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Registration number: 07798490

Bridport Building Supplies Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Bridport Building Supplies Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Bridport Building Supplies Limited

Company Information

Director

Mr R R Etherington

Registered office

Unit 2 Gore Cross Business Park
Homewood Way
Bridport
Dorset
DT6 3FH

Accountants

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

 

Bridport Building Supplies Limited

(Registration number: 07798490)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

343,710

276,522

Current assets

 

Stocks

852,911

747,195

Debtors

1,093,052

1,141,876

Cash at bank and in hand

 

212,023

238,152

 

2,157,986

2,127,223

Prepayments and accrued income

 

36,776

32,967

Creditors: Amounts falling due within one year

(2,252,937)

(2,105,114)

Net current (liabilities)/assets

 

(58,175)

55,076

Total assets less current liabilities

 

285,535

331,598

Creditors: Amounts falling due after more than one year

(97,380)

(127,409)

Provisions for liabilities

(61,855)

(59,508)

Accruals and deferred income

 

(7,814)

(2,648)

Net assets

 

118,486

142,033

Capital and reserves

 

Called up share capital

6

101

101

Retained earnings

118,385

141,932

Shareholders' funds

 

118,486

142,033

 

Bridport Building Supplies Limited

(Registration number: 07798490)
Abridged Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director on 9 April 2024
 

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

Mr R R Etherington

Director

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

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 abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

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 income 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.

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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

Office equipment

15% straight line

Fixtures and fittings

5% straight line

Motor vehicles

25% straight line

Shop displays

33.3% straight line

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.

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 26 (2022 - 25).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

-

575,415

575,415

Additions

9,142

134,682

143,824

Disposals

-

(28,788)

(28,788)

At 31 October 2023

9,142

681,309

690,451

Depreciation

At 1 November 2022

-

298,893

298,893

Charge for the year

229

76,407

76,636

Eliminated on disposal

-

(28,788)

(28,788)

At 31 October 2023

229

346,512

346,741

Carrying amount

At 31 October 2023

8,913

334,797

343,710

At 31 October 2022

-

276,522

276,522

Included within the net book value of land and buildings above is £8,913 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

5

Related party transactions

Dividends paid to the director

   

2023
£

 

2022
£

Mr M R Sparks

       

Dividends paid

 

39,000

 

43,000

         

Mr R R Etherington

       

Dividends paid (including close family member)

 

39,000

 

43,000

         

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,958

21,935

Contributions paid to money purchase schemes

719

658

24,677

22,593

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

39,744

2022

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

1,152

2022

Loans to related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

-

152,105

152,105

Advanced

50,000

-

50,000

Repaid

(45,083)

(10,442)

(55,525)

At end of period

4,917

141,663

146,580

 

Bridport Building Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

2022

Other related parties
£

Total
£

At start of period

152,980

152,980

Repaid

(875)

(875)

At end of period

152,105

152,105

Loans from related parties

2023

Key management
£

Total
£

At start of period

46,087

46,087

Repaid

(46,087)

(46,087)

At end of period

-

-

2022

Key management
£

Total
£

At start of period

25,000

25,000

Advanced

50,001

50,001

Repaid

(28,914)

(28,914)

At end of period

46,087

46,087

Terms of loans from related parties

Interest of 7.5% was charged on the directors' loan during the year. The loan was fully repaid on 21 March 2024.
 Absolute Building Supplies Limited has a loan from the company. The loan is interest free and repayable on demand. Key management have an interest in Absolute Building Supplies Limited.

6

Share capital

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

1

1

1

1

 

101

101

101

101