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COMPANY REGISTRATION NUMBER: 01500931
Budgetgate Limited
Filleted Unaudited Financial Statements
31 January 2024
Budgetgate Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Budgetgate Limited
Officers and Professional Advisers
The board of directors
Patrick Duff
Anne Duff
Company secretary
Anne Duff
Registered office
82 Roman Road
Failsworth
Manchester
M35 9LE
Accountants
HCF Accountants Ltd
Chartered Certified Accountants
Hinde Clough Farm
Overtown Lane
Red Lumb
Norden
Rochdale
England
OL12 7TU
Bankers
Barclays Bank PLC
Unit 33
Arcades Shopping Centre
Ashton - Under - Lyne
Lancashire
OL6 7JE
Budgetgate Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,617
6,156
Current assets
Debtors
6
24,442
21,402
Cash at bank and in hand
591,562
585,774
---------
---------
616,004
607,176
Creditors: amounts falling due within one year
7
32,933
20,170
---------
---------
Net current assets
583,071
587,006
---------
---------
Total assets less current liabilities
587,688
593,162
Provisions
Taxation including deferred tax
877
991
---------
---------
Net assets
586,811
592,171
---------
---------
Budgetgate Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
586,808
592,168
---------
---------
Shareholders funds
586,811
592,171
---------
---------
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 31 January 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Patrick Duff
Anne Duff
Director
Director
Company registration number: 01500931
Budgetgate Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 82 Roman Road, Failsworth, Manchester, M35 9LE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
138,016
4,140
45,782
187,938
---------
-------
--------
---------
Depreciation
At 1 February 2023
135,354
3,810
42,618
181,782
Charge for the year
666
83
790
1,539
---------
-------
--------
---------
At 31 January 2024
136,020
3,893
43,408
183,321
---------
-------
--------
---------
Carrying amount
At 31 January 2024
1,996
247
2,374
4,617
---------
-------
--------
---------
At 31 January 2023
2,662
330
3,164
6,156
---------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
21,186
20,505
Other debtors
3,256
897
--------
--------
24,442
21,402
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,423
3,493
Corporation tax
6,211
2,734
Other creditors
20,299
13,943
--------
--------
32,933
20,170
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Patrick Duff
( 10,040)
( 25,156)
18,800
( 16,396)
Anne Duff
( 10,400)
10,400
--------
--------
--------
--------
( 10,040)
( 35,556)
29,200
( 16,396)
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Patrick Duff
( 5,006)
( 25,834)
20,800
( 10,040)
Anne Duff
( 4,000)
( 10,400)
14,400
-------
--------
--------
--------
( 9,006)
( 36,234)
35,200
( 10,040)
-------
--------
--------
--------
9. Related party transactions
The company was under the control of Mr Patrick Duff throughout the current year and previous year. Mr Patrick Duff and Mrs Anne Duff were the sole shareholders in the company throughout the current year and previous year in this capacity they received aggregate dividends of £31,200 (2023 - £31,200).