Bailey & Palumbo Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC637228

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		10,068		7,747

			10,068		7,747
CURRENT ASSETS
Stock	5	8,995		7,000
Debtors	6	54,802		55,087
Cash at bank and in hand		227,300		202,760

		291,097		264,847
Creditors: Amounts Falling Due Within One Year	7	(92,587 )		(94,646 )

NET CURRENT ASSETS (LIABILITIES)			198,510		170,201

TOTAL ASSETS LESS CURRENT LIABILITIES			208,578		177,948

Creditors: Amounts Falling Due After More Than One Year	8		(1,592 )		-

NET ASSETS			206,986		177,948

CAPITAL AND RESERVES
Called up share capital	9		600		600
Profit and Loss Account			206,386		177,348

SHAREHOLDERS' FUNDS			206,986		177,948

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Bailey & Palumbo Ltd

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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

Mrs R H Bailey Palumbo

Director

19 August 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Bailey & Palumbo Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC637228 . The registered office is 49 Bread Street, Edinburgh, EH3 9AH.

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% reducing balance
Plant & Machinery	25% reducing balance
Computer Equipment	25% reducing balance

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.

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Bailey & Palumbo Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. 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.

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: 7 (2025: 8)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2025	21,364	5,039	2,962	29,365
Additions	-	4,888	-	4,888

As at 31 March 2026	21,364	9,927	2,962	34,253

Depreciation
As at 1 April 2025	18,197	2,166	1,255	21,618
Provided during the period	660	1,551	356	2,567

As at 31 March 2026	18,857	3,717	1,611	24,185

Net Book Value
As at 31 March 2026	2,507	6,210	1,351	10,068

As at 1 April 2025	3,167	2,873	1,707	7,747

5. Stock

	2026	2025
	£	£
Stock	8,995	7,000

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Bailey & Palumbo Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	3,842	1,524
Prepayments and accrued income	648	3,865
Amounts owed by related parties	50,312	49,698

	54,802	55,087

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	8,605	6,141
Bank loans and overdrafts	-	10,992
Corporation tax	54,133	46,515
Other taxes and social security	3,914	3,588
VAT	13,968	12,695
Other creditors	7,676	556
Accruals and deferred income	1,985	1,838
Directors' loan accounts	2,306	12,321

	92,587	94,646

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	1,592	-

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	600	600

10. Related Party Transactions

At 31 March 2026, the company owed the directors £2,306 (2025: £12,321 ).

At 31 March 2026, the company was owed £50,312 (2025: £49,698) by Chancho Ltd, a company with common directors.

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