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Registration number: 01791958

Bradford Watts Limited

Financial Statements

for the Year Ended 31 March 2023

 

Bradford Watts Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 11

 

Bradford Watts Limited

Company Information

Directors

A Lysandrou

D Pitcher

J Taylor

Company secretary

A Lysandrou

Registered office

BW House,
1 Lea Road,
Waltham Abbey
Broxbourne
EN9 1AS

Bankers

Barclays Bank Plc
NE London GRP 9
Leicester
LE87 2BB
 

Auditors

Bracey's Accountants (Audit) Limited
Registered Auditor
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

 

Bradford Watts Limited

(Registration number: 01791958)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,223

14,039

Investment property

5

450,000

690,002

 

470,223

704,041

Current assets

 

Debtors

6

4,361,240

3,300,557

Cash at bank and in hand

 

1,203,868

952,282

 

5,565,108

4,252,839

Creditors: Amounts falling due within one year

7

(5,145,908)

(3,639,085)

Net current assets

 

419,200

613,754

Total assets less current liabilities

 

889,423

1,317,795

Provisions for liabilities

(60,069)

(50,215)

Net assets

 

829,354

1,267,580

Capital and reserves

 

Called up share capital

401

1,001

Share premium reserve

6,986

6,986

Capital redemption reserve

20,002

19,402

Retained earnings

801,965

1,240,191

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 Board on 15 November 2023 and signed on its behalf by:
 

.........................................
A Lysandrou
Company secretary and director

 

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
£

At 1 April 2022

1,001

6,986

19,402

1,240,191

1,267,580

Profit for the year

-

-

-

55,784

55,784

Dividends

-

-

-

(4,010)

(4,010)

Purchase of own share capital

(600)

-

-

(490,000)

(490,600)

Other capital redemption reserve movements

-

-

600

-

600

At 31 March 2023

401

6,986

20,002

801,965

829,354

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2021

1,001

6,986

19,402

834,717

862,106

Profit for the year

-

-

-

405,474

405,474

At 31 March 2022

1,001

6,986

19,402

1,240,191

1,267,580

 

Bradford Watts Limited

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

1

General information

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

The address of its registered office is:
BW House,
1 Lea Road,
Waltham Abbey
Broxbourne
EN9 1AS

These financial statements were authorised for issue by the Board on 15 November 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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2022 - 38).

 

Bradford Watts Limited

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

4

Tangible assets

Short leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

18,903

41,209

60,112

Additions

-

12,937

12,937

Disposals

(18,903)

(12,211)

(31,114)

At 31 March 2023

-

41,935

41,935

Depreciation

At 1 April 2022

18,903

27,171

46,074

Charge for the year

-

5,055

5,055

Eliminated on disposal

(18,903)

(10,514)

(29,417)

At 31 March 2023

-

21,712

21,712

Carrying amount

At 31 March 2023

-

20,223

20,223

At 31 March 2022

-

14,039

14,039

5

Investment properties

2023
£

At 1 April

690,002

Disposals

(240,002)

At 31 March

450,000


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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,802,692

1,536,174

Amounts owed by related parties

13

-

304,951

Prepayments

 

108,774

104,512

Other debtors

 

1,449,774

1,354,920

   

4,361,240

3,300,557

Other debtors include amounts recoverable on contracts of £711,743 (2022: £1,354,920).

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,883,107

1,674,562

Amounts owed to related parties

13

109,315

-

Taxation and social security

 

779,283

585,331

Accruals and deferred income

 

1,079,515

243,340

Other creditors

 

1,294,688

1,135,852

 

5,145,908

3,639,085

Other creditors include amounts payable on contracts of £1,216,452 (2022: £1,056,068).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

401

401

1,001

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

9

Reserves

Investments
2023
£

Total amount of revalued assets

220,050

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.

10

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 independent Auditors’ report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 15 November 2023 was Emma Fraser FCA on behalf of Bracey's Accountants (Audit) Limited, registered auditors.

11

Dividends

   

2023

 

2022

   

£

 

£

 

 

Interim dividend of £10.00 (2022 - £Nil) per ordinary share

 

4,010

 

-

   

4,010

 

-

         

12

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 £206,978 (2022 - £158,600). Of this amount £111,849 (2022 £113,279) is due within one year and the remaining £95,129 (2022 £44,875) is due between 2 and 5 years in respect of operating leases.

 

Bradford Watts Limited

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

13

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.

14

Controlling party

The ultimate controlling parties are A Lysandrou and J Taylor, Directors, acting in concert.

15

Non adjusting events after the financial period

The company purchased commercial property, 2 Whitehall Industrial Estate, during October 2023 for a gross value of £450,000. The company intends to move to its new business premises during the current financial year.