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No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
01519054
(England and Wales)
Broham Forecourt Developments Limited
Unaudited filleted financial statements
for the year ended
30 June 2023
Broham Forecourt Developments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Broham Forecourt Developments Limited
Directors and other information
|
|
|
|
Director |
Mr M A Hughes |
|
|
|
|
|
|
|
Company number |
01519054 |
|
|
|
|
|
|
|
Registered office |
4 & 5 The Cedars, Apex 12 |
|
|
Old Ipswich Road |
|
|
Colchester |
|
|
Essex |
|
|
CO7 7QR |
|
|
|
|
|
|
|
Business address |
Brooms Barn |
|
|
Little Tey Road, Feering |
|
|
Colchester |
|
|
Essex |
|
|
CO5 9RS |
|
|
|
|
|
|
|
Accountants |
Griffin Chapman |
|
|
4 & 5 The Cedars, Apex 12 |
|
|
Old Ipswich Road |
|
|
Colchester |
|
|
Essex |
|
|
CO7 7QR |
|
|
|
Broham Forecourt Developments Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Broham Forecourt Developments Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Broham Forecourt Developments Limited for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Broham Forecourt Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Broham Forecourt Developments Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Broham Forecourt Developments Limited and its director as a body for our work or for this report.
It is your duty to ensure that Broham Forecourt Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Broham Forecourt Developments Limited. You consider that Broham Forecourt Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Broham Forecourt Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
28 November 2023
Broham Forecourt Developments Limited
Statement of financial position
30 June 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
5,284 |
|
|
|
8,633 |
|
|
Tangible assets |
|
6 |
409,055 |
|
|
|
266,149 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
414,339 |
|
|
|
274,782 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks and work in progress |
|
|
60,330 |
|
|
|
15,000 |
|
|
Debtors |
|
7 |
5,925,316 |
|
|
|
5,027,846 |
|
|
Cash at bank and in hand |
|
|
322,249 |
|
|
|
289,908 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
6,307,895 |
|
|
|
5,332,754 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
2,794,942) |
|
|
|
(
2,190,543) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
3,512,953 |
|
|
|
3,142,211 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
3,927,292 |
|
|
|
3,416,993 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
106,949) |
|
|
|
(
142,990) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
43,041) |
|
|
|
(
38,423) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
3,777,302 |
|
|
|
3,235,580 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
500 |
|
|
|
500 |
Capital redemption reserve |
|
|
|
|
500 |
|
|
|
500 |
Profit and loss account |
|
|
|
|
3,776,302 |
|
|
|
3,234,580 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
3,777,302 |
|
|
|
3,235,580 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 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 member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2023
, and are signed on behalf of the board by:
Mr M A Hughes
Director
Company registration number:
01519054
Broham Forecourt Developments Limited
Notes to the financial statements
Year ended 30 June 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 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of the construction and refurbishment of petroleum and EV stations.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents amounts chargeable to clients for building services provided during the year including recoverable expenses on assignments, and net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion. costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
|
|
|
|
Software |
- |
25 % |
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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
20
(2022:
21
).
5.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
13,395 |
13,395 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 July 2022 |
4,762 |
4,762 |
|
|
|
|
|
Charge for the year |
3,349 |
3,349 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
8,111 |
8,111 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 June 2023 |
5,284 |
5,284 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2022 |
8,633 |
8,633 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2022 |
270,015 |
38,659 |
220,520 |
529,194 |
|
|
|
|
Additions |
12,662 |
23,994 |
208,957 |
245,613 |
|
|
|
|
Disposals |
- |
- |
(
25,500) |
(
25,500) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
282,677 |
62,653 |
403,977 |
749,307 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2022 |
162,447 |
14,423 |
86,175 |
263,045 |
|
|
|
|
Charge for the year |
16,885 |
5,242 |
66,236 |
88,363 |
|
|
|
|
Disposals |
- |
- |
(
11,156) |
(
11,156) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
179,332 |
19,665 |
141,255 |
340,252 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2023 |
103,345 |
42,988 |
262,722 |
409,055 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2022 |
107,568 |
24,236 |
134,345 |
266,149 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,001,798 |
687,526 |
|
Amounts owed by group undertakings |
|
3,533,879 |
3,514,946 |
|
Other debtors |
|
1,389,639 |
825,374 |
|
|
|
_______ |
_______ |
|
|
|
5,925,316 |
5,027,846 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans |
|
50,000 |
50,000 |
|
Trade creditors |
|
2,004,405 |
1,592,405 |
|
Taxation and social security |
|
487,343 |
295,092 |
|
Other creditors |
|
253,194 |
253,046 |
|
|
|
_______ |
_______ |
|
|
|
2,794,942 |
2,190,543 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by a debenture registered on 16 April 2020 in favour of Barclays Bank plc, which includes fixed and floating charges over the company assets. Within other creditors are HP liabilities totalling £65,358 (2022: £47,926), which are secured over the assets being financed.
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans |
|
54,167 |
104,167 |
|
Other creditors |
|
52,782 |
38,823 |
|
|
|
_______ |
_______ |
|
|
|
106,949 |
142,990 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by a debenture registered on 16 April 2020 in favour of Barclays Bank plc, which includes fixed and floating charges over the company assets. Within other creditors are HP liabilities totalling £52,782 (2022: £38,823), which are secured over the assets being financed.
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
500 |
|
500 |
|
500 |
|
500 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Amounts loaned to group companies |
18,933 |
314,308 |
3,533,879 |
3,514,946
|
|
Amounts loaned to connected companies
|
(
30,301) |
147,590
|
137,289
|
167,590
|
|
Amounts loaned from connected companies
|
(
30,000) |
(
150,000) |
(
20,000) |
(50,000) |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
The amounts loaned to and from group undertakings and connected entities within debtors and creditors are repayable on demand and no interest is charged on the balances.
12.
Controlling party
The immediate parent undertaking of this company is
Broham Holdings Limited
, a company registered in England and Wales. The registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.The ultimate parent undertaking of this group is Baxter Holding Group Limited
, a company registered in England and Wales. The registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.