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Registration number: SC620579

Bailey Property Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Bailey Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Bailey Property Investments Ltd

Company Information

Director

Ms D Clark

Registered office

28 Springfield Crescent
South Queensferry
EH30 9SB

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Bailey Property Investments Ltd

(Registration number: SC620579)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

794

1,209

Investment property

5

430,000

420,000

 

430,794

421,209

Current assets

 

Debtors

6

39,257

38,122

Creditors: Amounts falling due within one year

7

(122,627)

(127,252)

Net current liabilities

 

(83,370)

(89,130)

Total assets less current liabilities

 

347,424

332,079

Creditors: Amounts falling due after more than one year

7

(289,370)

(291,692)

Provisions for liabilities

(24,686)

(22,786)

Net assets

 

33,368

17,601

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

33,367

17,600

Shareholders' funds

 

33,368

17,601

 

Bailey Property Investments Ltd

(Registration number: SC620579)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 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 her 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.

Approved and authorised by the director on 5 November 2024
 

.........................................
Ms D Clark
Director

 

Bailey Property Investments Ltd

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

1

General information

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

The address of its registered office is:
28 Springfield Crescent
South Queensferry
EH30 9SB
Scotland

These financial statements were authorised for issue by the director on 5 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 deferred 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.

 

Bailey Property Investments Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Bailey Property Investments Ltd

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

1,658

1,658

At 29 February 2024

1,658

1,658

Depreciation

At 1 March 2023

449

449

Charge for the year

415

415

At 29 February 2024

864

864

Carrying amount

At 29 February 2024

794

794

At 28 February 2023

1,209

1,209

5

Investment properties

2024
£

At 1 March

420,000

Fair value adjustments

10,000

At 29 February

430,000

There has been a valuation of investment property by an independent valuer.

 

Bailey Property Investments Ltd

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

6

Debtors

2024
£

2023
£

Other debtors

38,909

37,758

Prepayments

348

364

39,257

38,122

Current

2024
£

2023
£

Prepayments

348

364

Other debtors

38,909

37,758

 

39,257

38,122

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,404

9,855

Accruals and deferred income

 

1,680

12,680

Other creditors

 

109,543

104,717

 

122,627

127,252

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

289,370

291,692

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Bailey Property Investments Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

289,370

291,692

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

9,082

7,590

Other borrowings

2,322

2,265

11,404

9,855

10

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Ms D Clark

(104,717)

7,716

(12,542)

(109,543)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Ms D Clark

(98,137)

3,306

(9,887)

(104,717)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,000

11,800