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Registration number: 07207691

Brights of Bideford Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 March 2023

image-name
 

Brights of Bideford Limited

(Registration number: 07207691)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,830

1,217

Current assets

 

Stocks

350

310

Debtors

6

9,852

7,560

Cash at bank and in hand

 

417,918

476,131

 

428,120

484,001

Creditors: Amounts falling due within one year

7

(25,563)

(78,415)

Net current assets

 

402,557

405,586

Total assets less current liabilities

 

405,387

406,803

Provisions for liabilities

(707)

(230)

Net assets

 

404,680

406,573

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

403,680

405,573

Shareholders' funds

 

404,680

406,573

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Brights of Bideford Limited

(Registration number: 07207691)
Balance Sheet as at 31 March 2023

Approved and authorised for issue by the Board on 24 October 2023 and signed on its behalf by:
 


Mr K J Bright F.R.I.C.S.

Director

 

Brights of Bideford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
18 Bridgeland Street
BIDEFORD
Devon
EX39 2QE

These financial statements were authorised for issue by the Board on 24 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102).

Basis of preparation

These financial statements have been prepared using the historical cost convention and on a going concern basis.

Revenue recognition

Turnover represents amounts receivable, net of Value Added Tax, for the sale of services to customers and includes unbilled work where recovery was reasonably certain at the year end.

Tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. It is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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

Office equipment

20% of net book value

Goodwill

Goodwill arising on the acquisition of the practice was capitalised as an asset on the balance sheet and has been amortised on a straight line basis over its estimated useful economic life of 5 years.

 

Brights of Bideford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like bank deposits, debtors and creditors.

Stocks

Stocks of stationery are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 2 (2022 - 2).

 

Brights of Bideford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

35,000

35,000

At 31 March 2023

35,000

35,000

Amortisation

At 1 April 2022

35,000

35,000

At 31 March 2023

35,000

35,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

12,156

12,156

Additions

2,303

2,303

Disposals

(1,219)

(1,219)

At 31 March 2023

13,240

13,240

Depreciation

At 1 April 2022

10,939

10,939

Charge for the year

629

629

Eliminated on disposal

(1,158)

(1,158)

At 31 March 2023

10,410

10,410

Carrying amount

At 31 March 2023

2,830

2,830

At 31 March 2022

1,217

1,217

 

Brights of Bideford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

7,890

480

Amounts owed by related parties

10

-

4,662

Prepayments

 

1,962

2,418

   

9,852

7,560

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Directors' loan

2,069

906

Trade creditors

 

3,945

14,939

Taxation and social security

 

16,834

60,548

Accruals and deferred income

 

2,715

2,022

 

25,563

78,415

8

Client bank account and ledger balances

2023
 £

2022
 £

Client bank account

38,345

32,202

Associated client ledger balance

(38,345)

(32,202)

-

-

The company maintains a separate bank account for monies held on behalf of clients, in accordance with the rules of the Royal Institute of Chartered Surveyors. The client bank account and the associated liabilities to clients are not included on the Balance Sheet.

 

Brights of Bideford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr S A Bright

Interest free loan

(4,662)

(252)

5,196

282

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr S A Bright

Interest free loan

541

(6,760)

1,557

(4,662)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,234

16,922

Contributions paid to money purchase schemes

60,000

20,000

81,234

36,922