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REGISTERED NUMBER: 02750898 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

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 2024




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 2024







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 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 877,226 593,780
877,226 593,780

CURRENT ASSETS
Stocks 45,016 42,872
Debtors 6 341,039 420,137
Cash at bank and in hand 528,249 722,238
914,304 1,185,247
CREDITORS
Amounts falling due within one year 7 311,169 416,244
NET CURRENT ASSETS 603,135 769,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,480,361

1,362,783

CREDITORS
Amounts falling due after more than one
year

8

(202,013

)

(148,275

)

PROVISIONS FOR LIABILITIES (180,016 ) (148,819 )
NET ASSETS 1,098,332 1,065,689

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 1,098,231 1,065,588
SHAREHOLDERS' FUNDS 1,098,332 1,065,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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 2024


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 14th August 2024 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 2024

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 2024

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

No depreciation has been charged on Land and buildings as the construction work on the building is still in progress.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 180,000
AMORTISATION
At 1st April 2023
and 31st March 2024 180,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 - 1,772,961 1,772,961
Additions 157,163 266,444 423,607
At 31st March 2024 157,163 2,039,405 2,196,568
DEPRECIATION
At 1st April 2023 - 1,179,181 1,179,181
Charge for year - 140,161 140,161
At 31st March 2024 - 1,319,342 1,319,342
NET BOOK VALUE
At 31st March 2024 157,163 720,063 877,226
At 31st March 2023 - 593,780 593,780

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

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 2023 790,700
Additions 237,000
Transfer to ownership (337,000 )
At 31st March 2024 690,700
DEPRECIATION
At 1st April 2023 374,485
Charge for year 71,037
Transfer to ownership (222,637 )
At 31st March 2024 222,885
NET BOOK VALUE
At 31st March 2024 467,815
At 31st March 2023 416,215

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 147,846 233,636
Other debtors 193,193 186,501
341,039 420,137

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 148,650 132,889
Trade creditors 114,395 119,324
Taxation and social security 44,065 159,972
Other creditors 4,059 4,059
311,169 416,244

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 202,013 148,275

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 350,663 281,164

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
Mrs M C Bailey
Balance outstanding at start of year 99,372 79,393
Amounts advanced 97,737 99,372
Amounts repaid (99,372 ) (79,393 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 97,737 99,372

Mr A Bailey
Balance outstanding at start of year 49,686 39,696
Amounts advanced 48,868 49,686
Amounts repaid (49,686 ) (39,696 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,868 49,686

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.