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REGISTERED NUMBER: 12797393 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BAILEY AND SONS TORBAY LIMITED
TRADING AS
LG PALK

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BAILEY AND SONS TORBAY LIMITED
TRADING AS LG PALK

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: Mrs W M Bailey
Mrs S L Bailey
Mr K G Bailey
Mr K N Bailey



REGISTERED OFFICE: Unit 14 Trojan Industrial Estate
Borough Close
Paignton
Devon
TQ4 7EP



REGISTERED NUMBER: 12797393 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: NatWest
108 Union Street
Torquay
Devon
TQ2 5PZ

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 60,935 64,320
Tangible assets 5 154,546 155,087
215,481 219,407

CURRENT ASSETS
Stocks 6 189,976 143,952
Debtors 7 544,421 473,186
Cash at bank 48,425 29,734
782,822 646,872
CREDITORS
Amounts falling due within one year 8 610,512 404,971
NET CURRENT ASSETS 172,310 241,901
TOTAL ASSETS LESS CURRENT LIABILITIES 387,791 461,308

CREDITORS
Amounts falling due after more than one
year

9

(46,934

)

(79,060

)

PROVISIONS FOR LIABILITIES (20,101 ) (19,720 )
NET ASSETS 320,756 362,528

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 320,656 362,428
SHAREHOLDERS' FUNDS 320,756 362,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

BALANCE SHEET - continued
31 MARCH 2025


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:





Mr K G Bailey - Director


BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


1. STATUTORY INFORMATION

Bailey and Sons Torbay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2024
and 31 March 2025 67,705
AMORTISATION
At 1 April 2024 3,385
Amortisation for year 3,385
At 31 March 2025 6,770
NET BOOK VALUE
At 31 March 2025 60,935
At 31 March 2024 64,320

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2024 70,336 26,981 374
Additions - 25,822 -
Disposals - - -
At 31 March 2025 70,336 52,803 374
DEPRECIATION
At 1 April 2024 1,407 10,967 116
Charge for year 1,407 8,367 39
Eliminated on disposal - - -
At 31 March 2025 2,814 19,334 155
NET BOOK VALUE
At 31 March 2025 67,522 33,469 219
At 31 March 2024 68,929 16,014 258

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2024 108,322 2,934 208,947
Additions 11,995 1,581 39,398
Disposals (22,037 ) - (22,037 )
At 31 March 2025 98,280 4,515 226,308
DEPRECIATION
At 1 April 2024 39,821 1,549 53,860
Charge for year 17,139 1,046 27,998
Eliminated on disposal (10,096 ) - (10,096 )
At 31 March 2025 46,864 2,595 71,762
NET BOOK VALUE
At 31 March 2025 51,416 1,920 154,546
At 31 March 2024 68,501 1,385 155,087

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2024
and 31 March 2025 27,995
DEPRECIATION
At 1 April 2024 6,999
Charge for year 5,249
At 31 March 2025 12,248
NET BOOK VALUE
At 31 March 2025 15,747
At 31 March 2024 20,996

6. STOCKS
2025 2024
£    £   
Stocks 189,976 143,952

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 522,356 428,047
Other debtors - 100
Directors' current accounts - 7,734
VAT 15,873 27,875
Prepayments 6,192 9,430
544,421 473,186

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 10,274 10,648
Hire purchase contracts 19,955 21,406
Trade creditors 422,602 230,769
Tax 29,189 66,652
Social security and other taxes 3,189 8,513
Other creditors 2,692 1,667
Directors' current accounts 118,296 62,076
Accrued expenses 4,315 3,240
610,512 404,971

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans - 1-5 years 2,801 12,606
Hire purchase contracts 44,133 66,454
46,934 79,060

10. OTHER FINANCIAL COMMITMENTS

At 31/03/2025, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £158,300 (2024: £115,897).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024
£    £   
Mr K G Bailey
Balance outstanding at start of year 7,733 19,381
Amounts advanced 65,246 155,383
Amounts repaid (143,452 ) (167,031 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (70,473 ) 7,733

Mrs S L Bailey
Balance outstanding at start of year - (39,942 )
Amounts advanced 50,270 90,142
Amounts repaid (50,270 ) (50,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr K N Bailey
Balance outstanding at start of year (33,170 ) (33,171 )
Amounts advanced 43,940 38,105
Amounts repaid (36,424 ) (38,104 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (25,654 ) (33,170 )

Mrs W M Bailey
Balance outstanding at start of year (28,904 ) (28,904 )
Amounts advanced 57,006 50,161
Amounts repaid (50,270 ) (50,161 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (22,168 ) (28,904 )

Loans are interest free and repayable on demand.

BAILEY AND SONS TORBAY LIMITED (REGISTERED NUMBER: 12797393)
TRADING AS LG PALK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


12. GOVERNMENT GUARANTEED LOAN

The bank loan of £13,075 is a COVID-19 Bounce Back Loan, guaranteed by the government.