Registered number
04855760
Graham Brown Developments Limited
Filleted Accounts
28 February 2023
Graham Brown Developments Limited
Registered number: 04855760
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 55,920 48,646
Current assets
Stocks - 2,427
Debtors 4 295,093 270,071
Cash at bank and in hand 32,922 58,056
328,015 330,554
Creditors: amounts falling due within one year 5 (119,967) (148,784)
Net current assets 208,048 181,770
Total assets less current liabilities 263,968 230,416
Creditors: amounts falling due after more than one year 6 (88,548) (96,274)
Provisions for liabilities (9,925) (8,498)
Net assets 165,495 125,644
Capital and reserves
Called up share capital 1 1
Profit and loss account 165,494 125,643
Shareholder's funds 165,495 125,644
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G W Brown
Director
Approved by the board on 28 November 2023
Graham Brown Developments Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% and 33% 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 is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 41,106 66,653 107,759
Additions 1,756 28,261 30,017
Disposals (830) (19,063) (19,893)
At 28 February 2023 42,032 75,851 117,883
Depreciation
At 1 March 2022 30,355 28,758 59,113
Charge for the year 2,591 15,408 17,999
On disposals (610) (14,539) (15,149)
At 28 February 2023 32,336 29,627 61,963
Net book value
At 28 February 2023 9,696 46,224 55,920
At 28 February 2022 10,751 37,895 48,646
4 Debtors 2023 2022
£ £
Trade debtors 126,630 138,441
Other debtors 168,463 131,630
295,093 270,071
Amounts due after more than one year included above 18,433 18,433
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,273 6,158
Trade creditors 73,577 117,527
Taxation and social security costs 17,280 4,077
Other creditors 7,837 11,022
119,967 148,784
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,027 33,693
Obligations under finance lease and hire purchase contracts 24,521 22,581
Other creditors 40,000 40,000
88,548 96,274
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G W Brown
Directors current account 78,476 80,404 (38,228) 120,652
78,476 80,404 (38,228) 120,652
8 Controlling party
The company is controlled by G. W. Brown.
9 Other information
Graham Brown Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Escala
Main Road, Filby
Great Yarmouth
Norfolk
NR29 3HN
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