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
I N H Allington
L M H Allington
SECRETARY
I N H Allington
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
00321989 England and Wales
BROADRIBB LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 905,895 907,928
Investments 6 100 100
905,995 908,028
CURRENT ASSETS
Stock 125,531 114,567
Debtors 7 38,278 23,688
Cash at bank and in hand 32,480 62,538
196,289 200,793
CREDITORS: Amounts falling due within one year 8 238,968 249,570
NET CURRENT LIABILITIES (42,679) (48,777)
TOTAL ASSETS LESS CURRENT LIABILITIES 863,316 859,251
CREDITORS: Amounts falling due after more than one year 9 26,612 36,461
Provisions for liabilities and charges 108,258 82,284
NET ASSETS 728,446 740,506
CAPITAL AND RESERVES
Called up share capital 800 800
Distributable profit and loss account 92,197 100,313
Non distributable profit and loss account 635,449 639,393
SHAREHOLDERS' FUNDS 728,446 740,506
BROADRIBB LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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: 1 October 2023
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
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
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 Straight line basis at 2% per annum
Office equipment Reducing balance basis at 25% per annum
Fixtures and fittings Reducing balance basis at 12.5% per annum
Motor vehicles Reducing balance basis at 25% per annum
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 company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
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
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
BROADRIBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
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 7 3
5 TANGIBLE ASSETS
Freehold property Office equipment Fixtures and fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2022 1,079,322 11,312 32,272 8,477 1,131,383
Revaluation 21,586 - - - 21,586
Disposals - - - (46) (46)
At 31 January 2023 1,100,908 11,312 32,272 8,431 1,152,923
Accumulated depreciation and impairments
At 1 February 2022 184,322 9,540 24,855 4,738 223,455
Charge for year 21,586 230 833 924 23,573
At 31 January 2023 205,908 9,770 25,688 5,662 247,028
Net book value
At 1 February 2022 895,000 1,772 7,417 3,739 907,928
At 31 January 2023 895,000 1,542 6,584 2,769 905,895
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 100
At 31 January 2023 100
7 DEBTORS
2023 2022
£ £
Prepayments and accrued income 2,090 670
Other debtors 36,188 23,018
38,278 23,688
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,849 9,606
Trade creditors 3,578 15,099
Taxation and social security 11,320 13,330
Accruals and deferred income 3,572 3,338
Other creditors 210,649 208,197
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 26,612 36,461
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 26,612 6,160
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Broadribb Cycles Bicester Limited Subsidiary company
During the year, the following transactions with related parties took place:
I N H Allington
Director 2023 2022
£ £
Advances to company The director made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 42,518 40,067
M Allington
Shareholder 2023 2022
£ £
Advances to company The shareholder made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the shareholder the following amount: 13,062 13,062
BROADRIBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
10 RELATED PARTY TRANSACTIONS (continued…)
P Allington
Shareholder 2023 2022
£ £
Advances to company The shareholder made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the shareholder the following amount: 11,353 11,353
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