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REGISTERED NUMBER: 03994795 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Branching Out Two Limited

Branching Out Two Limited (Registered number: 03994795)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Branching Out Two Limited (Registered number: 03994795)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 100,226 68,911
Investment property 5 283,952 283,952
384,178 352,863

CURRENT ASSETS
Stocks 32,640 31,746
Debtors 6 776,167 605,559
Cash at bank 58,637 165,585
867,444 802,890
CREDITORS
Amounts falling due within one year 7 740,845 705,834
NET CURRENT ASSETS 126,599 97,056
TOTAL ASSETS LESS CURRENT LIABILITIES 510,777 449,919

CREDITORS
Amounts falling due after more than one year 8 (150,082 ) (207,125 )

PROVISIONS FOR LIABILITIES (64,254 ) (33,534 )
NET ASSETS 296,441 209,260

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 291,441 204,260
SHAREHOLDERS' FUNDS 296,441 209,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Branching Out Two Limited (Registered number: 03994795)

Balance Sheet - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:




Mr T J Broster - Director



Mr P R Harrison - Director


Branching Out Two Limited (Registered number: 03994795)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Branching Out Two Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03994795

Registered office: Sunrise House
Hulley Road
Macclesfield
Cheshire
SK10 2LP

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 33% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Branching Out Two Limited (Registered number: 03994795)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 31,636 22,015 104,389 158,040
Additions 4,802 457 62,790 68,049
Disposals - - (9,300 ) (9,300 )
At 31 May 2023 36,438 22,472 157,879 216,789
DEPRECIATION
At 1 June 2022 15,828 15,207 58,094 89,129
Charge for year 4,122 2,398 26,291 32,811
Eliminated on disposal - - (5,377 ) (5,377 )
At 31 May 2023 19,950 17,605 79,008 116,563
NET BOOK VALUE
At 31 May 2023 16,488 4,867 78,871 100,226
At 31 May 2022 15,808 6,808 46,295 68,911

Branching Out Two Limited (Registered number: 03994795)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022 84,387
Additions 24,000
Transfer to ownership (37,118 )
At 31 May 2023 71,269
DEPRECIATION
At 1 June 2022 52,745
Charge for year 11,082
At 31 May 2023 63,827
NET BOOK VALUE
At 31 May 2023 7,442
At 31 May 2022 31,642

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 283,952
NET BOOK VALUE
At 31 May 2023 283,952
At 31 May 2022 283,952

The investment property is stated at cost. In the opinion of the directors, cost represents the fair value of the property at 31st May 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 479,056 367,122
Other debtors 297,111 238,437
776,167 605,559

Branching Out Two Limited (Registered number: 03994795)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 65,341 65,341
Hire purchase contracts 15,224 16,663
Trade creditors 414,623 437,795
Taxation and social security 145,198 126,085
Other creditors 100,459 59,950
740,845 705,834

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 130,419 193,577
Hire purchase contracts 19,663 13,548
150,082 207,125

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 4,911 15,143

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 195,760 258,918
Hire purchase contracts 34,887 30,211
230,647 289,129

Included in Bank loans is an amount of £108,260 secured by means of a fixed charge on the investment property.

The obligations under hire purchase contracts are secured against the asset to which they relate to.