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Company registration number: 11273382
Bailey & Sons Civils Groundworks Limited
Unaudited filleted financial statements
31 March 2024
Bailey & Sons Civils Groundworks Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bailey & Sons Civils Groundworks Limited
Directors and other information
Director Mr P Bailey
Company number 11273382
Registered office 45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Business address Close Road Farm
Langley Lane
Middleton
Manchester
M24 5LH
Accountants Downham Morris & Co
45-49 Greek Street
Stockport
Cheshire
SK3 8AX
Bailey & Sons Civils Groundworks Limited
Chartered certified accountants report to the director on the preparation of the
unaudited statutory financial statements of Bailey & Sons Civils Groundworks Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bailey & Sons Civils Groundworks Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the director of Bailey & Sons Civils Groundworks Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bailey & Sons Civils Groundworks Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/ dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bailey & Sons Civils Groundworks Limited and its director as a body for our work or for this report.
It is your duty to ensure that Bailey & Sons Civils Groundworks 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 Bailey & Sons Civils Groundworks Limited. You consider that Bailey & Sons Civils Groundworks 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 Bailey & Sons Civils Groundworks 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.
Downham Morris & Co
Chartered Certified Accountants
45-49 Greek Street
Stockport
Cheshire
SK3 8AX
13 December 2024
Bailey & Sons Civils Groundworks Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,941 2,588
_______ _______
1,941 2,588
Current assets
Debtors 6 17,947 32,521
Cash at bank and in hand 2,247 1,013
_______ _______
20,194 33,534
Creditors: amounts falling due
within one year 7 ( 11,061) ( 21,517)
_______ _______
Net current assets 9,133 12,017
_______ _______
Total assets less current liabilities 11,074 14,605
_______ _______
Net assets 11,074 14,605
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 11,073 14,604
_______ _______
Shareholder funds 11,074 14,605
_______ _______
For the year ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
..............................
Mr P Bailey
Director
Company registration number: 11273382
Bailey & Sons Civils Groundworks Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 33.3 % straight line
Computer equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 April 2023 and 31 March 2024 10,908 14,800 813 26,521
_______ _______ _______ _______
Depreciation
At 1 April 2023 8,320 14,800 813 23,933
Charge for the year 647 - - 647
_______ _______ _______ _______
At 31 March 2024 8,967 14,800 813 24,580
_______ _______ _______ _______
Carrying amount
At 31 March 2024 1,941 - - 1,941
_______ _______ _______ _______
At 31 March 2023 2,588 - - 2,588
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 400 9,380
Other debtors 17,547 23,141
_______ _______
17,947 32,521
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 3,731
Trade creditors 6,452 6,646
Corporation tax 2,209 7,840
Other creditors 2,400 3,300
_______ _______
11,061 21,517
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr P Bailey ( 1,025) 6,543 5,518
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr P Bailey ( 3,081) 2,056 ( 1,025)
_______ _______ _______
No interest is payable on loans due to and from directors and loans are repayable on demand.
9. Related party transactions
During the year, the company voted dividends to the director totalling £12,250 (2023: £12,250).
10. Controlling party
The company is under the control of its director by virtue of his shareholding.