R W Bailey Ltd 04786152 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is carpentry. Digita Accounts Production Advanced 6.30.9574.0 true true 04786152 2023-08-01 2024-07-31 04786152 2024-07-31 04786152 bus:OrdinaryShareClass1 2024-07-31 04786152 core:CurrentFinancialInstruments 2024-07-31 04786152 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 04786152 core:MotorVehicles 2024-07-31 04786152 core:PlantMachinery 2024-07-31 04786152 bus:SmallEntities 2023-08-01 2024-07-31 04786152 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04786152 bus:FilletedAccounts 2023-08-01 2024-07-31 04786152 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04786152 bus:RegisteredOffice 2023-08-01 2024-07-31 04786152 bus:CompanySecretary1 2023-08-01 2024-07-31 04786152 bus:Director1 2023-08-01 2024-07-31 04786152 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 04786152 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04786152 core:MotorVehicles 2023-08-01 2024-07-31 04786152 core:PlantMachinery 2023-08-01 2024-07-31 04786152 countries:EnglandWales 2023-08-01 2024-07-31 04786152 2023-07-31 04786152 core:MotorVehicles 2023-07-31 04786152 core:PlantMachinery 2023-07-31 04786152 2022-08-01 2023-07-31 04786152 2023-07-31 04786152 bus:OrdinaryShareClass1 2023-07-31 04786152 core:CurrentFinancialInstruments 2023-07-31 04786152 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04786152 core:MotorVehicles 2023-07-31 04786152 core:PlantMachinery 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04786152

R W Bailey Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

R W Bailey Ltd

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 7

 

R W Bailey Ltd

Company Information

Director

Mr R Bailey

Company secretary

Mr T Burgess

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

R W Bailey Ltd

(Registration number: 04786152)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,781

6,427

Current assets

 

Debtors

5

728

635

Cash at bank and in hand

 

78,225

86,951

 

78,953

87,586

Creditors: Amounts falling due within one year

6

(30,650)

(32,336)

Net current assets

 

48,303

55,250

Total assets less current liabilities

 

62,084

61,677

Provisions for liabilities

(2,618)

(1,221)

Net assets

 

59,466

60,456

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

59,366

60,356

Shareholders' funds

 

59,466

60,456

For the financial year ending 31 July 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the director on 6 September 2024
 

.........................................
Mr R Bailey
Director

 

R W Bailey Ltd

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

1

General information

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

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 6 September 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.

 

R W Bailey Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 statement of financial position 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

P&M

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

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.

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.

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.

 

R W Bailey Ltd

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

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.

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 1 (2023 - 1).

 

R W Bailey Ltd

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

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

3,559

13,418

16,977

Additions

-

17,609

17,609

Disposals

-

(13,418)

(13,418)

At 31 July 2024

3,559

17,609

21,168

Depreciation

At 1 August 2023

2,793

7,757

10,550

Charge for the year

191

4,403

4,594

Impairment

-

(7,757)

(7,757)

At 31 July 2024

2,984

4,403

7,387

Carrying amount

At 31 July 2024

575

13,206

13,781

At 31 July 2023

766

5,661

6,427

5

Debtors

Current

2024
£

2023
£

Prepayments

728

635

 

728

635

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

27,456

26,632

Social security and other taxes

 

258

284

Other payables

 

991

969

Accruals

 

1,820

1,785

Tax liability

125

2,666

 

30,650

32,336

Other creditors include amounts owing to the director of £27,357 (2023 - £26,631).

 

R W Bailey Ltd

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.