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Registered number: 04178519










BAILEY CONSTRUCTION (DERBY) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

COMPANY INFORMATION


Directors
L V Bailey 
S Bailey 
J D Cogan 




Registered number
04178519



Registered office
The Homestead
Derby Road

Lower Kilburn

Belper

Derbyshire

DE56 0NH




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

1 Prospect House

Pride Park

Derby

DE24 8HG





 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 27

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
The Company’s principal activities during the period continued to be that of a building developer and contractor.
 
During the year, the company have completed works including new industrial units, Healthcare schemes, and Education schemes.
 
Turnover has decreased from previous years due to a few factors:
 
1.Tendered projects, which we were successful in our tender were either put on hold or cancelled due to budget constraints and planning delays.
 
2.Client delay’s for tendering projects due to the uncertainty within the market and the new Government.
 
3.Directors also focused on being cautious with the schemes we were tendering and converting to live projects. We actively reviewed the projects being asked to tender to ensure that the projects were suitable risk appraised to ensure we avoided risky projects which had programme, buildability and commercial risks.
 
However, while turnover has decreased from the prior year, Bailey Construction has remained very profitable with an increase of 29% and retained all staff in readiness for increasing turnover going forward.
 
Our strategy for the next year is to focus on varying markets and ensuring we mitigate risk by trading with stable clients and diversifying the sectors we work in, along with adopting the correct projects which reduce the risks based on contracting works.

Principal risks and uncertainties
 
The Company is subject to general economic and financial factors that can affect its performance, for example the financial environment that its customer operates in. The main risk at present is the new Government and change of policies and the ongoing wars of Russia/Ukraine and Palestine/Israel.
The Company has maintained a diverse portfolio of customers across different operating sectors in order to mitigate these risks and will continue to do so.

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross profit, net profit margin and working capital.


This report was approved by the board on 11 March 2025 and signed on its behalf.



S Bailey
Director
Page 1

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,146,564 (2023 - £1,956,049).

The total distribution of dividends for the year ended 30 June 2024 was £1,000,000 (2023 - £Nil). No further dividends are recommended.

Directors

The directors who served during the year were:

L V Bailey 
S Bailey 
J D Cogan 

Future developments

There are no future developments that require disclosure within the financial statements.

Financial instruments

The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and cashflow risk. The Company has an appropriate risk management programme that seeks to limit the adverse effects of these risks on the financial performance of the Company. The Company has implemented policies that require appropriate credit checks before a sale is made and the Company monitors its cashflow requirements on an on-going basis.

Page 2

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 11 March 2025 and signed on its behalf.
 





S Bailey
Director

Page 3

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAILEY CONSTRUCTION (DERBY) LIMITED
 

Opinion


We have audited the financial statements of Bailey Construction (Derby) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAILEY CONSTRUCTION (DERBY) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAILEY CONSTRUCTION (DERBY) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
• management override of control; and
• posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance/review of correspondence around actual and
potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations
and fraud, and enquiries with third party advisors about potential claims
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
• Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias. In particular, profits on
long-term contracts, valuation of freehold and investment property and performing analytical procedures to
identify any unexpected or unusual relationships that might indicate material misstatement due to fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAILEY CONSTRUCTION (DERBY) LIMITED (CONTINUED)





Lucy Robinson (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
1 Prospect House
Pride Park
Derby
DE24 8HG

11 March 2025
Page 7

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,810,480
20,622,336

Cost of sales
  
(12,762,013)
(17,104,500)

Gross profit
  
4,048,467
3,517,836

Administrative expenses
  
(1,370,778)
(1,426,129)

Other operating income
 5 
39,279
32,964

Operating profit
 6 
2,716,968
2,124,671

Interest receivable and similar income
 10 
113,342
60,742

Interest payable and similar expenses
 11 
(15,691)
(2,294)

Profit before tax
  
2,814,619
2,183,119

Tax on profit
 12 
(668,055)
(227,070)

Profit for the financial year
  
2,146,564
1,956,049

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 27 form part of these financial statements.
Page 8

 
BAILEY CONSTRUCTION (DERBY) LIMITED
REGISTERED NUMBER: 04178519

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 15 
1,434,837
1,298,565

Investment property
 16 
222,660
222,660

  
1,657,497
1,521,225

Current assets
  

Stocks
 17 
673,036
673,036

Debtors: amounts falling due within one year
 18 
3,252,923
3,697,204

Cash at bank and in hand
 19 
3,925,292
3,940,497

  
7,851,251
8,310,737

Creditors: amounts falling due within one year
 20 
(2,812,817)
(4,137,632)

Net current assets
  
 
 
5,038,434
 
 
4,173,105

Total assets less current liabilities
  
6,695,931
5,694,330

Creditors: amounts falling due after more than one year
 21 
(94,352)
(277,201)

Provisions for liabilities
  

Deferred tax
 24 
(323,582)
(285,696)

Net assets
  
6,277,997
5,131,433


Capital and reserves
  

Called up share capital 
 25 
100
100

Revaluation reserve
 26 
55,921
57,222

Investment property revaluation reserve
 26 
59,214
59,214

Profit and loss account
 26 
6,162,762
5,014,897

  
6,277,997
5,131,433


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2025.




S Bailey
Director

The notes on pages 11 to 27 form part of these financial statements.
Page 9

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Investment property reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
100
58,523
59,214
3,057,547
3,175,384


Comprehensive income for the year

Profit for the year
-
-
-
1,956,049
1,956,049
Total comprehensive income for the year
-
-
-
1,956,049
1,956,049

Transfer to/from profit and loss account
-
(1,301)
-
1,301
-


Total transactions with owners
-
(1,301)
-
1,301
-



At 1 July 2023
100
57,222
59,214
5,014,897
5,131,433


Comprehensive income for the year

Profit for the year
-
-
-
2,146,564
2,146,564
Total comprehensive income for the year
-
-
-
2,146,564
2,146,564


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,000,000)
(1,000,000)

Transfer to/from profit and loss account
-
(1,301)
-
1,301
-


Total transactions with owners
-
(1,301)
-
(998,699)
(1,000,000)


At 30 June 2024
100
55,921
59,214
6,162,762
6,277,997


The notes on pages 11 to 27 form part of these financial statements.
Page 10

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Bailey Construction (Derby) Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. The Company’s principal activities during the period continued to be that of a building developer and contractor.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£). The financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Bailey Construction (Derby) Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

After reviewing the Company's budgets, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of the approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 11

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue and long term contracts

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be measured reliably. Profits are recognised as stages of the overall contracts are completed. Where an element of the contract has not yet completed, profit is only recognised to the extent that the outcome can be assessed with reasonable certainty. Turnover is calculated as that proportion of total contract value that covers costs incurred to date for completed contract stages and profit in relation to any completed stages of the contract based on the specific performance of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Any monies received over the value of work done are classified as payments on account and included in creditors.
Other services
The company earns revenue from the provision of services relating to the construction industry. This revenue is recognised over time in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
The main performance obligations in contracts consist of the delivery of milestones or progress against the services described in the contract. For all contracts the stage of completion and delivery of performance obligations are measured at the balance sheet date using the input method of estimating progress of delivery at the reporting date. The stage of completion of a contract is assessed with reference to completion of a physical proportion of the contract work.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 13

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance basis..

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Plant and machinery
-
20%
on reducing balance
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
15%
on reducing balance
Computer equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by directors based on historic valuations by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and reviewed on an annual basis by the directors. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 14

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 15

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of estimate and judgment are as follows:
Profit on long-term contracts is recognised based upon staged completion of contracts when stages are separable and can be clearly distinguished and that profits attributable to these specific stages can be e assessed with reasonable certainty.
Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers and reviewed on an annual basis by the directors.
Investment property is carried at fair value determined annually by directors based on historic valuations annual by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and reviewed on an annual basis by the directors.

Page 16

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction services
14,564,056
17,918,947

Other services
2,246,424
2,703,389

16,810,480
20,622,336


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income -rent receivable
39,279
32,964



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
99,787
116,539

Depreciation
447,428
377,777

(Profit)/Loss on disposal of assets
(16,861)
(9,417)


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,400
14,400

Page 17

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,380,968
1,338,508

Social security costs
134,219
136,908

Cost of defined contribution scheme
19,646
20,118

1,534,833
1,495,534


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production Staff
23
24



Administrative Staff
7
7



Directors
3
3

33
34


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
30,256
41,286



10.


Interest receivable

2024
2023
£
£


Bank interest receivable
113,342
60,742


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,477
1,557

Other loan interest payable
9,521
-

Finance leases and hire purchase contracts
4,693
737

15,691
2,294

Page 18

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
629,615
389,541

Adjustments in respect of previous periods
554
(115,601)


Total current tax
630,169
273,940

Deferred tax


Origination and reversal of timing differences
36,600
(46,871)

Changes to tax rates
-
1

Adjustments in respect of prior periods
1,286
-

Total deferred tax
37,886
(46,870)


Tax on profit
668,055
227,070

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,814,619
2,183,119


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
703,655
446,895

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,560
2,484

Adjustments to tax charge in respect of prior periods
554
(115,601)

Adjustments to tax charge in respect of prior periods - deferred tax
1,286
1

Adjustment in research and development tax credit leading to an decrease in the tax charge
(43,000)
(91,780)

Other differences leading to an increase (decrease) in the tax charge
-
(6,485)

Remeasurement of deferred tax for rate changes
-
(8,444)

Total tax charge for the year
668,055
227,070


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£


Final dividends paid on ordinary shares
1,000,000
-


14.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
200,000



At 30 June 2024

200,000



Amortisation


At 1 July 2023
200,000



At 30 June 2024

200,000



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 20

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
127,340
625,866
1,666,086
6,305
44,518
2,470,115


Additions
-
468,800
379,041
-
2,965
850,806


Disposals
-
(67,432)
(544,109)
-
-
(611,541)



At 30 June 2024

127,340
1,027,234
1,501,018
6,305
47,483
2,709,380



Depreciation


At 1 July 2023
15,281
362,014
753,532
4,046
36,677
1,171,550


Charge for the year on owned assets
2,547
94,523
181,349
693
3,177
282,289


Charge for the year on financed assets
-
50,940
114,199
-
-
165,139


Disposals
-
(53,779)
(290,656)
-
-
(344,435)



At 30 June 2024

17,828
453,698
758,424
4,739
39,854
1,274,543



Net book value



At 30 June 2024
109,512
573,536
742,594
1,566
7,629
1,434,837



At 30 June 2023
112,059
263,852
912,554
2,259
7,841
1,298,565




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
109,512
112,059


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
203,760
191,701

Motor vehicles
342,598
579,403

546,358
771,104

Page 21

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
 
Cost or valuation at 30 June 2024 is as follows:

Land and buildings
£


At cost
62,315
At valuation:

Market value 2015
65,025



127,340

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
62,315
62,315

Accumulated depreciation
(8,724)
(7,477)

Net book value
53,591
54,838

The land and buildings are pledged as securities for the liabilities of the Bailey Construction (Derby) Limited and it's parent company, Bailey Construction (Derby) Holdings Limited.
The valuation was undertaken by Gadsby Nichols, an independent RICs registered organisation in November 2015. The directors are not aware of any material changes to this valuation, which require it to be updated.

Page 22

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
222,660



At 30 June 2024
222,660

Investment property with a carrying value of £222,660 is pledged as security for the liabilities of the group, being Bailey Construction (Derby) Holdings Limited and the Company.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
162,696
162,696

The valuation was undertaken by Gadsby Nichols, an independent RICs registered organisation  in November 2015. The directors review this valuation annually and are not aware of any material changes to this valuation.


17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
673,036
673,036


£435,584 of stock has a fixed charge to secure the liabilities of the Group as defined in note 16.


18.


Debtors

2024
2023
£
£


Trade debtors
1,851,562
2,652,756

Amounts owed by group undertakings
211,800
-

Amounts recoverable on long term contracts
646,124
739,537

Other debtors
385,798
107,639

Prepayments and accrued income
157,639
197,272

3,252,923
3,697,204


Page 23

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,925,292
3,940,497



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,567,531
2,457,382

Amounts owed to group undertakings
1,171
164,512

Corporation tax
486,365
389,541

Other taxation and social security
408,154
499,782

Obligations under finance lease and hire purchase contracts
177,384
232,406

Other creditors
33,524
19,949

Accruals and deferred income
138,688
374,060

2,812,817
4,137,632


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
Amounts owed to group undertakings are interest free and repayable on demand. £164,512 of amounts owed to the Group are secured by a fixed charge over the stock of the Company.


21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
94,352
277,201


Obligations under finance lease and hire purchase contracts are secured on the assets to which the relate.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
177,384
232,406

Between 1-5 years
94,352
277,201

271,736
509,607

Page 24

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,925,292
3,940,497




Financial assets measured at fair value through profit or loss comprise bank and cash.


24.


Deferred taxation




2024


£






At beginning of year
(285,696)


Charged to profit or loss
(37,886)



At end of year
(323,582)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(324,083)
(286,181)

Other timing differences
501
485

(323,582)
(285,696)


The expected net reversal of deferred taxation assets and liabilities is not considered to be material


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 25

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Reserves

Revaluation reserve

This includes the cumulative effect of a revaluation of tangible fixed assets where a policy of revaluation has been adopted and is non-distributable.

Investment property revaluation reserve

This includes the cumulative effect of the fair values of investment properties and is non-distributable.

Profit and loss account

Profit and loss account - includes all distributable current and prior period retained profits and losses.


27.


Contingent liabilities

There is a guarantee facility in place with the Company and Bailey Earthmoving & Logistics Limited relating to banking arrangements. At the year end, the outstanding guarantees under this facility in respect of other companies totalled £Nil (2023: £Nil)


28.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,646 (2023: £20,118). Contributions totalling £4,679 (2023: £4,523) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
98,135
99,787

Later than 1 year and not later than 5 years
22,063
140,255

120,198
240,042

Page 26

 
BAILEY CONSTRUCTION (DERBY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

30.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.
During the year the Company has a loan with company under common control included in other debtors. The balance outstanding at the balance sheet date is £64,040 (2023: £107,639). This balance is unsecured, interest-free, and is repayable on demand. The Company pays rental of £48,000 a year   company. The Company was also owed £211,800 by another company under common control. This balance is unsecured, interest-free, and is repayable on demand.
During the year the Company made sales of  £2,261,152 (2023: £3,535,930) and purchases £115,355 of (2023: £100,423) from a company under common control. At the balance sheet date the Company owed £3,202 (2023: £9,534) and was owed £365,765 and £321,758 ( 2023: £4,200) by this company.
There are no other key management personnel other than the directors. See note 9 for details of directors' remuneration.


31.


Controlling party

At 30 June 2024, the immediate and ultimate parent undertaking was Bailey Construction (Derby) Holdings Limited, a company incorporated in England and Wales, due to their 100% interest in the equity share capital of the company.
No one party is regarded as the ultimate controlling party.

Page 27