Registered number
04223607
Bedford Trade Frames Limited
Report and Accounts
30 June 2023
Bedford Trade Frames Limited
Registered number: 04223607
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 554,437 472,544
Current assets
Stocks 22,000 20,000
Debtors 4 107,222 97,359
Cash at bank and in hand 903,123 736,002
1,032,345 853,361
Creditors: amounts falling due within one year 5 (186,737) (150,675)
Net current assets 845,608 702,686
Total assets less current liabilities 1,400,045 1,175,230
Provisions for liabilities (7,262) (10,316)
Net assets 1,392,783 1,164,914
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,392,683 1,164,814
Shareholders' funds 1,392,783 1,164,914
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr P D Jones
Director
Approved by the board on 14 February 2024
Bedford Trade Frames Limited
Notes to the Accounts
for the year ended 30 June 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:
Land and buildings over 25/100 years
Plant and machinery over 5 years
Office equipment over 4 years
Motor vehicles over 4 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery and Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 447,594 287,449 79,160 814,203
Additions 115,040 1,823 - 116,863
Disposals - (8,194) - (8,194)
At 30 June 2023 562,634 281,078 79,160 922,872
Depreciation
At 1 July 2022 31,332 257,720 52,607 341,659
Charge for the year 7,544 19,123 7,150 33,817
On disposals - (7,041) - (7,041)
At 30 June 2023 38,876 269,802 59,757 368,435
Net book value
At 30 June 2023 523,758 11,276 19,403 554,437
At 30 June 2022 416,262 29,729 26,553 472,544
4 Debtors 2023 2022
£ £
Trade debtors 105,191 94,455
Prepayments 2,031 2,904
107,222 97,359
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 91,836 56,759
Taxation and social security costs 90,202 84,119
Other creditors 4,699 9,797
186,737 150,675
6 Other information
Bedford Trade Frames Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Goldington Road
Bedford
MK40 3JY
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