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COMPANY REGISTRATION NUMBER: 02104177
DAVID BROSTER LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
DAVID BROSTER LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
DAVID BROSTER LIMITED
BALANCE SHEET
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
389,622
413,260
------------
------------
389,623
413,261
Current assets
Stocks
7
185,000
35,000
Debtors
8
230,151
142,910
Cash at bank and in hand
343,004
445,744
------------
------------
758,155
623,654
Creditors: amounts falling due within one year
9
( 289,653)
( 176,892)
------------
------------
Net current assets
468,502
446,762
------------
------------
Total assets less current liabilities
858,125
860,023
Provisions
Taxation including deferred tax
( 21,755)
( 24,881)
------------
------------
Net assets
836,370
835,142
------------
------------
Capital and reserves
Called up share capital
11
500
500
Profit and loss account
835,870
834,642
------------
------------
Shareholders funds
836,370
835,142
------------
------------
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 profit and loss account has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DAVID BROSTER LIMITED
BALANCE SHEET (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
D Broster
Director
Company registration number: 02104177
DAVID BROSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 02104177 . The address of the registered office is Scarr View Farm, Lindley Moor, Huddersfield, HD3 3SZ.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold Property
-
2% straight line
Plant & Machinery
-
15% / 25% reducing balance
Motor Vehicles
-
25% reducing balance
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 47 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
1
------------
Amortisation
At 1 March 2022 and 28 February 2023
------------
Carrying amount
At 28 February 2023
1
------------
At 28 February 2022
1
------------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
319,553
417,795
102,639
839,987
Additions
14,405
20,750
35,155
Disposals
( 48,639)
( 48,639)
------------
------------
------------
------------
At 28 February 2023
319,553
432,200
74,750
826,503
------------
------------
------------
------------
Depreciation
At 1 March 2022
50,250
328,645
47,832
426,727
Charge for the year
6,390
16,407
13,500
36,297
Disposals
( 26,143)
( 26,143)
------------
------------
------------
------------
At 28 February 2023
56,640
345,052
35,189
436,881
------------
------------
------------
------------
Carrying amount
At 28 February 2023
262,913
87,148
39,561
389,622
------------
------------
------------
------------
At 28 February 2022
269,303
89,150
54,807
413,260
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
185,000
35,000
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
206,592
91,698
Prepayments and accrued income
10,216
7,153
Other debtors
13,343
44,059
------------
------------
230,151
142,910
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
258,243
144,054
Accruals and deferred income
5,342
9,151
Corporation tax
13,349
11,053
Social security and other taxes
12,271
12,159
Directors' loan accounts
448
436
Other creditors
39
------------
------------
289,653
176,892
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
21,755
24,881
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
21,755
24,881
------------
------------
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
500
500
500
500
------------
------------
------------
------------
12. Related party transactions
The company was under the control of Mr D Broster throughout the current and previous year. Transactions with the directors The directors' loan accounts of £448 (2022: £436) set out at note 11 above are repayable on demand, unsecured and currently interest-free. Aggregate dividends paid to the directors in the year amounted to £40,000 (2022: £39,000) Both D Broster and K Broster received rent of £2,000 (2022: £2,000) from the company for use of personal land and property.