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Registration number: 12857461

Baileys Wholesale Limited

Filleted Annual Report and Abridged Financial Statements

for the Year Ended 29 February 2024

 

Baileys Wholesale Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 6

 

Baileys Wholesale Limited

Company Information

Directors

Mrs Katie Louise George

Mr Ian Bailey

Mr Matthew Bailey

Registered office

Baileys DIY
Brecon Road
Abergavenny
NP7 7RB

Bankers

Barclays
1 Churchill Place, London E14 5HP

Auditors

HSJ Audit Limited
Statutory Auditor
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Baileys Wholesale Limited

(Registration number: 12857461)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,696

35,135

Current assets

 

Stocks

5

1,498,098

1,099,268

Debtors

6

1,091,156

991,595

Cash at bank and in hand

 

184,804

50,661

 

2,774,058

2,141,524

Prepayments and accrued income

 

34,438

-

Creditors: Amounts falling due within one year

(1,905,010)

(1,787,948)

Net current assets

 

903,486

353,576

Total assets less current liabilities

 

949,182

388,711

Provisions for liabilities

(8,697)

-

Accruals and deferred income

 

(2,500)

(2,500)

Net assets

 

937,985

386,211

Capital and reserves

 

Called up share capital

200

200

Retained earnings

937,785

386,011

Shareholders' funds

 

937,985

386,211

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................

Mrs Katie Louise George
Director

 

Baileys Wholesale Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Baileys DIY
Brecon Road
Abergavenny
NP7 7RB

These financial statements were authorised for issue by the Board on 25 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 abridged 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 abridged 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.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 November 2024 was Mr Andrew Hill FCCA ACA DChA BFP, who signed for and on behalf of HSJ Audit Limited.

.........................................

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 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.

 

Baileys Wholesale Limited

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

Tax

The tax expense for the period comprises current and 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.

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.

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Baileys Wholesale Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 3).

 

Baileys Wholesale Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

37,941

37,941

Additions

15,700

15,700

At 29 February 2024

53,641

53,641

Depreciation

At 1 March 2023

2,805

2,805

Charge for the year

5,140

5,140

At 29 February 2024

7,945

7,945

Carrying amount

At 29 February 2024

45,696

45,696

At 28 February 2023

35,135

35,135

5

Stocks

2024
£

2023
£

Other inventories

1,498,098

1,099,268

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Parent and ultimate parent undertaking

The company's immediate parent is NR & CA Bailey Limited, incorporated in England & Wales.

  These financial statements are available upon request from Baileys DIY, Brecon Road, Abergavenny, Wales, NP7 7RB