REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 26 May 2024 |
for |
Baileys Specialist Cleaning & |
Restoration Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 26 May 2024 |
for |
Baileys Specialist Cleaning & |
Restoration Services Limited |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Contents of the Financial Statements |
for the Year Ended 26 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Baileys Specialist Cleaning & |
Restoration Services Limited |
Company Information |
for the Year Ended 26 May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Balance Sheet |
26 May 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 | ( |
) |
( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Balance Sheet - continued |
26 May 2024 |
The financial statements were approved by the director and authorised for issue on |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Notes to the Financial Statements |
for the Year Ended 26 May 2024 |
1. | STATUTORY INFORMATION |
Baileys Specialist Cleaning & Restoration Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that of specialists in domestic and commercial cleaning. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the rendering of services. |
GOODWILL |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years . |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery | 25% on reducing balance |
Computer equipment | 25% on cost |
Motor vehicles | 25% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial instrument transactions that results in the recognition of financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares. |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Notes to the Financial Statements - continued |
for the Year Ended 26 May 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
GOING CONCERN |
At the balance sheet date, liabilities exceed assets by £11,576. However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and shareholders.The director are therefore satisfied that the financial statements have been correctly prepared on the going concern basis. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 27 May 2023 |
and 26 May 2024 |
AMORTISATION |
At 27 May 2023 |
and 26 May 2024 |
NET BOOK VALUE |
At 26 May 2024 |
At 26 May 2023 |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Notes to the Financial Statements - continued |
for the Year Ended 26 May 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 27 May 2023 |
Additions |
At 26 May 2024 |
DEPRECIATION |
At 27 May 2023 |
Charge for year |
At 26 May 2024 |
NET BOOK VALUE |
At 26 May 2024 |
At 26 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
The director considers the carrying value of trade and other receivables approximate to their fair values. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 9) |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Notes to the Financial Statements - continued |
for the Year Ended 26 May 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases (see note 9) |
The directors consider the carrying amounts of long-term liabilities approximate to their fair values. |
9. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 7,464 | 541 |
Deferred |
tax |
£ |
Balance at 27 May 2023 |
Provided during year |
Balance at 26 May 2024 |
11. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
Baileys Specialist Cleaning & |
Restoration Services Limited (Registered number: 07950218) |
Notes to the Financial Statements - continued |
for the Year Ended 26 May 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 26 May 2024 and 26 May 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date included in other debtors are amounts due from director of £21,023 (2023 - £19,244). This loan is being repaid on demand. |