 25,111
55,640 76,508

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan 3,953 1,968
Trade creditors 238 333
Taxes & social security costs 32,662 22,131
Other creditors & accruals 3,699 1,724
40,552 26,156

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 28,301 20,747

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
M Williams
Balance outstanding at start of year 9,271 9,459
Amounts advanced 54,899 72,500
Amounts repaid (56,100 ) (72,688 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,070 9,271

J Bailey
Balance outstanding at start of year 8,908 9,089
Amounts advanced 52,746 34,119
Amounts repaid (53,900 ) (34,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,754 8,908

The overdrawn directors' loan account was cleared within 9 months of the year end.