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Registration number: 12859539

Baileys Property Holdings Limited

Filleted Annual Report and Abridged Financial Statements

for the Year Ended 29 February 2024

 

Baileys Property Holdings Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 5

 

Baileys Property Holdings Limited

Company Information

Directors

K L George

M Bailey

I Bailey

Registered office

Baileys DIY
Brecon Road
Abergavenny
NP7 7RB

Auditors

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

 

Baileys Property Holdings Limited

(Registration number: 12859539)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

599,440

599,440

Current assets

 

Stocks

5

2,990

2,990

Cash at bank and in hand

 

22,622

3,622

 

25,612

6,612

Creditors: Amounts falling due within one year

(517,422)

(500,161)

Net current liabilities

 

(491,810)

(493,549)

Total assets less current liabilities

 

107,630

105,891

Creditors: Amounts falling due after more than one year

(96,530)

(100,757)

Accruals and deferred income

 

(2,802)

-

Net assets

 

8,298

5,134

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

10,414

10,414

Retained earnings

(2,316)

(5,480)

Shareholders' funds

 

8,298

5,134

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:
 

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

K L George
Director

 

Baileys Property Holdings 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 Property Holdings Limited

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

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.

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.

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.

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.

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.

 

Baileys Property Holdings Limited

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

3

Staff numbers

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

4

Tangible assets

Investment properties

2024
£

At 1 March

599,440

There has been no valuation of investment property by an independent valuer.

5

Stocks

2024
£

2023
£

Other inventories

2,990

2,990

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