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Registration number: 05921921

Bradmanns Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 September 2023

 

Bradmanns Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Bradmanns Limited

Company Information

Directors

Mr J I Marshall

Mr G T Wells

Company secretary

Mrs K L Marshall

Registered office

12 The Drift
Nacton Road
Ipswich
Suffolk
IP3 9QR

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bradmanns Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bradmanns Limited for the year ended 30 September 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Bradmanns Limited, as a body, in accordance with the terms of our engagement letter dated 1 June 2018. Our work has been undertaken solely to prepare for your approval the accounts of Bradmanns Limited and state those matters that we have agreed to state to the Board of Directors of Bradmanns Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bradmanns Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bradmanns Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bradmanns Limited. You consider that Bradmanns Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bradmanns Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

28 March 2024

 

Bradmanns Limited

(Registration number: 05921921)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

24,318

32,423

Tangible assets

5

16,268

19,995

 

40,586

52,418

Current assets

 

Stocks

6

46,808

22,672

Debtors

7

168,001

228,918

Cash at bank and in hand

 

137,384

148,951

 

352,193

400,541

Creditors: Amounts falling due within one year

8

(104,763)

(98,610)

Net current assets

 

247,430

301,931

Total assets less current liabilities

 

288,016

354,349

Creditors: Amounts falling due after more than one year

8

(10,500)

(16,500)

Provisions for liabilities (deferred taxation)

(3,740)

(3,800)

Net assets

 

273,776

334,049

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

273,676

333,949

Shareholders' funds

 

273,776

334,049

 

Bradmanns Limited

(Registration number: 05921921)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr J I Marshall
Director

.........................................
Mr G T Wells
Director

 

Bradmanns Limited

Statement of Changes in Equity for the Year Ended 30 September 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 October 2022

100

333,949

334,049

Profit for the year

-

60,727

60,727

Total comprehensive income

-

60,727

60,727

Dividends

-

(121,000)

(121,000)

At 30 September 2023

100

273,676

273,776

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 October 2021

100

352,230

352,330

Profit for the year

-

1,719

1,719

Total comprehensive income

-

1,719

1,719

Dividends

-

(20,000)

(20,000)

At 30 September 2022

100

333,949

334,049

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 The Drift
Nacton Road
Ipswich
Suffolk
IP3 9QR
United Kingdom

These financial statements were authorised for issue by the Board on 28 March 2024.

2

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.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 corporation 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.

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

Plant and equipment

write off costs over a 5 year period

Motor vehicles

write off costs over a 4 year period

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life. The accounting standards state that the period of amortisation shall not exceed ten years if a reliable estimate of the useful life cannot be made. The director is of the opinion that the goodwill of the business has a life exceeding ten years and hence has adopted a policy which amortises the goodwill from date of acquisition over a period of twenty years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised over a period of 20 years

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2022

162,103

162,103

At 30 September 2023

162,103

162,103

Amortisation

At 1 October 2022

129,680

129,680

Amortisation charge

8,105

8,105

At 30 September 2023

137,785

137,785

Carrying amount

At 30 September 2023

24,318

24,318

At 30 September 2022

32,423

32,423

5

Tangible assets

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost

At 1 October 2022

19,200

109,436

128,636

Additions

-

4,416

4,416

Disposals

(1,550)

-

(1,550)

At 30 September 2023

17,650

113,852

131,502

Depreciation

At 1 October 2022

18,077

90,564

108,641

Charge for the year

847

7,025

7,872

Eliminated on disposal

(1,279)

-

(1,279)

At 30 September 2023

17,645

97,589

115,234

Carrying amount

At 30 September 2023

5

16,263

16,268

At 30 September 2022

1,123

18,872

19,995

6

Stocks

2023
£

2022
£

Other inventories

46,808

22,672

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Debtors

2023
£

2022
£

Trade debtors

155,147

228,918

Other debtors

1,000

-

Prepayments

11,854

-

168,001

228,918

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,000

6,000

Trade creditors

 

43,305

26,254

Taxation and social security

 

52,097

62,138

Accruals and deferred income

 

2,850

2,450

Other creditors

 

511

1,768

 

104,763

98,610


Creditors due within one year includes £6,000 (2022 £6,000) in respect of a coronavirus bounce back loan from the company's bankers which is not secured.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

10,500

16,500


Creditors due after more than one year includes £10,500 (2022 £16,500) in respect of a coronavirus bounce back loan from the company's bankers which is not secured.

9

Reserves

The profit and loss reserves of the company are fully distributable.

 

Bradmanns Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

10,500

16,500

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,000

6,000

11

Dividends

2023

2022

£

£

Interim dividend of £1,210.00 (2022 - £200.00) per ordinary share

121,000

20,000

 

 

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £74,385 (2022 - £384). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total lease payments payable by the company to the end of the leases on various business systems and the business premises.