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COMPANY REGISTRATION NUMBER: 09015500
Charles Bainbridge Limited
Filleted Unaudited Financial Statements
30 April 2023
Charles Bainbridge Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Charles Bainbridge Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,468
2,962
Current assets
Debtors
6
37,710
85,996
Cash at bank and in hand
94,039
40,115
---------
---------
131,749
126,111
Creditors: amounts falling due within one year
7
95,345
91,212
---------
---------
Net current assets
36,404
34,899
--------
--------
Total assets less current liabilities
38,872
37,861
Creditors: amounts falling due after more than one year
8
25,000
37,000
--------
--------
Net assets
13,872
861
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
13,772
761
--------
----
Shareholders funds
13,872
861
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Charles Bainbridge Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Mr C E Bainbridge
Director
Company registration number: 09015500
Charles Bainbridge Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 The Bakery, 47 Broad Street, Canterbury, Kent, CT1 2LS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
36,143
2,500
9,571
48,214
Additions
2,163
2,163
--------
-------
--------
--------
At 30 April 2023
36,143
2,500
11,734
50,377
--------
-------
--------
--------
Depreciation
At 1 May 2022
35,484
1,220
8,548
45,252
Charge for the year
659
256
1,742
2,657
--------
-------
--------
--------
At 30 April 2023
36,143
1,476
10,290
47,909
--------
-------
--------
--------
Carrying amount
At 30 April 2023
1,024
1,444
2,468
--------
-------
--------
--------
At 30 April 2022
659
1,280
1,023
2,962
--------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
10,967
3,386
Other debtors
26,743
82,610
--------
--------
37,710
85,996
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,304
12,000
Trade creditors
2,592
2,458
Corporation tax
47,767
50,518
Social security and other taxes
10,116
24,631
Other creditors
2,566
1,605
--------
--------
95,345
91,212
--------
--------
The bank loans and overdrafts disclosed under creditors falling due within one year are secured with a fixed and floating charge over the property owned by the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,000
37,000
--------
--------
The bank loans and overdrafts disclosed under creditors falling due after more than one year are secured with a fixed and floating charge over the property owned by the company.
9. Directors' advances, credits and guarantees
At the end of the previous year, the directors owed the company £82,610. During the year, interest of £1,387 was charged at an average rate of 2% per annum until the loan was fully repaid in March 2023. During the year, new loan advances of £58,033 were made to the directors and repayments of £46,103 were received. Interest of £247 was charged on the balance at an average rate of 2% per annum. At the year end, the directors owed the company £12,177.