Registration number:
Bradford Watts Limited
for the Year Ended 31 March 2023
Bradford Watts Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bradford Watts Limited
Company Information
Directors |
A Lysandrou D Pitcher J Taylor |
Company secretary |
A Lysandrou |
Registered office |
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Bankers |
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Auditors |
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Bradford Watts Limited
(Registration number: 01791958)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
401 |
1,001 |
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Share premium reserve |
6,986 |
6,986 |
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Capital redemption reserve |
20,002 |
19,402 |
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Retained earnings |
801,965 |
1,240,191 |
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Shareholders' funds |
829,354 |
1,267,580 |
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.
Approved and authorised by the
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Bradford Watts Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2022 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
Purchase of own share capital |
(600) |
- |
- |
(490,000) |
(490,600) |
Other capital redemption reserve movements |
- |
- |
600 |
- |
600 |
At 31 March 2023 |
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2021 |
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Profit for the year |
- |
- |
- |
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At 31 March 2022 |
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Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company accounts for long term contracts under FRS102, specifically using the percentage of costs incurred to arrive at a contract value - resulting in amounts payable or amounts recoverable on contracts - see revenue policy for more details. |
The nature of this involves significant judgement which can change as time progresses. The scale of this work covers large aspects of the financial statements and it is a key estimation area of the business. Management review this monthly taking in to account specific factors in the job to ensure that the long term contracts are accounted for in accordance with FRS102 in all material aspects and the estimate applied is reasonable and supported. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Contract revenue recognition
The company deals with long term contracts and in arriving at a value for these contracts the company uses the percentage of completion method with reference to the incurred costs on the job at that date against the total expected costs. This percentage is applied to the contract value and amounts invoiced are deducted from the calculation to arrive at either amounts payable on contracts (recorded in creditors) or amounts recoverable on contracts (recorded in debtors). The client performs these calculations monthly and continually reviews the details of each job when applying the estimate of costs expected, as the job progresses the most up to date knowledge of the job is applied which can vary each month. The movements are posted through cost of sales with turnover comprising invoiced amounts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% reducing balance |
Leasehold improvements |
33% on cost |
Investment property
The revaluation of investment properties is held net of deferred tax and earmarked as a non-distributable reserve.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. Amounts are reviewed periodically and where amounts are not considered recoverable a provision is made and the net amount is recorded within profit and loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised at the transaction price.
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.
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Short leasehold improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
( |
( |
( |
At 31 March 2023 |
- |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
- |
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At 31 March 2022 |
- |
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Investment properties |
2023 |
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At 1 April |
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Disposals |
( |
At 31 March |
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The investment property held was valued on an open market basis on 31 March 2022 by Raine & Company and Fenn Wright Estate Agents. The Directors consider that this value remains the fair value of the property at the year ended 31 March 2023.
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Other debtors include amounts recoverable on contracts of £711,743 (2022: £1,354,920).
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors include amounts payable on contracts of £1,216,452 (2022: £1,056,068).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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401 |
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1,001 |
During the year the company undertook a purchase of its own shares under Part 18 Chapter 4 of Companies Act 2006. There were 600 Ordinary £1 shares purchased for a total value of £490,000.
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Reserves |
Investments |
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Total amount of revalued assets |
220,050 |
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The total fair value uplift relating to investment properties is £220,050. The deferred tax arising on this balance at 25%, is £55,013. The net amount of non-distributable reserves held at the year end is £165,037.
Audit report |
The audit report prepared is in connection with the audit of the full annual accounts and Directors’ report and that Directors’ report has not been filed.
The name of the Senior Statutory Auditor who signed the audit report on
Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
4,010 |
- |
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4,010 |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Bradford Watts Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
At the balance sheet date the company owed £109,315 (2022: was owed £304,951) to PTL Investments Ltd, a company connected by common directors. There are no terms for repayment or interest charged.
At the balance sheet date the company owed the directors £4,000. There are no terms for repayment and no interest charged.
Controlling party |
The ultimate controlling parties are
Non adjusting events after the financial period |
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