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Registration number: 01146094

Buckingham & Stanley Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Buckingham & Stanley Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Buckingham & Stanley Limited

Company Information

Directors

Mr A Ballard

Mr J I Howarth

Company secretary

Mr J I Howarth

Registered office

158 Shelford Road
Trumpington
Cambridge
CB2 9NE

Accountants

Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

 

Buckingham & Stanley Limited

(Registration number: 01146094)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

43,846

46,552

Current assets

 

Stocks

5

619,335

602,595

Debtors

6

116,675

102,664

Cash at bank and in hand

 

2,567

33,764

 

738,577

739,023

Creditors: Amounts falling due within one year

7

(649,328)

(564,965)

Net current assets

 

89,249

174,058

Total assets less current liabilities

 

133,095

220,610

Creditors: Amounts falling due after more than one year

7

(33,115)

(36,528)

Net assets

 

99,980

184,082

Capital and reserves

 

Called up share capital

8

15,200

15,200

Share premium reserve

29,148

29,148

Capital redemption reserve

7,296

7,296

Retained earnings

48,336

132,438

Shareholders' funds

 

99,980

184,082

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

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 Board on 30 April 2024 and signed on its behalf by:
 

 

Buckingham & Stanley Limited

(Registration number: 01146094)
Balance Sheet as at 31 December 2023

.........................................
Mr A Ballard
Director

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
158 Shelford Road
Trumpington
Cambridge
CB2 9NE
England

These financial statements were authorised for issue by the Board on 30 April 2024.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

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.

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Improvements to property

3, 5 & 10 years - Straight line basis

Plant & Machinery

variable between 3-10 years - Straight line basis

Computer Equipment

3-5 years - Straight line basis

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.

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

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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 directors) during the year, was 18 (2022 - 19).

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

505,094

244,796

284,516

1,034,406

Additions

4,010

3,631

3,337

10,978

At 31 December 2023

509,104

248,427

287,853

1,045,384

Depreciation

At 1 January 2023

467,717

241,105

279,032

987,854

Charge for the year

8,182

3,358

2,144

13,684

At 31 December 2023

475,899

244,463

281,176

1,001,538

Carrying amount

At 31 December 2023

33,205

3,964

6,677

43,846

At 31 December 2022

37,377

3,691

5,484

46,552

5

Stocks

2023
£

2022
£

Raw materials and consumables

41,988

42,229

Work in progress

1,336

1,029

Other inventories

576,011

559,337

619,335

602,595

6

Debtors

Current

2023
£

2022
£

Trade debtors

52,324

46,343

Prepayments

64,351

56,321

 

116,675

102,664

7

Creditors

Creditors: amounts falling due within one year

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

6,706

5,737

Trade creditors

 

550,702

506,013

Taxation and social security

 

44,289

27,515

Accruals and deferred income

 

47,631

25,700

 

649,328

564,965

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,115

36,528

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

15,200

15,200

15,200

15,200

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,115

36,528

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,706

5,737

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

James Howarth & Co Ltd, (a company which is controlled by J I Howarth, a director)
During the year the company was charged rent of £48,000 (2022: £48,000) by James Howarth & Co Ltd for its lease of the Trumpington head office site.


J I Howarth, (a director of the company), trading personally as JHS Properties owns the High Street, Histon, a property leased to the company. Rent charged to the company during the year for this property was £32,000 (2022: £32,000)

Security was provided for the company for amounts owed to Santander Consumer Finance by way of a personal guarantee on the assets of J I Howarth. The amount of loan for which security has been provided for is included in 'Stocking Loans'. The balance at the end of the year was £149,960 (2022: £143,600)

Further security was provided for the company for amounts owed to Black Horse Finance by way of a personal guarantee. The amount of loan for which security has been provided for is included in 'Stocking Loans', for both new and demonstration vehicles of the Subaru franchise, with a funding limit of £200,000 on new vehicles, and £150,000 on demonstration vehicles. The total funding limit is £350,000. The balance at the end of the year was £243,122 (2022: £188,006)


A Ballard, (a director of the company), provided security for the company for amounts owed to NextGear Capital UK Ltd by way of a personal guarantee. The amount of loan for which security has been provided for is included in 'Stocking Loans'. The funding limit is £ 140,000. The balance at the end of the year was £107,850 (2022: £92,535).

Additional security in support of the Santander loans to the company (see above) remained in place by way of a personal guarantee on the assets of A Ballard. The balance at the end of the year was £149,960 (2022: £143,600).

Additional security in support of the Black Horse Finance loans to the company (see above) remained in place by way of a personal guarantee on the assets of A Ballard. The balance at the end of the year was £243,122 (2022: £188,006)

 

Buckingham & Stanley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

62,962

63,933