Bailey's Of Norfolk Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02750898 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

BAILEY'S OF NORFOLK LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs M C Bailey

Mr A Bailey

SECRETARY:

Mrs M C Bailey

REGISTERED OFFICE:

50 Brick Kiln Road

Hevingham

Norfolk

NR10 5NL

REGISTERED NUMBER:

02750898 (England and Wales)

ACCOUNTANTS:

Berry & Warren Ltd

Chartered Accountants

54 Thorpe Road

Norwich

Norfolk

NR1 1RY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bailey's Of Norfolk Ltd for the year ended 31st March 2022 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bailey's Of Norfolk Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bailey's Of Norfolk Ltd and state those matters that we have agreed to state to the Board of Directors of Bailey's Of Norfolk Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bailey's Of Norfolk Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bailey's Of Norfolk Ltd 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 Bailey's Of Norfolk Ltd. You consider that Bailey's Of Norfolk Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bailey's Of Norfolk Ltd. 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.

Berry & Warren Ltd

Chartered Accountants

54 Thorpe Road

Norwich

Norfolk

NR1 1RY

29th September 2022

FIXED ASSETS

Intangible assets

4

9,000

18,000

Tangible assets

5

772,962

472,195

781,962

490,195

CURRENT ASSETS

Stocks

40,830

38,886

Debtors

6

366,172

487,936

Cash at bank and in hand

633,609

753,849

1,040,611

1,280,671

CREDITORS

Amounts falling due within one year

7

399,325

561,491

NET CURRENT ASSETS

641,286

719,180

TOTAL ASSETS LESS CURRENT LIABILITIES

1,423,248

1,209,375

CREDITORS

Amounts falling due after more than one year

8

(281,164

)

(103,781

)

PROVISIONS FOR LIABILITIES

(146,862

)

(89,715

)

NET ASSETS

995,222

1,015,879

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

995,121

1,015,778

SHAREHOLDERS' FUNDS

995,222

1,015,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2022 and were signed on its behalf by:

Mr A Bailey - Director

1.	STATUTORY INFORMATION

Bailey's Of Norfolk Ltd 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 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

25% on reducing balance

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2021

and 31st March 2022

180,000

AMORTISATION

At 1st April 2021

162,000

Charge for year

9,000

At 31st March 2022

171,000

NET BOOK VALUE

At 31st March 2022

9,000

At 31st March 2021

18,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

1,286,001

Additions

482,660

Disposals

(7,500

)

At 31st March 2022

1,761,161

DEPRECIATION

At 1st April 2021

813,806

Charge for year

176,018

Eliminated on disposal

(1,625

)

At 31st March 2022

988,199

NET BOOK VALUE

At 31st March 2022

772,962

At 31st March 2021

472,195

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2021

576,500

Additions

453,700

Transfer to ownership

(102,500

)

At 31st March 2022

927,700

DEPRECIATION

At 1st April 2021

256,663

Charge for year

117,310

Transfer to ownership

(46,983

)

At 31st March 2022

326,990

NET BOOK VALUE

At 31st March 2022

600,710

At 31st March 2021

319,837

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

193,701

289,038

Other debtors

172,471

198,898

366,172

487,936

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

191,033

131,188

Trade creditors

175,175

229,906

Taxation and social security

29,249

196,598

Other creditors

3,868

3,799

399,325

561,491

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

281,164

103,781

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

472,197

234,969

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2022 and 31st March 2021:

2022

2021

£

£

Mrs M C Bailey

Balance outstanding at start of year

113,368

111,427

Amounts advanced

79,393

113,368

Amounts repaid

(113,368

)

(111,427

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

79,393

113,368

Mr A Bailey

Balance outstanding at start of year

56,683

55,713

Amounts advanced

39,696

56,683

Amounts repaid

(56,683

)

(55,713

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

39,696

56,683

11.	RELATED PARTY DISCLOSURES

The company is under the control of the directors.

The company paid Mr A & Mrs M C Bailey £84,000 in the year for the use of trading premises.