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Registered number: 09801065










BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
L V Bailey 
S V Bailey 




Registered number
09801065



Registered office
The Homestead
Derby Road

Lower Kilburn

Belper

Derbyshire

DE56 0NH




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

1 Prospect Place

Pride Park

Derby

DE24 8HG





 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Consolidated analysis of net debt
14
Notes to the financial statements
15 - 34


 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
The Group’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 Group 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 Group 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 Group 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 V Bailey
Director

Page 1

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £2,000,767 (2023 - £1,787,876).

The total distribution of dividends for the year ended 30 June 2024 will be £370,000 (2023 - £399,000). No further dividends are recommended.

Directors

The directors who served during the year were:

L V Bailey 
S V Bailey 

Future developments

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

Financial instruments

The Group'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 Group has an appropriate risk management programme that seeks to limit the adverse effects of these risks on the financial performance of the Group. The Group has implemented policies that require appropriate credit checks before a sale is made and the Group monitors its cashflow requirements on an on-going basis.

Page 2

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group 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 V Bailey
Director

Page 3

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

Opinion


We have audited the financial statements of Bailey Construction (Derby) Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 Group 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 Group's or the parent 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.


Page 4

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BAILEY CONSTRUCTION (DERBY) HOLDINGS 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 Group 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:

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 Group 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 and unexpected or unusual relationships that might indicate material misstatement due to fraud.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of 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.


Page 6

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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


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.





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

11 March 2025
Page 7

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,927,768
20,721,236

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

Gross profit
  
4,165,755
3,616,736

Administrative expenses
  
(1,677,393)
(1,723,934)

Other operating income
 5 
39,279
32,964

Operating profit
 6 
2,527,641
1,925,766

Interest receivable and similar income
 10 
206,545
123,222

Interest payable and similar expenses
 11 
(16,076)
(2,610)

Profit before taxation
  
2,718,110
2,046,378

Tax on profit
 12 
(717,343)
(258,502)

Profit for the financial year
  
2,000,767
1,787,876

Profit for the year attributable to:
  

Owners of the parent Company
  
2,000,767
1,787,876

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

The notes on pages 15 to 34 form part of these financial statements.

Page 8

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
REGISTERED NUMBER: 09801065

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
293,665
587,325

Tangible assets
 16 
1,434,837
1,298,565

Investment property
 18 
3,065,396
1,500,896

  
4,793,898
3,386,786

Current assets
  

Stocks
 19 
673,036
673,036

Debtors
 20 
9,263,736
9,071,905

Cash at bank and in hand
 21 
6,307,464
7,507,202

  
16,244,236
17,252,143

Creditors: amounts falling due within one year
 22 
(3,236,392)
(4,322,991)

Net current assets
  
 
 
13,007,844
 
 
12,929,152

Total assets less current liabilities
  
17,801,742
16,315,938

Creditors: amounts falling due after more than one year
 23 
(94,352)
(277,201)

Provisions for liabilities
  

Deferred taxation
 26 
(323,582)
(285,696)

Net assets
  
17,383,808
15,753,041


Capital and reserves
  

Called up share capital 
 27 
4,255,500
4,255,500

Revaluation reserve
 28 
55,921
57,222

Investment property revaluation reserve
 28 
59,214
59,214

Profit and loss account
 28 
13,013,173
11,381,105

Equity attributable to owners of the parent Company
  
17,383,808
15,753,041


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




S V Bailey
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
REGISTERED NUMBER: 09801065

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
5,205,500
5,205,500

Investment Property
 18 
2,842,736
1,278,236

  
8,048,236
6,483,736

Current assets
  

Debtors
 20 
6,223,784
5,539,213

Cash at bank and in hand
 21 
2,382,172
3,566,705

  
8,605,956
9,105,918

Creditors: amounts falling due within one year
 22 
(636,546)
(349,871)

Net current assets
  
 
 
7,969,410
 
 
8,756,047

Net assets
  
16,017,646
15,239,783


Capital and reserves
  

Called up share capital 
 27 
4,255,500
4,255,500

Profit and loss account
 28 
11,762,146
10,984,283

  
16,017,646
15,239,783


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


S V Bailey
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 10

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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


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

£
£
£
£
£


At 1 July 2022
4,255,500
58,523
59,214
9,990,928
14,364,165


Comprehensive income for the year

Profit for the year
-
-
-
1,787,876
1,787,876
Total comprehensive income for the year
-
-
-
1,787,876
1,787,876


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(399,000)
(399,000)

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


Total transactions with owners
-
(1,301)
-
(397,699)
(399,000)



At 1 July 2023
4,255,500
57,222
59,214
11,381,105
15,753,041


Comprehensive income for the year

Profit for the year
-
-
-
2,000,767
2,000,767
Total comprehensive income for the year
-
-
-
2,000,767
2,000,767


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(370,000)
(370,000)

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


Total transactions with owners
-
(1,301)
-
(368,699)
(370,000)


At 30 June 2024
4,255,500
55,921
59,214
13,013,173
17,383,808


The notes on pages 15 to 34 form part of these financial statements.

Page 11

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
4,255,500
11,257,796
15,513,296


Comprehensive income for the year

Profit for the year
-
125,487
125,487
Total comprehensive income for the year
-
125,487
125,487


Contributions by and distributions to owners

Dividends: Equity capital
-
(399,000)
(399,000)


Total transactions with owners
-
(399,000)
(399,000)



At 1 July 2023
4,255,500
10,984,283
15,239,783


Comprehensive income for the year

Profit for the year
-
1,147,863
1,147,863
Total comprehensive income for the year
-
1,147,863
1,147,863


Contributions by and distributions to owners

Dividends: Equity capital
-
(370,000)
(370,000)


Total transactions with owners
-
(370,000)
(370,000)


At 30 June 2024
4,255,500
11,762,146
16,017,646


The notes on pages 15 to 34 form part of these financial statements.

Page 12

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,000,767
1,787,876

Adjustments for:

Amortisation of intangible assets
293,660
293,660

Depreciation of tangible assets
447,428
377,779

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

Interest paid
16,076
2,610

Interest received
(206,545)
(123,222)

Taxation charge
717,343
258,502

(Increase)/decrease in debtors
(191,831)
1,114,492

(Decrease) in creditors
(1,145,527)
(665,972)

Corporation tax (paid)/received
(565,507)
74,027

Net cash generated from operating activities

1,349,003
3,110,335


Cash flows from investing activities

Purchase of tangible fixed assets
(850,806)
(272,758)

Sale of tangible fixed assets
283,967
100,000

Purchase of investment properties
(1,564,500)
-

Interest received
206,545
123,222

HP interest paid
(4,693)
(737)

Net cash from investing activities

(1,929,487)
(50,273)

Cash flows from financing activities

Repayment of finance leases
(237,871)
(282,410)

Dividends paid
(370,000)
(399,000)

Interest paid
(11,383)
(1,873)

Net cash used in financing activities
(619,254)
(683,283)

Net (decrease)/increase in cash and cash equivalents
(1,199,738)
2,376,779

Cash and cash equivalents at beginning of year
7,507,202
5,130,423

Cash and cash equivalents at the end of year
6,307,464
7,507,202


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,307,464
7,507,202


The notes on pages 15 to 34 form part of these financial statements.

Page 13

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

7,507,202

(1,199,738)

6,307,464

Debt due within 1 year- directors' loans

(312,047)

(23,927)

(335,974)

Finance leases

(509,607)

237,871

(271,736)


6,685,548
(985,794)
5,699,754

The notes on pages 15 to 34 form part of these financial statements.

Page 14

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

1.


General information

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
2.3

Going concern

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

Page 15

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS 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 Group 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 Group 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 Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Leased assets: the Group 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.

Page 16

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Pensions

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.11

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 17

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

 
2.13

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, on a reducing balance basis or a straight line basis..

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
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.

Land held by the Group is not depreciated.

Page 18

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Investment property

Investment property is carried at fair value determined annually by directors using historic valuations from 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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.

 
2.18

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.

 
2.19

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. 

 
2.20

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.

Page 19

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.21

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.

 
2.22

Financial instruments

The Group 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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

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.

 
2.23

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.

Page 20

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group'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 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 using historic valuations from 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.


4.


Turnover

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


2024
2023
£
£

Construction services
14,681,344
18,017,847

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

16,927,768
20,721,236


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

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


Page 21

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
99,787
116,539

Depreciation
447,428
377,779

Amortisation
293,660
293,660

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


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
19,500
16,200


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
1,380,027
1,335,330

Social security costs
134,219
136,908

Cost of defined contribution scheme
19,646
20,118

1,533,892
1,492,356


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production staff
23
24
-
-



Administrative staff
8
8
-
-



Directors
2
2
2
2

33
34
2
2

Page 22

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
20,215
29,050



10.


Interest receivable

2024
2023
£
£


Bank interest receivable
206,545
123,222


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,862
1,873

Other loan interest payable
9,521
-

Finance leases and hire purchase contracts
4,693
737

16,076
2,610


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
678,903
421,703

Adjustments in respect of previous periods
554
(116,331)


Total current tax
679,457
305,372


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

Adjustment in respect of previous periods
1,286
1

Total deferred tax
37,886
(46,870)


Taxation on profit on ordinary activities
717,343
258,502
Page 23

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher 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
2,718,110
2,046,378


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
679,528
419,508

Effects of:


Non-tax deductible amortisation of goodwill and impairment
73,415
60,200

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,560
1,833

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

Adjustments to tax charge in respect of prior periods
554
(116,331)

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

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

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

Total tax charge for the year
717,343
258,502


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Interim dividends
370,000
399,000


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £1,147,863 (2023 - £125,487).

Page 24

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

15.


Intangible assets

Group 





Goodwill

£



Cost


At 1 July 2023
3,136,605



At 30 June 2024

3,136,605



Amortisation


At 1 July 2023
2,549,280


Charge for the year on owned assets
293,660



At 30 June 2024

2,842,940



Net book value



At 30 June 2024
293,665



At 30 June 2023
587,325



Page 25

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

16.


Tangible fixed assets

Group






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 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 26

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS 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:

Open 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
£
£

Group


Cost
62,315
62,315

Accumulated depreciation
(8,274)
(7,477)

Net book value
54,041
54,838

The land and buildings are pledged as securities for the liabilities of the Group.
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.


17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 July 2023
5,205,500



At 30 June 2024
5,205,500




Page 27

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Bailey Construction (Derby) Limited
The Homestead, Derby Road, Lower Kilburn, Belper, Derbyshire, DE56 0NH
Ordinary shares
100%
Farsight Recruitment (Holdings) Limited
The Homestead, Derby Road, Lower Kilburn, Belper, Derbyshire, DE56 0NH
Ordinary shares
100%

All subsidiaries are included in the consolidation and are directly owned.

Page 28

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

18.


Investment property

Group


Freehold investment property

£



Valuation


At 1 July 2023
1,500,896


Additions at cost
1,564,500



At 30 June 2024
3,065,396

Investment property with a carrying value of £222,660 is pledged as security for the liabilities of the Group.

The 2024 valuations were made by the directors, on an open market value for existing use basis.



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
3,005,432
1,440,932

Company





Freehold investment property

£



Valuation


At 1 July 2023
1,278,236


Additions at cost
1,564,500



At 30 June 2024
2,842,736

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Page 29

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

19.


Stocks

Group
Group
2024
2023
£
£

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


The difference between purchase price or production cost of stocks and their replacement cost is not material.

£435,584 of stock has a fixed charge to secure the liabilities of the Group.


20.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
94,829
161,499

Other debtors
94,829
161,439
-
-

94,829
161,439
94,829
161,499

Due within one year

Trade debtors
1,861,586
2,652,756
11,195
-

Amounts owed by group undertakings
-
-
72,792
237,244

Other debtors
6,503,558
5,320,901
6,044,968
5,140,470

Prepayments and accrued income
157,639
197,272
-
-

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

9,263,736
9,071,905
6,223,784
5,539,213



21.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,307,464
7,507,202
2,382,172
3,566,705


Page 30

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,568,633
2,458,125
1,102
743

Amounts owed to group undertakings
-
-
211,800
-

Corporation tax
535,653
421,703
49,288
32,162

Other taxation and social security
413,942
499,782
5,788
-

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

Other creditors
397,173
331,996
363,649
312,047

Accruals and deferred income
143,607
378,979
4,919
4,919

3,236,392
4,322,991
636,546
349,871


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


23.


Creditors: Amounts falling due after more than one year

Group
Group
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 they relate.




24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
177,384
232,406

Between 1-5 years
94,352
277,201

271,736
509,607

Page 31

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

25.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
6,307,464
7,507,202
2,382,172
3,566,705




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


26.


Deferred taxation


Group



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:

Group
Group
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.


27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,255,500 (2023 - 4,255,500) Ordinary shares of £1.00 each
4,255,500
4,255,500


Page 32

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

28.


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 revaluation 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.


29.


Contingent liabilities

There is a guarantee facility in place with the Group 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)


30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.


31.


Commitments under operating leases

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


Group
Group
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

32.


Transactions with directors

At the 30 June 2024, the Group owed the directors £335,974 (2023: £312,047) . Any amounts due to  directors are unsecured and have no fixed repayment date. Interest on overdrawn directors' loan accounts is charged at 2.25% per annum. No interest is charged on amounts owed by the Group to the directors. 

Page 33

 
BAILEY CONSTRUCTION (DERBY) HOLDINGS LIMITED
 

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

33.


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 Group have loans with a company under common control. The total balances outstanding  at the balance sheet date are £4,608,852 (2023: £3,624,323). These balances are unsecured, interest-free, and repayable on demand. 

During the year the Group had a loan with another company under common control. At the balance sheet date, the company owed the Group £1,500,000 (2023: £1,500,000). The outstanding balance is unsecured, interest free and repayable on demand.

During the year the Group made sales of £2,265,208 (2023: £3,535,930) and purchases of £115,355 (2023: £100,423) from a company under common control. At the balance sheet date the Group owed £3,203 (2023: £9,534) and £369,741 was owed (2023: £4,200) by this company. The Group also provided an interest free loan to the company of £321,758.

There are no other key management personnel other than the directors whose emoluments are disclosed in note 9 to the financial statements.

34.


Controlling party


No one person is considered the ultimate controlling party.


Page 34