10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 232,683 232,683 xbrli:pure xbrli:shares iso4217:GBP 04458413 2022-05-01 2023-04-30 04458413 2023-04-30 04458413 2022-04-30 04458413 2021-05-01 2022-04-30 04458413 2022-04-30 04458413 2021-04-30 04458413 core:NetGoodwill 2022-05-01 2023-04-30 04458413 core:FurnitureFittings 2022-05-01 2023-04-30 04458413 core:MotorVehicles 2022-05-01 2023-04-30 04458413 bus:Director1 2022-05-01 2023-04-30 04458413 core:NetGoodwill 2023-04-30 04458413 core:LandBuildings 2022-04-30 04458413 core:FurnitureFittings 2022-04-30 04458413 core:MotorVehicles 2022-04-30 04458413 core:LandBuildings 2023-04-30 04458413 core:FurnitureFittings 2023-04-30 04458413 core:MotorVehicles 2023-04-30 04458413 core:WithinOneYear 2023-04-30 04458413 core:WithinOneYear 2022-04-30 04458413 core:ShareCapital 2023-04-30 04458413 core:ShareCapital 2022-04-30 04458413 core:RetainedEarningsAccumulatedLosses 2023-04-30 04458413 core:RetainedEarningsAccumulatedLosses 2022-04-30 04458413 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 04458413 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-04-30 04458413 core:Non-currentFinancialInstruments 2023-04-30 04458413 core:Non-currentFinancialInstruments 2022-04-30 04458413 core:LandBuildings 2022-04-30 04458413 core:FurnitureFittings 2022-04-30 04458413 core:MotorVehicles 2022-04-30 04458413 bus:Director1 2022-04-30 04458413 bus:Director1 2023-04-30 04458413 bus:Director1 2021-04-30 04458413 bus:Director1 2022-04-30 04458413 bus:Director1 2021-05-01 2022-04-30 04458413 bus:SmallEntities 2022-05-01 2023-04-30 04458413 bus:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 04458413 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04458413 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04458413 bus:FullAccounts 2022-05-01 2023-04-30
COMPANY REGISTRATION NUMBER: 04458413
Bruce Roberts & Co Limited
Filleted Unaudited Financial Statements
30 April 2023
Bruce Roberts & Co Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
213,300
219,730
Investments
7
135,000
135,000
---------
---------
348,300
354,730
Current assets
Stocks
28,000
32,000
Debtors
8
125,264
95,302
Cash at bank and in hand
461,934
395,186
---------
---------
615,198
522,488
Creditors: amounts falling due within one year
9
83,493
76,964
---------
---------
Net current assets
531,705
445,524
---------
---------
Total assets less current liabilities
880,005
800,254
Provisions
Taxation including deferred tax
( 23,224)
( 21,616)
---------
---------
Net assets
903,229
821,870
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
903,129
821,770
---------
---------
Shareholders funds
903,229
821,870
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bruce Roberts & Co Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
Mr B S S Roberts
Director
Company registration number: 04458413
Bruce Roberts & Co Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for the supply of accountancy services carried out during the year, exclusive of Value Added Tax. Where services were provided during the year but not completed the costs are recognised as stocks.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
The Director considers the residual value of the freehold property to be so high and its useful life to be so long that depreciation of Land and Buildings negligible.
Fixed asset investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
232,683
---------
Amortisation
At 1 May 2022 and 30 April 2023
232,683
---------
Carrying amount
At 30 April 2023
---------
At 30 April 2022
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
186,070
21,867
36,800
244,737
Additions
2,688
2,688
Disposals
( 910)
( 910)
---------
--------
--------
---------
At 30 April 2023
186,070
23,645
36,800
246,515
---------
--------
--------
---------
Depreciation
At 1 May 2022
15,807
9,200
25,007
Charge for the year
2,176
6,900
9,076
Disposals
( 868)
( 868)
---------
--------
--------
---------
At 30 April 2023
17,115
16,100
33,215
---------
--------
--------
---------
Carrying amount
At 30 April 2023
186,070
6,530
20,700
213,300
---------
--------
--------
---------
At 30 April 2022
186,070
6,060
27,600
219,730
---------
--------
--------
---------
No depreciation is provided in respect of freehold property as the director considers the residual value to be so high and the useful economic life to be so long as to make the depreciation immaterial.
7. Investments
Other investments other than loans
Other loans
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
147,096
50,000
197,096
---------
--------
---------
Impairment
At 1 May 2022 and 30 April 2023
62,096
62,096
---------
--------
---------
Carrying amount
At 30 April 2023
85,000
50,000
135,000
---------
--------
---------
At 30 April 2022
85,000
50,000
135,000
---------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
105,384
76,241
Other debtors
19,880
19,061
---------
--------
125,264
95,302
---------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,794
20,604
Social security and other taxes
25,493
29,554
Other creditors
37,206
26,806
--------
--------
83,493
76,964
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B S S Roberts
7,596
42,500
( 36,596)
13,500
-------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B S S Roberts
11,324
41,707
( 45,435)
7,596
--------
--------
--------
-------
11. Related party transactions
The company was under the control of Mr Bruce Roberts throughout the current and previous year. Mr Roberts is the managing director and majority shareholder. No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.