BROADRIBB LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 JANUARY 2023 | |||||||||||
Company Registration Number: 00321989 | |||||||||||
BROADRIBB LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 11 | ||||||||||
BROADRIBB LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
00321989 England and Wales | |||||||||||
BROADRIBB LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 JANUARY 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 5 | ||||||||||
Investments | 6 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 9 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Non distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
BROADRIBB LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 JANUARY 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
I N H Allington | L M H Allington | ||||||||||
Director | Director | ||||||||||
Date approved by the board: |
|||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Broadribb Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
Cranbrook House | 81 Sheep Street | ||||||||||
287-291 Banbury Road | Bicester | ||||||||||
Oxford | Oxfordshire | ||||||||||
OX2 7JQ | OX26 6JS | ||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable and represents the value of cycles and related accessories sold, stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Tangible fixed assets | |||||||||||
Fixed assets, other than those stated below, are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Fixed assets include freehold property which are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Freehold property | |||||||||||
Office equipment | |||||||||||
Fixtures and fittings | |||||||||||
Motor vehicles | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Investments | |||||||||||
Investments in subsidiaries are shown at cost less accumulated impairment losses. | |||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using 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. | |||||||||||
Pensions | |||||||||||
Consolidation | |||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Freehold property | Office equipment | Fixtures and fittings | Motor vehicles | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 1 February 2022 | |||||||||||
Revaluation | - | - | - | ||||||||
Disposals | - | - | - | ( |
( |
||||||
At 31 January 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 February 2022 | |||||||||||
Charge for year | |||||||||||
At 31 January 2023 | |||||||||||
Net book value | |||||||||||
At 1 February 2022 | |||||||||||
At 31 January 2023 | |||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
6 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in subsidiary | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 February 2022 | 100 | ||||||||||
At 31 January 2023 | 100 | ||||||||||
Net book value | |||||||||||
At 1 February 2022 | |||||||||||
At 31 January 2023 | |||||||||||
7 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
38,278 | 23,688 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
238,968 | 249,570 | ||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
9 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Included in the amounts falling due after more than one year are the following amounts which are due in more | |||||||||||
than five years: | |||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
10 | RELATED PARTY TRANSACTIONS | ||||||||||
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members: | |||||||||||
Subsidiary company | |||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||
Shareholder | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||
BROADRIBB LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2023 | |||||||||||
10 | RELATED PARTY TRANSACTIONS (continued…) | ||||||||||
Shareholder | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||