Registered number
10757573
Bailey Nelson UK Ltd
Filleted Accounts
30 June 2023
Bailey Nelson UK Ltd
Registered number: 10757573
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 - 57,446
Current assets
Stocks - 4,448
Debtors 6 241,659 329,576
Cash at bank and in hand 197,952 484,510
439,611 818,534
Creditors: amounts falling due within one year 7 (359,326) (235,424)
Net current assets 80,285 583,110
Total assets less current liabilities 80,285 640,556
Creditors: amounts falling due after more than one year 8 (1,103,000) (1,533,384)
Net liabilities (1,022,715) (892,828)
Capital and reserves
Called up share capital 100 100
Profit and loss account (1,022,815) (892,928)
Shareholder's funds (1,022,715) (892,828)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alexandra Black
Director
Approved by the board on 18 April 2024
Bailey Nelson UK Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Capitalised specialist software over 3 years
Plant and machinery over 5 years
Fixtures and store fittings over the term of the lease
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Going concern
The accounts have been prepared using the going concern basis. Financial support is being provided by the company's parent company, Bailey Nelson International Pty Ltd, and this support is continuing as the company winds down operations in the UK in an orderly manner. The company will take steps to be removed from the Register of Companies via a voluntary liquidation.
3 Year end date
The company has an accounting reference date of 30 June at Companies House. The company is part of an international retail group which prepares annual accounts on a 52 week basis. The figures included in these accounts are for the period from 26 June 2022 to 24 June 2023.
4 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 20
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 401,009
Additions 5,988
Disposals (406,997)
At 30 June 2023 -
Depreciation
At 1 July 2022 343,563
Charge for the year 43,545
On disposals (387,108)
At 30 June 2023 -
Net book value
At 30 June 2023 -
At 30 June 2022 57,446
6 Debtors 2023 2022
£ £
Trade debtors - 5,415
Prepayments 47,367 139,661
VAT debtor 9,792 -
Other debtors 184,500 184,500
241,659 329,576
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 168,686 81,454
Taxation and social security costs 7,642 28,665
Accruals 162,208 68,734
Deferred revenue 10,406 40,161
Other creditors 384 6,410
359,326 235,424
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,167 29,167
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,083,833 1,504,217
1,103,000 1,533,384
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - 321,667
10 Controlling party
The company is a wholly owned subsidiary of Bailey Nelson International Pty Ltd, Suite 12.01, Level 12, 100 William Street, Woolloomooloo, NSW 2011, Australia.
11 Other information
Bailey Nelson UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Birchin Court
20 Birchin Lane
London
EC3V 9DU
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