Company Registration No. 07966428 (England and Wales)
PETER BAILEY LTD
THE PETER BAILEY COMPANY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PETER BAILEY LTD
THE PETER BAILEY COMPANY
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
PETER BAILEY LTD
THE PETER BAILEY COMPANY
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,797
12,428
Current assets
Debtors
4
297,279
622,134
Cash at bank and in hand
532,661
975,627
829,940
1,597,761
Creditors: amounts falling due within one year
5
(330,314)
(1,113,047)
Net current assets
499,626
484,714
Total assets less current liabilities
511,423
497,142
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
511,413
497,132
Total equity
511,423
497,142
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
Mr P Bailey
Director
Company Registration No. 07966428
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Peter Bailey Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
180 Great Portland Street, London, W1W 5QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for photography fees, production costs and agency commission, net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% wdv
Fixtures, fittings & equipment
25% wdv
Computer equipment
25% wdv
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments. Basic financial assets which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
30,706
Additions
2,476
At 31 December 2018
33,182
Depreciation and impairment
At 1 January 2018
18,278
Depreciation charged in the year
3,107
At 31 December 2018
21,385
Carrying amount
At 31 December 2018
11,797
At 31 December 2017
12,428
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
182,276
449,960
Corporation tax recoverable
5,408
7,244
Amounts owed by group undertakings
-
6,908
Other debtors
109,595
158,022
297,279
622,134
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
150,423
350,867
Corporation tax
6,473
138,738
Other taxation and social security
101,348
30,910
Other creditors
72,070
592,532
330,314
1,113,047