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Company No: 00219128 (England and Wales)

BADCOCK AND EVERED LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

BADCOCK AND EVERED LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

BADCOCK AND EVERED LIMITED

BALANCE SHEET

As at 30 June 2023
BADCOCK AND EVERED LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 760,000 760,000
760,000 760,000
Current assets
Debtors 5 4,125 4,125
Cash at bank and in hand 12,959 17,724
17,084 21,849
Creditors: amounts falling due within one year 6 ( 6,851) ( 15,282)
Net current assets 10,233 6,567
Total assets less current liabilities 770,233 766,567
Creditors: amounts falling due after more than one year 7 ( 828,548) ( 824,505)
Net liabilities ( 58,315) ( 57,938)
Capital and reserves
Called-up share capital 220,000 220,000
Fair value reserve 140,503 140,503
Profit and loss account ( 418,818 ) ( 418,441 )
Total shareholders' deficit ( 58,315) ( 57,938)

For the financial 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.

Directors' responsibilities:

The financial statements of Badcock and Evered Limited (registered number: 00219128) were approved and authorised for issue by the Director on 29 February 2024. They were signed on its behalf by:

G W Pickard Short
Director
BADCOCK AND EVERED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
BADCOCK AND EVERED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Badcock and Evered Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Washford Mill, Washford, Watchet, TA23 0JY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has planning permission to develop its investment property and continues to look at options for doing so to maximise its value. In the meantime rent from the existing tenant broadly covers expenditure and the company operates at around breakeven each year. The company has net liabilities and remains dependent on the continued support of a related company, under common ownership, to continue as a going concern. The directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents rents receivable, net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 74,752 74,752
At 30 June 2023 74,752 74,752
Accumulated depreciation
At 01 July 2022 74,752 74,752
At 30 June 2023 74,752 74,752
Net book value
At 30 June 2023 0 0
At 30 June 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 760,000
As at 30 June 2023 760,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £760,000 (2022 - £760,000).

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 649,414 649,414

5. Debtors

2023 2022
£ £
Other debtors 4,125 4,125

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 907 4,297
Taxation and social security 224 1,109
Other creditors 5,720 9,876
6,851 15,282

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 828,548 824,505

There are no amounts included above in respect of which any security has been given by the small entity.