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Registration number: 10557600

Blake & Bull Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Blake & Bull Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Blake & Bull Ltd

Company Information

Director

Mr Matthew Bates

Registered office

Alfred House
4 Benjamin Street
Bradford on Avon
Wiltshire
BA15 1FW

Accountants

BJP Finance Ltd
Chartered Accountants
34 Market Street
Bradford-On-Avon
Wiltshire
BA15 1LL

 

Blake & Bull Ltd

(Registration number: 10557600)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

761,095

712,849

Current assets

 

Stocks

5

470,498

423,760

Debtors

6

149,232

215,998

Cash at bank and in hand

 

161,297

85,686

 

781,027

725,444

Creditors: Amounts falling due within one year

7

(787,134)

(736,851)

Net current liabilities

 

(6,107)

(11,407)

Total assets less current liabilities

 

754,988

701,442

Creditors: Amounts falling due after more than one year

7

(640,559)

(466,950)

Provisions for liabilities

(83,756)

(93,314)

Net assets

 

30,673

141,178

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

30,671

141,176

Shareholders' funds

 

30,673

141,178

For the financial year ending 31 January 2023 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 his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 October 2023
 

 

Blake & Bull Ltd

(Registration number: 10557600)
Balance Sheet as at 31 January 2023

.........................................
Mr Matthew Bates
Director

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Alfred House
4 Benjamin Street
Bradford on Avon
Wiltshire
BA15 1FW
England

These financial statements were authorised for issue by the director on 16 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

50% straight line

Office Equipment

25% straight line

Plant & Machinery

10% straight line

Leasehold Improvements

8% straight line

Motor Vehicles

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 34 (2022 - 30).

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

313,979

97,173

332,743

121,984

865,879

Additions

20,997

5,806

160,796

75,181

262,780

Disposals

-

(2,811)

(36,982)

(31,220)

(71,013)

At 31 January 2023

334,976

100,168

456,557

165,945

1,057,646

Depreciation

At 1 February 2022

21,969

37,517

75,727

17,817

153,030

Charge for the year

26,460

30,998

83,103

13,315

153,876

Eliminated on disposal

-

(67)

(10,011)

(277)

(10,355)

At 31 January 2023

48,429

68,448

148,819

30,855

296,551

Carrying amount

At 31 January 2023

286,547

31,720

307,738

135,090

761,095

At 31 January 2022

292,010

59,656

257,016

104,167

712,849

Included within the net book value of land and buildings above is £286,546 (2022 - £292,010) in respect of short leasehold land and buildings.
 

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

5

Stocks

2023
£

2022
£

Other inventories

470,498

423,760

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

872

-

Amounts owed by related parties

11

54,206

22,376

Prepayments

 

19,439

9,090

Other debtors

 

74,715

184,532

   

149,232

215,998

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

287,768

217,909

Trade creditors

 

258,670

249,520

Taxation and social security

 

179,941

170,980

Accruals and deferred income

 

3,763

6,920

Other creditors

 

56,992

91,522

 

787,134

736,851

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

640,559

466,950

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

388,811

288,471

Hire purchase contracts

217,944

178,479

Other borrowings

33,804

-

640,559

466,950

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

154,717

75,782

Hire purchase contracts

123,307

81,004

Other borrowings

9,744

61,123

287,768

217,909

Other borrowings

Paypal Working capital loan is denominated in £(Sterling) with a nominal interest rate of 10%, and the final instalment is due on 6 July 2027. The carrying amount at year end is £43,548 (2022 - £61,123).

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £64,500.00 (2022 - £105,250.00) per ordinary share

 

129,000

 

210,500

         

11

Related party transactions

At the Balance Sheet date, the Company had made loans to Britten (UK) Ltd, a Company under the control of the Director and his spouse totalling £54,206 (2022: £22,376). The loan is non-interest bearing and repayable on demand to the Company and as such is disclosed within debtors in the balance sheet.

During the accounting period, Britten (UK) Ltd invoiced the Company £1,787 inclusive of VAT (2022: £4,561) for goods for resale. This amount had been paid in full at the balance sheet date.

At the Balance Sheet date, the Company had made loans to the Director and his spouse totalling £11,636 (2022: £123,894). Interest at the HMRC approved rate of 2.00% is chargeable on the loans and a s.455 tax charge has been levied. The amount owed is included in debtors in the balance sheet at the reporting date.

 

Blake & Bull Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,559