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Company registration number: 04495399
Nick Bailey Tree Services Ltd
Unaudited filleted financial statements
31 December 2023
Nick Bailey Tree Services Ltd
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Nick Bailey Tree Services Ltd
Accountant's Report to the director on the preparation of the
unaudited statutory financial statements of Nick Bailey Tree Services Ltd
Year ended 31 December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Rd
Burnage
Manchester
M19 1AJ
25 March 2024
Nick Bailey Tree Services Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 - 2,714
Tangible assets 7 76,764 87,211
_______ _______
76,764 89,925
Current assets
Debtors 8 333 1,154
Cash at bank and in hand 22,479 31,259
_______ _______
22,812 32,413
Creditors: amounts falling due
within one year 9 ( 36,612) ( 32,507)
_______ _______
Net current liabilities ( 13,800) ( 94)
_______ _______
Total assets less current liabilities 62,964 89,831
Creditors: amounts falling due
after more than one year 10 ( 15,113) ( 24,194)
Provisions for liabilities ( 17,368) ( 21,806)
_______ _______
Net assets 30,483 43,831
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,383 43,731
_______ _______
Shareholders funds 30,483 43,831
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2024 , and are signed on behalf of the board by:
Mr Nicholas Bailey
Director
Company registration number: 04495399
Nick Bailey Tree Services Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 105,236 105,336
Profit/(loss) for the year ( 17,223) ( 17,223)
_______ _______ _______
Total comprehensive income for the year - ( 17,223) ( 17,223)
Dividends paid and payable ( 44,282) ( 44,282)
_______ _______ _______
Total investments by and distributions to owners - ( 44,282) ( 44,282)
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 43,731 43,831
Profit/(loss) for the year 16,821 16,821
_______ _______ _______
Total comprehensive income for the year - 16,821 16,821
Dividends paid and payable ( 30,169) ( 30,169)
_______ _______ _______
Total investments by and distributions to owners - ( 30,169) ( 30,169)
_______ _______ _______
At 31 December 2023 100 30,383 30,483
_______ _______ _______
Nick Bailey Tree Services Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Nick Bailey Tree Services Ltd, Apartment 1 Brook House, 61 Old Wool Lane, Cheadle, SK8 2BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tax on profit/loss
Major components of tax income/expense
2023 2022
£ £
Deferred tax:
Origination and reversal of timing differences ( 4,438) 8,732
_______ _______
Tax on profit/loss ( 4,438) 8,732
_______ _______
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 13,562 13,562
_______ _______
Amortisation
At 1 January 2023 10,848 10,848
Charge for the year 2,714 2,714
_______ _______
At 31 December 2023 13,562 13,562
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 2,714 2,714
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 62,133 878 141,680 204,691
Additions 21,163 452 - 21,615
Disposals ( 15,395) - ( 12,000) ( 27,395)
_______ _______ _______ _______
At 31 December 2023 67,901 1,330 129,680 198,911
_______ _______ _______ _______
Depreciation
At 1 January 2023 41,936 637 74,908 117,481
Charge for the year 9,122 173 16,293 25,588
Disposals ( 10,524) - ( 10,398) ( 20,922)
_______ _______ _______ _______
At 31 December 2023 40,534 810 80,803 122,147
_______ _______ _______ _______
Carrying amount
At 31 December 2023 27,367 520 48,877 76,764
_______ _______ _______ _______
At 31 December 2022 20,197 241 66,772 87,210
_______ _______ _______ _______
8. Debtors
2023 2022
£ £
Other debtors 333 1,154
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Social security and other taxes 23,604 19,559
Other creditors 2,360 2,300
_______ _______
36,612 32,507
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,113 24,194
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note ) 17,368 21,806
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances ( 3,767) 8,732
Unused tax losses ( 672) -
_______ _______
(4,439) 8,732
_______ _______
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Cash at bank and in hand 22,479 31,259
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 25,761 34,843
Accruals 2,360 2,300
_______ _______
28,121 37,143
_______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Nicholas Bailey - - -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Nicholas Bailey 86,973 ( 86,973) -
_______ _______ _______
14. Controlling party
The company is controlled by the director Mr Nicholas Bailey by virtue of his directorship and his shares held in the company.