Company registration number 07966428 (England and Wales)
PETER BAILEY LTD
THE PETER BAILEY COMPANY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PETER BAILEY LTD
THE PETER BAILEY COMPANY
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
PETER BAILEY LTD
THE PETER BAILEY COMPANY
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,500
-
0
Tangible assets
4
7,723
6,645
Investments
5
547,560
490,669
567,783
497,314
Current assets
Debtors
6
400,571
889,689
Cash at bank and in hand
1,789,259
1,058,214
2,189,830
1,947,903
Creditors: amounts falling due within one year
7
(586,250)
(662,665)
Net current assets
1,603,580
1,285,238
Net assets
2,171,363
1,782,552
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
2,171,353
1,782,542
Total equity
2,171,363
1,782,552

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr Peter Bailey
Director
Company registration number 07966428 (England and Wales)
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Peter Bailey Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for photography fees, production costs and agency commission, net of VAT.

1.3
Intangible fixed assets other than goodwill

Development costs, which include Website Development costs are stated at cost less accumulated amortisation.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Development
6 years useful life
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% wdv
Fixtures, fittings & equipment
25% wdv
Computer equipment
25% wdv

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company only has basic financial instruments. Basic financial assets which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 6 (2022: 6)

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023
-
0
Additions
15,000
At 31 December 2023
15,000
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
2,500
At 31 December 2023
2,500
Carrying amount
At 31 December 2023
12,500
At 31 December 2022
-
0
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
29,991
Additions
3,168
At 31 December 2023
33,159
Depreciation and impairment
At 1 January 2023
23,346
Depreciation charged in the year
2,090
At 31 December 2023
25,436
Carrying amount
At 31 December 2023
7,723
At 31 December 2022
6,645
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
547,560
490,669
Fixed asset investments revalued

Investments are revalued based on their current unit value.

 

 

 

 

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
490,669
Valuation changes
56,891
At 31 December 2023
547,560
Carrying amount
At 31 December 2023
547,560
At 31 December 2022
490,669
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
300,445
731,759
Corporation tax recoverable
151
-
0
Other debtors
99,975
157,930
400,571
889,689
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
253,957
397,004
Corporation tax
116,843
112,945
Other taxation and social security
68,138
68,998
Other creditors
147,312
83,718
586,250
662,665
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