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Registration number: 09854117

Inventive Products Limited

trading as Bailey of Sheffield

Unaudited Filleted Financial Statements

for the Year Ended 29 November 2023

 

Inventive Products Limited

trading as Bailey of Sheffield

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Inventive Products Limited

trading as Bailey of Sheffield

(Registration number: 09854117)
Balance Sheet as at 29 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,362

9,816

Current assets

 

Stocks

6

24,723

29,016

Debtors

7

775

14,308

Cash at bank and in hand

 

1,873

9,892

 

27,371

53,216

Creditors: Amounts falling due within one year

8

(115,242)

(156,998)

Net current liabilities

 

(87,871)

(103,782)

Total assets less current liabilities

 

(80,509)

(93,966)

Creditors: Amounts falling due after more than one year

8

(25,000)

(25,000)

Net liabilities

 

(105,509)

(118,966)

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(105,709)

(119,166)

Shareholders' deficit

 

(105,509)

(118,966)

For the financial year ending 29 November 2023 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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

 

Inventive Products Limited

trading as Bailey of Sheffield

(Registration number: 09854117)
Balance Sheet as at 29 November 2023

Approved and authorised by the director on 19 November 2024
 

Mr S A Bailey
Director

   
     
 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Portland Works - Unit 20
Randall Street
Sheffield
South Yorkshire
S2 4SJ
England

These financial statements were authorised for issue by the director on 19 November 2024.

2

Accounting policies

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 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.

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

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.

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.

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

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 & machinery

Reducing balance 25%

Motor vehicles

Reducing balance 25%

Office equipment

Reducing balance 25%

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,454

3,272

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

5

Tangible assets

Office
Equipment
£

Motor vehicles
 £

Plant &
Machinery
£

Total
£

Cost or valuation

At 30 November 2022

4,301

17,500

1,723

23,524

At 29 November 2023

4,301

17,500

1,723

23,524

Depreciation

At 30 November 2022

2,171

10,117

1,420

13,708

Charge for the year

533

1,846

75

2,454

At 29 November 2023

2,704

11,963

1,495

16,162

Carrying amount

At 29 November 2023

1,597

5,537

228

7,362

At 29 November 2022

2,130

7,383

303

9,816

6

Stocks

2023
£

2022
£

Other inventories

24,723

29,016

7

Debtors

Current

2023
£

2022
£

Other debtors

775

14,308

 

775

14,308

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

16,481

52,642

Trade creditors

 

16,279

32,747

Taxation and social security

 

58,954

56,943

Accruals and deferred income

 

3,000

4,540

Other creditors

 

20,528

10,126

 

115,242

156,998

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

25,000

25,000

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

25,000

25,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

7,905

10,000

Other borrowings

8,576

42,642

16,481

52,642