Caseware UK (AP4) 2024.0.164 2024.0.164 2025-05-272025-05-27The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-09-01falseNo description of principal activity3838falsetruefalse 01665150 2023-09-01 2024-08-31 01665150 2022-09-01 2023-08-31 01665150 2024-08-31 01665150 2023-08-31 01665150 c:Director1 2023-09-01 2024-08-31 01665150 d:PlantMachinery 2023-09-01 2024-08-31 01665150 d:PlantMachinery 2024-08-31 01665150 d:PlantMachinery 2023-08-31 01665150 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01665150 d:MotorVehicles 2023-09-01 2024-08-31 01665150 d:MotorVehicles 2024-08-31 01665150 d:MotorVehicles 2023-08-31 01665150 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01665150 d:FurnitureFittings 2023-09-01 2024-08-31 01665150 d:FurnitureFittings 2024-08-31 01665150 d:FurnitureFittings 2023-08-31 01665150 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01665150 d:OfficeEquipment 2023-09-01 2024-08-31 01665150 d:OfficeEquipment 2024-08-31 01665150 d:OfficeEquipment 2023-08-31 01665150 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01665150 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01665150 d:Goodwill 2023-09-01 2024-08-31 01665150 d:Goodwill 2024-08-31 01665150 d:Goodwill 2023-08-31 01665150 d:CurrentFinancialInstruments 2024-08-31 01665150 d:CurrentFinancialInstruments 2023-08-31 01665150 d:Non-currentFinancialInstruments 2024-08-31 01665150 d:Non-currentFinancialInstruments 2023-08-31 01665150 d:Non-currentFinancialInstruments 1 2024-08-31 01665150 d:Non-currentFinancialInstruments 1 2023-08-31 01665150 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 01665150 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 01665150 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 01665150 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 01665150 d:ShareCapital 2024-08-31 01665150 d:ShareCapital 2023-08-31 01665150 d:SharePremium 2024-08-31 01665150 d:SharePremium 2023-08-31 01665150 d:CapitalRedemptionReserve 2024-08-31 01665150 d:CapitalRedemptionReserve 2023-08-31 01665150 d:RetainedEarningsAccumulatedLosses 2024-08-31 01665150 d:RetainedEarningsAccumulatedLosses 2023-08-31 01665150 c:OrdinaryShareClass1 2023-09-01 2024-08-31 01665150 c:OrdinaryShareClass1 2024-08-31 01665150 c:OrdinaryShareClass1 2023-08-31 01665150 c:PreferenceShareClass1 2023-09-01 2024-08-31 01665150 c:PreferenceShareClass1 2024-08-31 01665150 c:PreferenceShareClass1 2023-08-31 01665150 c:FRS102 2023-09-01 2024-08-31 01665150 c:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 01665150 c:FullAccounts 2023-09-01 2024-08-31 01665150 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01665150 2 2023-09-01 2024-08-31 01665150 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-08-31 01665150 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 01665150 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-08-31 01665150 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 01665150 d:LeasedAssetsHeldAsLessee 2024-08-31 01665150 d:LeasedAssetsHeldAsLessee 2023-08-31 01665150 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01665150










David Bailey Furniture Systems Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 August 2024

 
David Bailey Furniture Systems Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of David Bailey Furniture Systems Limited for the year ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Bailey Furniture Systems Limited for the year ended 31 August 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of David Bailey Furniture Systems Limited, as a body, in accordance with the terms of our engagement letter dated 14 June 2024Our work has been undertaken solely to prepare for your approval the financial statements of David Bailey Furniture Systems Limited and state those matters that we have agreed to state to the Board of directors of David Bailey Furniture Systems Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Bailey Furniture Systems Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that David Bailey Furniture Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of David Bailey Furniture Systems Limited. You consider that David Bailey Furniture Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of David Bailey Furniture Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
27 May 2025
Page 1

 
David Bailey Furniture Systems Limited
Registered number: 01665150

Balance sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
12,500
12,500

Tangible assets
 5 
380,631
336,814

  
393,131
349,314

Current assets
  

Stocks
 6 
300,763
363,547

Debtors: amounts falling due within one year
 7 
887,272
618,158

Cash at bank and in hand
  
394,110
489,646

  
1,582,145
1,471,351

Creditors: amounts falling due within one year
 8 
(594,093)
(533,139)

Net current assets
  
 
 
988,052
 
 
938,212

Total assets less current liabilities
  
1,381,183
1,287,526

Creditors: amounts falling due after more than one year
 9 
(143,558)
(169,776)

  

Net assets
  
1,237,625
1,117,750


Capital and reserves
  

Called up share capital 
 10 
3,750
3,750

Share premium account
  
29,000
29,000

Capital redemption reserve
  
200,000
200,000

Profit and loss account
  
1,004,875
885,000

  
1,237,625
1,117,750


Page 2

 
David Bailey Furniture Systems Limited
Registered number: 01665150

Balance sheet (continued)
As at 31 August 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2025.


T Gillman
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

1.


General information

David Bailey Furniture Systems Limited is a private company limited by shares and is incorporated in England with registration number 01665150.  The registered office address of the company is  12 Lysander Close, Pysons Road Industrial Estate, Broadstairs, Kent, CT10 2YJ.  

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.

These financial statements are rounded to the nearest pound. 
The company's functional and presentational currency is Pounds sterling.

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

Page 4

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Taxation

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.


 
2.7

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 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 Statement of income and retained earnings 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.

 
2.8

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.

Page 5

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
25%

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.

 
2.9

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 on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.10

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.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

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 6

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

3.


Employees

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


        2024
        2023
            No.
            No.







Employees
38
38


4.


Intangible assets



Goodwill

£



Cost


At 1 September 2023
12,500



At 31 August 2024

12,500






Net book value



At 31 August 2024
12,500



Page 7

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
1,245,337
150,230
50,649
62,835
1,509,051


Additions
66,610
70,511
200
75
137,396


Disposals
(82,000)
(20,400)
-
-
(102,400)



At 31 August 2024

1,229,947
200,341
50,849
62,910
1,544,047



Depreciation


At 1 September 2023
983,510
86,177
47,866
54,684
1,172,237


Charge for the year on owned assets
60,529
25,772
584
2,046
88,931


Disposals
(77,624)
(20,128)
-
-
(97,752)



At 31 August 2024

966,415
91,821
48,450
56,730
1,163,416



Net book value



At 31 August 2024
263,532
108,520
2,399
6,180
380,631

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


2024
2023
£
£



Plant and machinery
184,895
188,119

Motor vehicles
99,968
53,437

284,863
241,556

Page 8

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
176,757
187,276

Work in progress
124,006
176,271

300,763
363,547



7.


Debtors

2024
2023
£
£


Trade debtors
350,688
544,581

Other debtors
59,508
20,643

Prepayments and accrued income
477,076
52,934

887,272
618,158



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
304,401
304,434

Amounts owed to group undertakings
24,000
34,000

Corporation tax
45,255
10,514

Other taxation and social security
42,616
55,546

Obligations under finance lease and hire purchase contracts
88,590
72,818

Other creditors
3,417
668

Accruals and deferred income
85,814
55,159

594,093
533,139


Page 9

 
David Bailey Furniture Systems Limited
 

 
Notes to the financial statements
For the year ended 31 August 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
142,558
168,776

Share capital treated as debt
1,000
1,000

143,558
169,776



10.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



3,750 (2023 - 3,750) Ordinary shares of £1.00 each
3,750
3,750

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



1,000 (2023 - 1,000) Preference B shares of £1.00 each
1,000
1,000



11.


Related party transactions

All related party transactions during the current and prior periods, including key management
compesation, were concluded under normal market conditions.


12.


Controlling party

The ultimate controlling party is DBF Holdings Limited by virtue of its majority shareholding. 


Page 10