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No description of principal activity
2022-03-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
08882512
2022-03-01
2023-02-28
08882512
2023-02-28
08882512
2022-02-28
08882512
2021-03-01
2022-02-28
08882512
2022-02-28
08882512
core:NetGoodwill
2022-03-01
2023-02-28
08882512
core:PlantMachinery
2022-03-01
2023-02-28
08882512
core:MotorVehicles
2022-03-01
2023-02-28
08882512
bus:Director1
2022-03-01
2023-02-28
08882512
core:WithinOneYear
2023-02-28
08882512
core:WithinOneYear
2022-02-28
08882512
core:AfterOneYear
2023-02-28
08882512
core:AfterOneYear
2022-02-28
08882512
core:UKTax
2022-03-01
2023-02-28
08882512
core:UKTax
2021-03-01
2022-02-28
08882512
core:ShareCapital
2023-02-28
08882512
core:ShareCapital
2022-02-28
08882512
core:RetainedEarningsAccumulatedLosses
2023-02-28
08882512
core:RetainedEarningsAccumulatedLosses
2022-02-28
08882512
bus:SmallEntities
2022-03-01
2023-02-28
08882512
bus:AuditExemptWithAccountantsReport
2022-03-01
2023-02-28
08882512
bus:AbridgedAccounts
2022-03-01
2023-02-28
08882512
bus:SmallCompaniesRegimeForAccounts
2022-03-01
2023-02-28
08882512
bus:PrivateLimitedCompanyLtd
2022-03-01
2023-02-28
COMPANY REGISTRATION NUMBER:
08882512
Branfield Restoration Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Branfield Restoration Limited |
|
Abridged Statement of Financial Position |
|
28 February 2023
Fixed assets
Tangible assets |
7 |
|
44,258 |
15,893 |
|
|
|
|
|
Current assets
Creditors: amounts falling due within one year |
43,038 |
|
37,902 |
|
-------- |
|
-------- |
Net current assets |
|
528 |
37,542 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
44,786 |
53,435 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
35,300 |
43,768 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
2,286 |
2,422 |
|
|
-------- |
-------- |
Net assets |
|
7,200 |
7,245 |
|
|
-------- |
-------- |
|
|
|
|
Branfield Restoration Limited |
|
Abridged Statement of Financial Position (continued) |
|
28 February 2023
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
7,100 |
7,145 |
|
|
------- |
------- |
Shareholder funds |
|
7,200 |
7,245 |
|
|
------- |
------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings 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 member has not required the company to obtain an audit of its abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
14 October 2023
, and are signed on behalf of the board by:
Mr P T Branfield |
Director |
|
Company registration number:
08882512
Branfield Restoration Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England with company number
08882512
. The address of the registered office is Unit 2 Old Brewery Road, Wiveliscombe, Somerset, TA4 2PQ.
2.
Statement of compliance
These abridged 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 at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable in respect of carpentry and building restoration work during the year, exclusive of Value Added Tax. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.
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.
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 |
- |
20% 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:
|
Tools and equipment |
- |
20% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Land - No depreciation
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 abridged 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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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
6
(2022:
5
).
5.
Tax on loss
Major components of tax income
Current tax:
UK current tax expense/(income) |
125 |
(
1,519) |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
136) |
351 |
|
---- |
------- |
Tax on loss |
(
11) |
(
1,168) |
|
---- |
------- |
|
|
|
6.
Intangible assets
Cost |
|
At 1 March 2022 and 28 February 2023 |
5,000 |
|
------- |
Amortisation |
|
At 1 March 2022 and 28 February 2023 |
5,000 |
|
------- |
Carrying amount |
|
At 28 February 2023 |
– |
|
------- |
At 28 February 2022 |
– |
|
------- |
|
|
7.
Tangible assets
Cost |
|
At 1 March 2022 |
31,412 |
Additions |
32,223 |
|
-------- |
At 28 February 2023 |
63,635 |
|
-------- |
Depreciation |
|
At 1 March 2022 |
15,519 |
Charge for the year |
3,858 |
|
-------- |
At 28 February 2023 |
19,377 |
|
-------- |
Carrying amount |
|
At 28 February 2023 |
44,258 |
|
-------- |
At 28 February 2022 |
15,893 |
|
-------- |
|
|
8.
Directors' advances, credits and guarantees
During the year the company made loans to the director of the company
Mr P T Branfield
(2022: loan advances were made to Mr P T Branfield
of £24,500). The loans were repayable to the company on demand and a summary of the movements on the loan is shown below. Interest amounting to £8 (2022: £389) was charged on the loans in respect of the year at a rate of 2.00% per annum (2022: rates of 2.25% and 2.00% per annum).
|
|
2023 |
|
|
£ |
|
Balance at 1 March 2022 |
4,335 |
|
Loan advances |
500 |
|
Interest charged |
8 |
|
Loan repayments |
(4,843) |
|
|
------- |
|
Balance at 28 February 2023 |
– |
|
|
------- |
|
|
|
9.
Related party transactions
During the year the company received interest free loans from the managing director and sole shareholder, Mr P T Branfield (2022: none). The balance outstanding on the loans at the end of the year was £3,619 (2022: £nil) Other than transactions in note 'Directors' advances, credits and guarantees', no other transactions with related parties were undertaken such as are required to be disclosed under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.