Bailey Arts Limited 04999202 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is selling arts and craft supplies Digita Accounts Production Advanced 6.30.9574.0 true 04999202 2023-06-01 2024-05-31 04999202 2024-05-31 04999202 core:CurrentFinancialInstruments 2024-05-31 04999202 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04999202 core:OtherPropertyPlantEquipment 2024-05-31 04999202 bus:SmallEntities 2023-06-01 2024-05-31 04999202 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04999202 bus:FilletedAccounts 2023-06-01 2024-05-31 04999202 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04999202 bus:RegisteredOffice 2023-06-01 2024-05-31 04999202 bus:CompanySecretary1 2023-06-01 2024-05-31 04999202 bus:Director2 2023-06-01 2024-05-31 04999202 bus:Director3 2023-06-01 2024-05-31 04999202 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04999202 core:ComputerEquipment 2023-06-01 2024-05-31 04999202 core:FurnitureFittings 2023-06-01 2024-05-31 04999202 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 04999202 core:PlantMachinery 2023-06-01 2024-05-31 04999202 countries:EnglandWales 2023-06-01 2024-05-31 04999202 2023-05-31 04999202 core:OtherPropertyPlantEquipment 2023-05-31 04999202 2022-06-01 2023-05-31 04999202 2023-05-31 04999202 core:CurrentFinancialInstruments 2023-05-31 04999202 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04999202 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 04999202

Bailey Arts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Bailey Arts Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Bailey Arts Limited

Company Information

Directors

Mr D W Bailey

Mr J Bailey

Company secretary

Mrs J A Bailey

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Bailey Arts Limited

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr D W Bailey

Mr J Bailey

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 Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr D W Bailey
Director

 

Bailey Arts Limited

(Registration number: 04999202)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,543

6,193

Current assets

 

Stocks

174,555

81,860

Debtors

5

2,067

2,332

Cash at bank and in hand

 

78

78

 

176,700

84,270

Creditors: Amounts falling due within one year

6

(106,358)

(41,284)

Net current assets

 

70,342

42,986

Total assets less current liabilities

 

76,885

49,179

Provisions for liabilities

(1,200)

(1,000)

Net assets

 

75,685

48,179

Capital and reserves

 

Called up share capital

100

100

Retained earnings

75,585

48,079

Shareholders' funds

 

75,685

48,179

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr D W Bailey
Director

   
     
 

Bailey Arts Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 04999202.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

The principal place of business is:
Unit 1 & 2, A Tech-Court
Lancaster Fields
Crewe Gates Ind. Est.
Crewe
Cheshire
CW1 6FF

These financial statements were authorised for issue by the Board on 15 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.

The presentation currency is £ sterling.

 

Bailey Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

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 machinery

15% reducing balance

Fixtures and Fittings

15% reducing balance

Computer Equipment

33% straight line basis

 

Bailey Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

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.

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 directors) during the year, was 7 (2023 - 4).

 

Bailey Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

45,702

45,702

Additions

1,643

1,643

At 31 May 2024

47,345

47,345

Depreciation

At 1 June 2023

39,509

39,509

Charge for the year

1,293

1,293

At 31 May 2024

40,802

40,802

Carrying amount

At 31 May 2024

6,543

6,543

At 31 May 2023

6,193

6,193

5

Debtors

2024
£

2023
£

Prepayments

2,067

1,697

Other debtors

-

635

2,067

2,332

 

Bailey Arts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

36,791

9,142

Trade creditors

 

17,144

11,611

Taxation and social security

 

21,882

17,837

Accruals and deferred income

 

2,419

2,385

Other creditors

 

28,122

309

 

106,358

41,284

Bank overdrafts are secured by floating charges over the assets of the business.

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

36,791

9,142