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Bailams Insolvency Practitioners Limited

Financial Statements for the Year Ended 29 February 2024






Bailams Insolvency Practitioners Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: M Williams
J Bailey





SECRETARY: M Williams





REGISTERED OFFICE: Ty Antur
Navigation Park
Abercynon
Pontypridd
CF45 5SN





REGISTERED NUMBER: 06845250 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Bailams Insolvency Practitioners Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bailams Insolvency Practitioners Limited for the year ended 29 February 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bailams Insolvency Practitioners Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bailams Insolvency Practitioners Limited and state those matters that we have agreed to state to the Board of Directors of Bailams Insolvency Practitioners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bailams Insolvency Practitioners Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bailams Insolvency Practitioners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bailams Insolvency Practitioners Limited. You consider that Bailams Insolvency Practitioners Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bailams Insolvency Practitioners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


26 November 2024

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Balance Sheet
29 February 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 3 11,589 12,536

CURRENT ASSETS
Debtors 4 64,197 55,640
Cash at bank 26,097 27,318
90,294 82,958
CREDITORS
Amounts falling due within one year 5 50,436 40,552
NET CURRENT ASSETS 39,858 42,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,447

54,942

CREDITORS
Amounts falling due after more than
one year

6

23,129

28,301
NET ASSETS 28,318 26,641

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,218 26,541
SHAREHOLDERS' FUNDS 28,318 26,641

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Balance Sheet - continued
29 February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





M Williams - Director


Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. 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.

Turnover
Turnover represents net invoiced sales of insolvency services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% straight line
Fixtures and fittings - 20% straight line

Pension costs
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.

Fees and amounts due from contracts
Fees represent the invoiced value of goods and services supplied by the business, net of value added tax. Fees in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end. The amount of uninvoiced services is shown in the balance sheet as amounts due from contracts.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. TANGIBLE FIXED ASSETS
Fixtures
Improvements and
to property fittings Totals
£ £ £
COST
At 1 March 2023 11,546 6,475 18,021
Additions - 720 720
At 29 February 2024 11,546 7,195 18,741
DEPRECIATION
At 1 March 2023 839 4,646 5,485
Charge for year 838 829 1,667
At 29 February 2024 1,677 5,475 7,152
NET BOOK VALUE
At 29 February 2024 9,869 1,720 11,589
At 28 February 2023 10,707 1,829 12,536

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 12,590 5,656
Amounts recoverable on contract 26,000 23,000
Other debtors & prepayments 25,607 26,984
64,197 55,640

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loan 4,166 3,953
Trade creditors 3,375 238
Taxes & social security costs 40,964 32,662
Other creditors & accruals 1,931 3,699
50,436 40,552

Bailams Insolvency Practitioners Limited (Registered number: 06845250)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans 23,129 28,301

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£ £
M Williams
Balance outstanding at start of year 8,070 9,271
Amounts advanced 98,777 54,899
Amounts repaid (99,391 ) (56,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,456 8,070

J Bailey
Balance outstanding at start of year 7,754 8,908
Amounts advanced 53,000 52,746
Amounts repaid (55,500 ) (53,900 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,254 7,754

The overdrawn directors' loan account was cleared within 9 months of the year end.