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Registered number: 14075191
Bailey Products Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Montacs
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14075191
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,487 24,755
12,487 24,755
CURRENT ASSETS
Stocks 5 331,695 374,621
Debtors 6 480,022 179,140
Cash at bank and in hand 47,882 352,759
859,599 906,520
Creditors: Amounts Falling Due Within One Year 7 (530,000 ) (657,115 )
NET CURRENT ASSETS (LIABILITIES) 329,599 249,405
TOTAL ASSETS LESS CURRENT LIABILITIES 342,086 274,160
NET ASSETS 342,086 274,160
CAPITAL AND RESERVES
Called up share capital 8 250,001 250,001
Profit and Loss Account 92,085 24,159
SHAREHOLDERS' FUNDS 342,086 274,160
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Gilmore
Director
31/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Bailey Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14075191 . The registered office is Bailey, Blatchford Close, Horsham, RH13 5QR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% Straight line
Plant & Machinery 25% Straight line
Motor Vehicles 25% Straight line
Fixtures & Fittings 25% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 58 (2023: 58)
58 58
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2024 17,227 9,895 90,157 123,100 240,379
Additions - - - 5,796 5,796
Disposals - - (9,789 ) - (9,789 )
As at 31 December 2024 17,227 9,895 80,368 128,896 236,386
Depreciation
As at 1 January 2024 17,227 9,895 75,215 113,287 215,624
Provided during the period - - 13,793 4,271 18,064
Disposals - - (9,789 ) - (9,789 )
As at 31 December 2024 17,227 9,895 79,219 117,558 223,899
Net Book Value
As at 31 December 2024 - - 1,149 11,338 12,487
As at 1 January 2024 - - 14,942 9,813 24,755
5. Stocks
2024 2023
£ £
Stock 331,695 374,621
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 174,900 168,502
Prepayments and accrued income 40,730 10,638
Other debtors 264,392 -
480,022 179,140
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 162,557 203,302
Corporation tax 8,055 -
Other taxes and social security 3,210 11,303
VAT 31,934 31,882
Other creditors - 146,768
Other creditors (1) 303,996 256,015
Accruals and deferred income 20,248 7,845
530,000 657,115
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 250,001 250,001
Page 5