Registered number
12489365
Bailey Energy Services Ltd
Filleted Accounts
31 March 2024
Bailey Energy Services Ltd
Registered number: 12489365
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 55,554 79,922
Current assets
Debtors 4 223,959 59,360
Cash at bank and in hand 17,945 12,978
241,904 72,338
Creditors: amounts falling due within one year 5 (95,161) (29,531)
Net current assets 146,743 42,807
Total assets less current liabilities 202,297 122,729
Creditors: amounts falling due after more than one year 6 - (28,058)
Provisions for liabilities (13,791) (18,728)
Net assets 188,506 75,943
Capital and reserves
Called up share capital 1 1
Profit and loss account 188,505 75,942
Shareholder's funds 188,506 75,943
The director is 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 director acknowledges his 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.
P Bailey
Director
Approved by the board on 13 September 2024
Bailey Energy Services Ltd
Notes to the Accounts
for the year ended 31 March 2024
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:
Plant and machinery over 3-5 years
Motor vehicles over 10 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 20,365 81,159 101,524
Additions 10,162 - 10,162
Disposals - (26,000) (26,000)
At 31 March 2024 30,527 55,159 85,686
Depreciation
At 1 April 2023 12,613 8,989 21,602
Charge for the year 7,131 6,599 13,730
On disposals - (5,200) (5,200)
At 31 March 2024 19,744 10,388 30,132
Net book value
At 31 March 2024 10,783 44,771 55,554
At 31 March 2023 7,752 72,170 79,922
4 Debtors 2024 2023
£ £
Trade debtors 72,643 18,531
Director's loan account 146,782 36,013
Other debtors 4,534 4,816
223,959 59,360
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,010 6,322
Obligations under finance lease and hire purchase contracts - 6,067
Trade creditors 7,960 -
Taxation and social security costs 70,905 16,629
Other creditors 2,286 513
95,161 29,531
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 13,684
Obligations under finance lease and hire purchase contracts - 14,374
- 28,058
7 Other information
Bailey Energy Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Fiveways Close
Baydon
Marlborough
SN8 2LH
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