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Company Registration No. 07265198 (England and Wales)
M K Bailey Limited Unaudited accounts for the year ended 31 May 2024
M K Bailey Limited Unaudited accounts Contents
Page
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M K Bailey Limited Company Information for the year ended 31 May 2024
Director
M K Bailey
Company Number
07265198 (England and Wales)
Registered Office
THE PADDOCK MOUNT PLEASANT HOSE MELTON MOWBRAY LEICESTERSHIRE LE14 4JX
Accountants
Barrowby Accountants Limited Kobia, Low Road, Barrowby Grantham Lincs. NG32 1DJ
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M K Bailey Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
48,509 
53,160 
Current assets
Inventories
355,387 
81,000 
Debtors
90,080 
65,143 
Cash at bank and in hand
430,299 
587,523 
875,766 
733,666 
Creditors: amounts falling due within one year
(319,202)
(259,261)
Net current assets
556,564 
474,405 
Total assets less current liabilities
605,073 
527,565 
Provisions for liabilities
Deferred tax
(11,821)
(10,100)
Net assets
593,252 
517,465 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
593,250 
517,463 
Shareholders' funds
593,252 
517,465 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 December 2024 and were signed on its behalf by
M K Bailey Director Company Registration No. 07265198
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M K Bailey Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
M K Bailey Limited is a private company, limited by shares, registered in England and Wales, registration number 07265198. The registered office is THE PADDOCK MOUNT PLEASANT, HOSE, MELTON MOWBRAY, LEICESTERSHIRE, LE14 4JX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Total 
£ 
Cost
At 1 June 2023
20,000 
At 31 May 2024
20,000 
Amortisation
At 1 June 2023
20,000 
At 31 May 2024
20,000 
Net book value
At 31 May 2024
- 
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M K Bailey Limited Notes to the Accounts for the year ended 31 May 2024
5
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 June 2023
117,771 
Additions
5,750 
At 31 May 2024
123,521 
Depreciation
At 1 June 2023
64,611 
Charge for the year
10,401 
At 31 May 2024
75,012 
Net book value
At 31 May 2024
48,509 
At 31 May 2023
53,160 
6
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
11,821 
10,100 
2024 
2023 
£ 
£ 
Provision at start of year
10,100 
(1,657)
Charged to the profit and loss account
1,721 
11,757 
Provision at end of year
11,821 
10,100 
7
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
11,868 
11,868 
Later than one year and not later than five years
8,901 
20,769 
20,769 
32,637 
8
Transactions with related parties
Included in creditors is an interest free loan from the director amounting to £97,789 and an interest free loan from A Bailey (shareholder) amounting to £114,804 at the balance sheet date.
9
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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