Bailey's Of Norfolk Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02750898 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

BAILEY'S OF NORFOLK LTD

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr R A Bailey

Mrs M C Bailey

Mr A Bailey

SECRETARY:

Mrs M C Bailey

REGISTERED OFFICE:

Copper Beech Farm

Brick Kiln Road

Hevingham

Norwich

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 Abridged 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 31 March 2018 which comprise the Abridged Income

Statement, Abridged 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

23 August 2018

FIXED ASSETS

Intangible assets

4

45,000

54,000

Tangible assets

5

310,266

286,619

355,266

340,619

CURRENT ASSETS

Stocks

32,365

26,971

Debtors

271,961

429,160

Cash at bank and in hand

321,880

283,744

626,206

739,875

CREDITORS

Amounts falling due within one year

308,136

370,077

NET CURRENT ASSETS

318,070

369,798

TOTAL ASSETS LESS CURRENT LIABILITIES

673,336

710,417

CREDITORS

Amounts falling due after more than one year

(41,736

)

(51,875

)

PROVISIONS FOR LIABILITIES

(58,951

)

(54,458

)

NET ASSETS

572,649

604,084

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

572,548

603,983

SHAREHOLDERS' FUNDS

572,649

604,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 23 August 2018 and were signed on its behalf by:

Mr R 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 17 (2017 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

and 31 March 2018

180,000

AMORTISATION

At 1 April 2017

126,000

Amortisation for year

9,000

At 31 March 2018

135,000

NET BOOK VALUE

At 31 March 2018

45,000

At 31 March 2017

54,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

758,603

Additions

108,433

Disposals

(5,230

)

At 31 March 2018

861,806

DEPRECIATION

At 1 April 2017

471,984

Charge for year

82,580

Eliminated on disposal

(3,024

)

At 31 March 2018

551,540

NET BOOK VALUE

At 31 March 2018

310,266

At 31 March 2017

286,619

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

Totals

£

COST

At 1 April 2017

372,900

Additions

78,675

Transfer to ownership

(145,400

)

At 31 March 2018

306,175

DEPRECIATION

At 1 April 2017

162,511

Charge for year

60,345

Transfer to ownership

(98,644

)

At 31 March 2018

124,212

NET BOOK VALUE

At 31 March 2018

181,963

At 31 March 2017

210,389

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

21,962

-

Hire purchase contracts

105,411

133,003

127,373

133,003

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

Mr R A Bailey

Balance outstanding at start of year

64,823

66,084

Amounts advanced

16,807

64,823

Amounts repaid

(64,823

)

(66,084

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,807

64,823

Mrs M C Bailey

Balance outstanding at start of year

64,823

66,084

Amounts advanced

16,807

64,823

Amounts repaid

(64,823

)

(66,084

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,807

64,823

Mr A Bailey

Balance outstanding at start of year

64,823

66,084

Amounts advanced

16,808

64,823

Amounts repaid

(64,823

)

(66,084

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,808

64,823

A final dividend will be declared at the AGM and this used to repay the balance of the loans.

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £206,778 (2017 - £206,513) were paid to the directors .

The company is under the control of the directors.

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