Registered number
12174114
Bronco Developments Ltd
Unaudited Filleted Accounts
31 July 2023
Bronco Developments Ltd
Registered number: 12174114
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,263 26,820
Current assets
Debtors 4 3,488 2,476
Cash at bank and in hand 1,248 8,196
4,736 10,672
Creditors: amounts falling due within one year 5 (18,984) (12,724)
Net current liabilities (14,248) (2,052)
Total assets less current liabilities 10,015 24,768
Creditors: amounts falling due after more than one year 6 (8,187) (21,731)
Net assets 1,828 3,037
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,827 3,036
Shareholder's funds 1,828 3,037
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.
B Smith
Director
Approved by the board on 5 April 2024
Bronco Developments Ltd
Notes to the Accounts
for the year ended 31 July 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 1,900 25,300 27,200
Additions 277 - 277
At 31 July 2023 2,177 25,300 27,477
Depreciation
At 1 August 2022 380 - 380
Charge for the year 304 2,530 2,834
At 31 July 2023 684 2,530 3,214
Net book value
At 31 July 2023 1,493 22,770 24,263
At 31 July 2022 1,520 25,300 26,820
4 Debtors 2023 2022
£ £
Trade debtors 1,725 2,417
Other debtors 1,763 59
3,488 2,476
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,448
Obligations under finance lease and hire purchase contracts 15,667 4,000
Trade creditors (122) -
Taxation and social security costs (442) 1,083
Other creditors 3,881 5,193
18,984 12,724
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,187 6,064
Obligations under finance lease and hire purchase contracts - 15,667
8,187 21,731
7 Controlling party
The ultimate controlling party was the director B Smith who was also the shareholder in the year.
8 Other information
Bronco Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 Holly Drive
Sowerby Bridge
HX6 2FQ
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