Silverfin false 31/01/2023 01/02/2022 31/01/2023 D C Banbury P D Banbury 01/02/2000 R J Banbury R F Banbury S E Banbury 27/07/2017 S D Bennett 27/07/2017 N Coddington 30/11/2015 A W Potier 10/07/2023 24 October 2023 The principle activity of the company is the operation of a department store. 00204605 2023-01-31 00204605 bus:Director2 2023-01-31 00204605 bus:Director5 2023-01-31 00204605 bus:Director6 2023-01-31 00204605 bus:Director7 2023-01-31 00204605 bus:Director8 2023-01-31 00204605 2022-01-31 00204605 core:CurrentFinancialInstruments 2023-01-31 00204605 core:CurrentFinancialInstruments 2022-01-31 00204605 core:Non-currentFinancialInstruments 2023-01-31 00204605 core:Non-currentFinancialInstruments 2022-01-31 00204605 core:ShareCapital 2023-01-31 00204605 core:ShareCapital 2022-01-31 00204605 core:RetainedEarningsAccumulatedLosses 2023-01-31 00204605 core:RetainedEarningsAccumulatedLosses 2022-01-31 00204605 core:LandBuildings 2022-01-31 00204605 core:OtherPropertyPlantEquipment 2022-01-31 00204605 core:LandBuildings 2023-01-31 00204605 core:OtherPropertyPlantEquipment 2023-01-31 00204605 core:CurrentFinancialInstruments core:Secured 2023-01-31 00204605 2022-02-01 2023-01-31 00204605 bus:FullAccounts 2022-02-01 2023-01-31 00204605 bus:SmallEntities 2022-02-01 2023-01-31 00204605 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 00204605 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 00204605 bus:Director1 2022-02-01 2023-01-31 00204605 bus:Director2 2022-02-01 2023-01-31 00204605 bus:Director3 2022-02-01 2023-01-31 00204605 bus:Director4 2022-02-01 2023-01-31 00204605 bus:Director5 2022-02-01 2023-01-31 00204605 bus:Director6 2022-02-01 2023-01-31 00204605 bus:Director7 2022-02-01 2023-01-31 00204605 bus:Director8 2022-02-01 2023-01-31 00204605 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 00204605 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 00204605 2021-02-01 2022-01-31 00204605 core:LandBuildings 2022-02-01 2023-01-31 00204605 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 00204605 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 00204605 (England and Wales)

BANBURYS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

BANBURYS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

BANBURYS LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2023
BANBURYS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTORS D C Banbury
P D Banbury
R J Banbury
R F Banbury
S E Banbury
S D Bennett
N Coddington
SECRETARY S Bennett
REGISTERED OFFICE 32 High Street
Barnstaple
Devon
EX31 1BN
United Kingdom
COMPANY NUMBER 00204605 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
BANBURYS LIMITED

BALANCE SHEET

As at 31 January 2023
BANBURYS LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,327,172 2,411,661
Investments 4 541,811 541,811
2,868,983 2,953,472
Current assets
Stocks 5 466,920 412,025
Debtors 6 430,049 422,232
Cash at bank and in hand 4,205 3,729
901,174 837,986
Creditors: amounts falling due within one year 7 ( 674,943) ( 687,933)
Net current assets 226,231 150,053
Total assets less current liabilities 3,095,214 3,103,525
Creditors: amounts falling due after more than one year 8 ( 446,285) ( 493,192)
Provision for liabilities ( 27,893) ( 3,210)
Net assets 2,621,036 2,607,123
Capital and reserves
Called-up share capital 28,698 28,698
Profit and loss account 2,592,338 2,578,425
Total shareholders' funds 2,621,036 2,607,123

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.

Directors' responsibilities:

The financial statements of Banburys Limited (registered number: 00204605) were approved and authorised for issue by the Board of Directors on 24 October 2023. They were signed on its behalf by:

P D Banbury
Director
BANBURYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
BANBURYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Banburys Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 32 High Street, Barnstaple, Devon, EX31 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable, net of value added tax and trade discounts, in respect of the sale of goods and services to customers. Turnover is recognised at the point of sale.

Other operating income represents commissions receivable that are recognised at the point of sale and management charges that are recognised as services rendered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 12.5 - 33.3 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

Borrowings are classified as falling due within one year unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, in which case they are classified as due in more than one year.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 45

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 3,622,492 1,681,356 5,303,848
Additions 23,500 937 24,437
Disposals 0 ( 2,520) ( 2,520)
At 31 January 2023 3,645,992 1,679,773 5,325,765
Accumulated depreciation
At 01 February 2022 1,336,464 1,555,723 2,892,187
Charge for the financial year 59,349 49,577 108,926
Disposals 0 ( 2,520) ( 2,520)
At 31 January 2023 1,395,813 1,602,780 2,998,593
Net book value
At 31 January 2023 2,250,179 76,993 2,327,172
At 31 January 2022 2,286,028 125,633 2,411,661

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 541,811 541,811

5. Stocks

2023 2022
£ £
Finished goods 466,920 412,025

6. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 395,041 390,992
Other debtors 35,008 31,240
430,049 422,232

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 261,537 347,645
Trade creditors 197,650 130,465
Taxation and social security 138,350 128,468
Obligations under finance leases and hire purchase contracts 0 4,707
Other creditors 77,406 76,648
674,943 687,933

Bank loans and overdrafts comprise an overdraft balance of £223,871 (2022 - £310,379) and a bank loan of £37,666 (2022 - £37,266) which are secured on the freehold property and floating charges over the assets and undertakings of the company, including those of its subsidiary, Eastmond & Sons Limited.

Finance leases are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 446,285 493,192

Bank loans comprise a bank loan of £446,285 (2022 - £493,192) which is secured over the freehold property and floating charges over the assets and undertakings of the company, including those of its subsidiary, Eastmond & Sons Limited. The bank loan has a nominal interest rate of 5.87%, and the final instalment is due on 21 September 2032. The balance due in greater than five years is £266,490 (2022 - £Nil).

9. Financial commitments

Other financial commitments

2023 2022
£ £
Property owned by pension scheme 70,000 105,000