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Registration number: 09820586

Bradley Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Bradley Flooring Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Bradley Flooring Ltd

Company Information

Directors

G Bradley

K A Bradley

Registered office

46 Wadham Grove
Emersons Green
Bristol
BS16 7DW

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Bradley Flooring Ltd

(Registration number: 09820586)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

20,150

26,448

Current assets

 

Stocks

4

1,650

-

Debtors

5

5,650

23,365

Cash at bank and in hand

 

26,573

61,668

 

33,873

85,033

Creditors: Amounts falling due within one year

6

(10,244)

(17,505)

Net current assets

 

23,629

67,528

Total assets less current liabilities

 

43,779

93,976

Provisions for liabilities

(3,828)

(5,025)

Net assets

 

39,951

88,951

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

39,851

88,851

Shareholders' funds

 

39,951

88,951

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Bradley Flooring Ltd

(Registration number: 09820586)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
K A Bradley
Director

 

Bradley Flooring Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

1

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.

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.

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.

 

Bradley Flooring Ltd

Notes to the Financial Statements for the Year Ended 28 February 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 under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bradley Flooring Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Bradley Flooring Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

7,880

30,651

403

38,934

Additions

732

-

724

1,456

Disposals

(3,205)

-

-

(3,205)

At 28 February 2023

5,407

30,651

1,127

37,185

Depreciation

At 1 March 2022

4,556

7,829

101

12,486

Charge for the year

756

5,705

257

6,718

Eliminated on disposal

(2,169)

-

-

(2,169)

At 28 February 2023

3,143

13,534

358

17,035

Carrying amount

At 28 February 2023

2,264

17,117

769

20,150

At 28 February 2022

3,324

22,822

302

26,448

4

Stocks

2023
£

2022
£

Work in progress

1,650

-

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

6,384

Prepayments

1,193

1,142

Other debtors

4,457

15,839

 

5,650

23,365

 

Bradley Flooring Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

155

183

Taxation and social security

7,324

14,460

Accruals and deferred income

1,560

1,500

Other creditors

1,205

1,362

10,244

17,505

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

1,362

1,362

Advanced

3,029

3,029

Repaid

(3,186)

(3,186)

At end of period

1,205

1,205

2022

Key management
£

Total
£

At start of period

8,825

8,825

Advanced

11,178

11,178

Repaid

(18,641)

(18,641)

At end of period

1,362

1,362