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Registration number: 08861462

Braddison Trading Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2020

 

Braddison Trading Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Braddison Trading Ltd

Company Information

Director

Miss B Groeneveld

Registered office

Tekels Lodge
Woodfield Lane
Hessle
Hull
HU13 0EW

 

Braddison Trading Ltd

(Registration number: 08861462)
Balance Sheet as at 31 January 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

1,751

260

Investment property

5

2,299,175

1,344,860

 

2,300,926

1,345,120

Current assets

 

Debtors

6

55,317

38,237

Cash at bank and in hand

 

11,972

472,248

 

67,289

510,485

Creditors: Amounts falling due within one year

7

(594,268)

(415,018)

Net current (liabilities)/assets

 

(526,979)

95,467

Total assets less current liabilities

 

1,773,947

1,440,587

Creditors: Amounts falling due after more than one year

7

(500,000)

(500,000)

Net assets

 

1,273,947

940,587

Capital and reserves

 

Called up share capital

1

1

Fair value reserve

47,646

12,917

Retained earnings

1,226,300

927,669

Shareholders' funds

 

1,273,947

940,587

For the financial year ending 31 January 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 September 2023
 

.........................................
Miss B Groeneveld
Director

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 08861462.

The address of its registered office is:
Tekels Lodge
Woodfield Lane
Hessle
Hull
HU13 0EW

These financial statements were authorised for issue by the director on 15 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of shipbrokering and oil bunkering services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

2

Accounting policies (continued)

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2019 - 1).

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2019

639

639

Additions

2,348

2,348

At 31 January 2020

2,987

2,987

Depreciation

At 1 February 2019

379

379

Charge for the year

857

857

At 31 January 2020

1,236

1,236

Carrying amount

At 31 January 2020

1,751

1,751

At 31 January 2019

260

260

5

Investment properties

2020
£

At 1 February

1,344,860

Additions

919,586

Fair value adjustments

34,729

At 31 January

2,299,175

The fair value of the company's investment properties was revalued on 31 January 2020 by the director and updated for the addition made during the year.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2020
£

2019
£

Other debtors

55,317

38,237

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

7

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Loans and borrowings

8

342,109

-

Trade creditors

 

2,266

2,068

Taxation and social security

 

222,565

186,216

Other creditors

 

25,406

224,868

Accruals and deferred income

 

1,922

1,866

 

594,268

415,018

Creditors: amounts falling due after more than one year

Note

2020
£

2019
£

Due after one year

 

Loans and borrowings

8

500,000

500,000

8

Loans and borrowings

2020
£

2019
£

Non-current secured loans and borrowings

Bank borrowings

500,000

500,000

2020
£

2019
£

Current loans and borrowings

Other borrowings

342,109

-

Bank borrowings

The bank borrowings are secured on the company's investment properties.

Other borrowings

Other borrowings relate to unsecured directors loan account.

 

Braddison Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

9

Related party transactions

Transactions with the Director

2020

At 1 February 2019
£

Advances to Director
£

Repayments by Director
£

At 31 January 2020
£

Miss B Groeneveld

Unsecured, interest free loan, repayable on demand

36,143

488,828

(867,080)

(342,109)

         
       

 

Other transactions with directors

At the year end, the company owed the director £342,109 (2019 - the director owed the company £36,143). This amount is unsecured, interest free and repayable on demand.