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Registration number: 10251303

Bailey Contracts Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bailey Contracts Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 13

iXBRL Detailed Profit and Loss Account

14 to 15

 

Bailey Contracts Ltd

Company Information

Director

Mr J A Bailey

Registered office

Bellman Farm Buildings
Clitheroe Road
Chatburn
Lancashire
BB7 4JX

Accountants

Kneeshaws
Chartered Accountants
Fourth Floor
St James House
St James's Row
Burnley
Lancashire
BB11 1DR

 

Bailey Contracts Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr J A Bailey

Principal activity

The principal activity of the company is that of construction and building work.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 12 August 2024
 

.........................................
Mr J A Bailey
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Bailey Contracts Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bailey Contracts Ltd for the year ended 31 March 2024 as set out on pages 4 to 13 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Bailey Contracts Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bailey Contracts Ltd and state those matters that we have agreed to state to the Board of Directors of Bailey Contracts Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bailey Contracts Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bailey Contracts Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bailey Contracts Ltd. You consider that Bailey Contracts Ltd 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 accounts of Bailey Contracts Ltd. 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 accounts.

......................................

Kneeshaws
Chartered Accountants
Fourth Floor
St James House
St James's Row
Burnley
Lancashire
BB11 1DR

12 August 2024

 

Bailey Contracts Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,962,463

2,467,644

Cost of sales

 

(1,263,360)

(1,643,001)

Gross profit

 

699,103

824,643

Administrative expenses

 

(533,564)

(416,518)

Operating profit

 

165,539

408,125

Other interest receivable and similar income

 

139

-

Interest payable and similar charges

 

(22,498)

(9,565)

 

(22,359)

(9,565)

Profit before tax

4

143,180

398,560

Taxation

 

(27,204)

(73,130)

Profit for the financial year

 

115,976

325,430

Retained earnings brought forward

 

304,710

25,280

Dividends paid

 

(43,000)

(46,000)

Retained earnings carried forward

 

377,686

304,710

 

Bailey Contracts Ltd

(Registration number: 10251303)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

511,561

388,769

Current assets

 

Stocks

6

45,000

78,125

Debtors

7

395,602

282,312

Cash at bank and in hand

 

72,266

167,729

 

512,868

528,166

Creditors: Amounts falling due within one year

8

(407,934)

(465,704)

Net current assets

 

104,934

62,462

Total assets less current liabilities

 

616,495

451,231

Creditors: Amounts falling due after more than one year

8

(141,513)

(72,555)

Provisions for liabilities

(97,196)

(73,866)

Net assets

 

377,786

304,810

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

377,686

304,710

Shareholders' funds

 

377,786

304,810

For the financial year ending 31 March 2024 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 his 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.

Approved and authorised by the director on 12 August 2024
 

.........................................
Mr J A Bailey
Director

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Bellman Farm Buildings
Clitheroe Road
Chatburn
Lancashire
BB7 4JX

These financial statements were authorised for issue by the director on 12 August 2024.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

10% straight line

Motor vehicles

25% pa reducing balance

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

80,411

57,706

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Office Equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 April 2023

9,953

213,169

320,879

544,001

Additions

932

123,526

111,123

235,581

Disposals

-

(29,000)

(36,500)

(65,500)

At 31 March 2024

10,885

307,695

395,502

714,082

Depreciation

At 1 April 2023

6,048

84,455

64,729

155,232

Charge for the year

1,710

47,912

30,789

80,411

Eliminated on disposal

-

(23,084)

(10,038)

(33,122)

At 31 March 2024

7,758

109,283

85,480

202,521

Net book value

At 31 March 2024

3,127

198,412

310,022

511,561

At 31 March 2023

3,905

128,714

256,150

388,769

6

Stocks

2024
£

2023
£

Work in progress

30,000

63,125

Stock

15,000

15,000

45,000

78,125

7

Debtors

Current

2024
£

2023
£

Trade debtors

293,599

231,753

Prepayments

15,313

7,523

Other debtors

86,690

43,036

 

395,602

282,312

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

89,624

89,365

Trade creditors

 

231,966

192,873

Taxation and social security

 

80,403

138,965

Accruals and deferred income

 

3,000

3,000

Other creditors

 

2,941

41,501

 

407,934

465,704

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £79,288 (2023 - £79,365).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

141,513

72,555

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £124,847 (2023 - £45,888).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,667

26,667

Hire purchase contracts

124,846

45,888

141,513

72,555

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,336

10,000

Hire purchase contracts

79,288

79,365

89,624

89,365

11

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr J A Bailey

Directors loan account

43,035

16,798

(43,000)

16,833

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr J A Bailey

Directors loan account

15,767

43,268

(16,000)

43,035

Director's remuneration

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

2024
£

2023
£

Remuneration

12,600

12,100

Dividends paid to the director

2024
£

2023
£

Mr J A Bailey

Dividend

43,000

46,000

 

 

 

Bailey Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Summary of transactions with entities with joint control or significant interest

DSH Leisure Ltd
 

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

41,000

41,000

Repaid

(41,000)

(41,000)

At end of period

-

-

2023

Entities with joint control or significant influence
£

Total
£

At start of period

8,500

8,500

Advanced

66,700

66,700

Repaid

(34,200)

(34,200)

At end of period

41,000

41,000

 

Bailey Contracts Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover/revenue

1,962,463

2,467,644

Cost of sales

Opening work in progress

(78,125)

(62,535)

Purchase of raw materials and consumables

(629,895)

(882,260)

Closing work in progress

45,000

78,125

Operating lease payments

(208,807)

(240,153)

Subcontractor costs

(391,533)

(536,178)

Gross profit

699,103

824,643

Distribution costs

Administrative expenses

Audit and accountancy other services

(2,650)

(3,300)

Advertising, promotions and marketing costs

(2,004)

(735)

Rent, rates and services costs

(10,154)

(12,552)

Utilities costs

(3,627)

(5,357)

Other repairs and maintenance costs

(60,493)

(37,751)

Cleaning costs

(573)

(513)

Depreciation of fixed assets

(80,411)

(57,706)

Vehicle costs

(67,520)

(60,528)

Wages and salaries excluding directors

(177,964)

(136,387)

Social security costs excluding directors

(12,926)

(9,474)

Pension costs defined contribution schemes excluding directors

(2,271)

(1,888)

Staff costs excluding directors

(193,161)

(147,749)

Salaries and fees, directors

(12,600)

(12,100)

Travel and subsistence

(53,805)

(54,334)

Training

(3,918)

(3,470)

Legal and professional costs

(4,805)

(966)

Bad debts and impairment losses

5,569

(203)

Bank charges

(1,054)

(602)

Insurance costs

(29,044)

(14,973)

IT and computing

(2,693)

(1,720)

Telecommunications

(4,357)

(3,724)

Printing, postage and stationery

(1,789)

(835)

Subscriptions

(1,055)

(692)

Other costs

(42)

(77)

Other operating income

Other items

(Loss)/gain from disposal of fixed assets

(3,378)

3,369

 

Bailey Contracts Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Profit on ordinary activities before finance charges and interest

165,539

408,125

Bank interest and similar income receivable

139

-

Interest expense on bank overdraft, bank loans and similar borrowings

(1,278)

(1,104)

Non-bank interest and similar charges

(8,682)

-

Interest expense on obligations under finance leases and hire purchase contracts

(12,538)

(8,461)

Profit on ordinary activities before taxation

143,180

398,560

Tax on profit or loss on ordinary activities

(27,204)

(73,130)

Profit for the financial year

115,976

325,430