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REGISTERED NUMBER: 01089200 (England and Wales)















Bailey Bros. (Builders) Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Bailey Bros. (Builders) Limited (Registered number: 01089200)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Bailey Bros. (Builders) Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: M G Bailey
L S James





SECRETARIES: M G Bailey
P A Woodhead





REGISTERED OFFICE: 5 Brooklands Close
Holywell Green
Halifax
West Yorkshire
HX4 9AB





REGISTERED NUMBER: 01089200 (England and Wales)






Bailey Bros. (Builders) Limited (Registered number: 01089200)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,235,000 1,445,000

CURRENT ASSETS
Stocks 76,195 76,195
Debtors 5 305,826 298,833
Cash at bank 101,573 125,271
483,594 500,299
CREDITORS
Amounts falling due within one year 6 118,442 90,127
NET CURRENT ASSETS 365,152 410,172
TOTAL ASSETS LESS CURRENT LIABILITIES 1,600,152 1,855,172

PROVISIONS FOR LIABILITIES 100,400 179,981
NET ASSETS 1,499,752 1,675,191

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 7 1,489,752 1,665,191
1,499,752 1,675,191

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Bros. (Builders) Limited (Registered number: 01089200)

Balance Sheet - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2024 and were signed on its behalf by:





L S James - Director


Bailey Bros. (Builders) Limited (Registered number: 01089200)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Bailey Bros. (Builders) Limited 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and any costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:
Fixtures and fittings- 10% straight line
Office equipment- 33% straight line
Motor vehicles- 25% straight line

At each reporting period end, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount is the higher of fair value less costs to sell and value in use. An impairment loss is recognised immediately in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value


Bailey Bros. (Builders) Limited (Registered number: 01089200)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,445,000
Revaluations (210,000 )
At 31 March 2024 1,235,000
NET BOOK VALUE
At 31 March 2024 1,235,000
At 31 March 2023 1,445,000

Bailey Bros. (Builders) Limited (Registered number: 01089200)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 719,925
Valuation in 2024 (210,000 )
Cost 725,075
1,235,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 725,075 725,075

The investment properties were valued on an open market basis on 5 June 2024 by Marsh & Marsh Properties, Halifax .

In the opinion of the directors, the value of the properties has not changed significantly since this valuation.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 305,826 298,833

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 84,131 81,301
Other creditors 34,311 8,826
118,442 90,127

Bailey Bros. (Builders) Limited (Registered number: 01089200)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


7. RESERVES
Retained
earnings
£   

At 1 April 2023 1,665,191
Deficit for the year (135,439 )
Dividends (40,000 )
At 31 March 2024 1,489,752

Included in retained earnings are profits of £409,525 (2023 - £539,944), which are unrealised and therefore not available for distribution.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.24 31.3.23
£    £   
M G Bailey
Balance outstanding at start of year 229,798 217,367
Amounts advanced 4,708 12,431
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 234,506 229,798

Advances in excess of £10,000 are subject to interest at rates equivalent to the official HM Revenue & Customs rates of interest applicable to beneficial loans. The interest rate applied during the year was 2.25% per annum (2023 - 2.00%). During the year the amount of interest charged in respect of the loan was £5,165 (2023 - £4,427).