Bates Wells & Braithwaite Limited
Unaudited Financial Statements
For the year ended 30 April 2023
Pages for Filing with Registrar
Company Registration No. 8321040 (England and Wales)
Bates Wells & Braithwaite Limited
Company Information
Directors
L Moser
M Heselden
R Sainsbury
G Blair
Company number
8321040
Registered office
27 Friars Street
Sudbury
Suffolk
United Kingdom
CO10 2AD
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bates Wells & Braithwaite Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Bates Wells & Braithwaite Limited
Balance Sheet
As at 30 April 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
256,443
282,087
Current assets
Debtors
5
699,099
758,548
Cash at bank and in hand
156,774
125,361
855,873
883,909
Creditors: amounts falling due within one year
6
(188,986)
(252,348)
Net current assets
666,887
631,561
Total assets less current liabilities
923,330
913,648
Creditors: amounts falling due after more than one year
7
(258,366)
(269,220)
Net assets
664,964
644,428
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
664,962
644,426
Total equity
664,964
644,428

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Bates Wells & Braithwaite Limited
Balance Sheet (Continued)
As at 30 April 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
L  Moser
Director
Company Registration No. 8321040
Bates Wells & Braithwaite Limited
Notes to the Financial Statements
For the year ended 30 April 2023
Page 3
1
Accounting policies
Company information

Bates Wells & Braithwaite Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Friars Street, Sudbury, Suffolk, United Kingdom, CO10 2AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Turnover

Turnover represents fees chargeable to clients for professional services provided during the period including expenses on the client assignments but excluding value added tax.

 

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount for revenue are included in creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 20 years as in the opinion of the directors this represents the period over which the goodwill is effective. Goodwill is reviewed for the impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Bates Wells & Braithwaite Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2 or 10 years straight line
Fixtures and fittings
3 or 6 years straight line

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.

1.6
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 current liabilities.

1.7
Financial instruments

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Bates Wells & Braithwaite Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
25
Bates Wells & Braithwaite Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
512,883
Amortisation and impairment
At 1 May 2022
230,796
Amortisation charged for the year
25,644
At 30 April 2023
256,440
Carrying amount
At 30 April 2023
256,443
At 30 April 2022
282,087
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
2,644
29,543
32,187
Depreciation and impairment
At 1 May 2022 and 30 April 2023
2,644
29,543
32,187
Carrying amount
At 30 April 2023
-
0
-
0
-
0
At 30 April 2022
-
0
-
0
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
84,455
178,183
Other debtors
26,242
1,024
Prepayments and accrued income
588,189
579,088
698,886
758,295
Deferred tax asset
213
253
699,099
758,548
Bates Wells & Braithwaite Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 7
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,113
48,000
Trade creditors
52,831
50,897
Corporation tax
30,446
40,889
Other taxation and social security
60,253
82,683
Other creditors
4,314
3,972
Accruals and deferred income
31,029
25,907
188,986
252,348

Included within bank loans and overdrafts is an amount of £10,113 (2022: £48,000) relating to funds received under the Coronavirus Business Interruption Loan Scheme (CBILS). This loan is secured by an 80% Government guarantee, with the remaining balance secured by fixed and floating charges over all assets and undertakings of the company.

 

 

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
8,133
Other creditors
258,366
261,087
258,366
269,220

The bank loan relates to funds received under the Coronavirus Business Interruption Loan Scheme (CBILS). This loan is secured by an 80% Government guarantee, with the remaining balance secured by fixed and floating charges over all assets and undertakings of the company.

8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
Bates Wells & Braithwaite Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 8
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
5,955
11,908
10
Related party transactions

Included within other creditors due after more than one year is £178,366 (2022: £261,087) which is owed to the directors. No interest is accruing on these balances.

 

The directors, L Moser and M Heselden, have each provided a personal guarantee of £495,000 against the company's bank borrowings.

 

During the year income of £5,500 (2022: £5,500) was received from Gracechurch Financial Services Limited, a company in which two of the directors have an interest.

 

During the year an amount of £2,500 (2022: £2,500) was recognised for services provided by Gracechurch Financial Services Limited, a company in which two of the directors have an interest.

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