Company registration number 07966428 (England and Wales)
PETER BAILEY LTD
THE PETER BAILEY COMPANY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,645
6,743
Investments
4
490,669
497,314
6,743
Current assets
Debtors
5
889,689
724,879
Cash at bank and in hand
1,058,214
1,119,978
1,947,903
1,844,857
Creditors: amounts falling due within one year
6
(662,665)
(521,749)
Net current assets
1,285,238
1,323,108
Net assets
1,782,552
1,329,851
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
1,782,542
1,329,841
Total equity
1,782,552
1,329,851
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 2022 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.
The 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 27 September 2023 and are signed on its behalf by:
Mr Peter Bailey
Director
Company Registration No. 07966428
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 amounts 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 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.8
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 6 (2021: 6)
2022
2021
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
27,912
Additions
2,079
At 31 December 2022
29,991
Depreciation and impairment
At 1 January 2022
21,169
Depreciation charged in the year
2,177
At 31 December 2022
23,346
Carrying amount
At 31 December 2022
6,645
At 31 December 2021
6,743
PETER BAILEY LTD
THE PETER BAILEY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
490,669
Fixed asset investments revalued
Investments are revalued based on their current unit value.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
-
Additions
500,000
Valuation changes
(9,331)
At 31 December 2022
490,669
Carrying amount
At 31 December 2022
490,669
At 31 December 2021
-
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
731,759
624,764
Other debtors
157,930
100,115
889,689
724,879
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
397,004
301,331
Corporation tax
112,945
138,186
Other taxation and social security
68,998
1,262
Other creditors
83,718
80,970
662,665
521,749