BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of retail pharmacy. 29 July 2024 20 20 NI032720 2023-10-31 NI032720 2022-10-31 NI032720 2021-10-31 NI032720 2022-11-01 2023-10-31 NI032720 2021-11-01 2022-10-31 NI032720 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI032720 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI032720 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI032720 uk-bus:FullAccounts 2022-11-01 2023-10-31 NI032720 uk-bus:CompanySecretaryDirector1 2022-11-01 2023-10-31 NI032720 uk-bus:Director2 2022-11-01 2023-10-31 NI032720 uk-bus:CompanySecretary1 2022-11-01 2023-10-31 NI032720 uk-bus:RegisteredOffice 2022-11-01 2023-10-31 NI032720 uk-bus:Agent1 2022-11-01 2023-10-31 NI032720 uk-core:ShareCapital 2023-10-31 NI032720 uk-core:ShareCapital 2022-10-31 NI032720 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI032720 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI032720 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI032720 uk-bus:FRS102 2022-11-01 2023-10-31 NI032720 uk-core:Goodwill 2022-11-01 2023-10-31 NI032720 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI032720 uk-core:Goodwill 2022-10-31 NI032720 uk-core:Goodwill 2023-10-31 NI032720 uk-core:CostValuation 2023-10-31 NI032720 uk-core:CurrentFinancialInstruments 2023-10-31 NI032720 uk-core:CurrentFinancialInstruments 2022-10-31 NI032720 uk-core:WithinOneYear 2023-10-31 NI032720 uk-core:WithinOneYear 2022-10-31 NI032720 uk-core:WithinOneYear 2023-10-31 NI032720 uk-core:WithinOneYear 2022-10-31 NI032720 uk-core:OtherMiscellaneousReserve 2022-10-31 NI032720 uk-core:OtherMiscellaneousReserve 2022-11-01 2023-10-31 NI032720 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI032720 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI032720 uk-core:OtherDeferredTax 2023-10-31 NI032720 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-31 NI032720 uk-core:OtherMiscellaneousReserve 2023-10-31 NI032720 2022-11-01 2023-10-31 NI032720 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI032720
 
 
B & D Associates Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2023
B & D Associates Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Damien McGrath
Mrs. Kathryn McGrath
 
 
Company Secretary Mr. Damien McGrath
 
 
Company Registration Number NI032720
 
 
Registered Office 182 Anderstown Road
Belfast
BT11 9BZ
 
 
Business Address 91/93 Glen Road
Belfast
BT11 8BD
 
 
Accountants Muldoon & Company
Chartered Accountants & Reporting Accountants
16 Mount Charles
Belfast
BT7 1NZ
 
 
Bankers First Trust Bank
  31/35 High Street
  Belfast
  BT1 2AL
 
   
Solicitors McElhatton & Co.
  62 Andersonstown Road
  Belfast
  BT11 9AD



B & D Associates Limited
Company Registration Number: NI032720
BALANCE SHEET
as at 31 October 2023

2023 2022
Notes £ £
as restated
 
Fixed Assets
Intangible assets 5 190,865 286,296
Tangible assets 6 10,146 11,936
Investments 7 50,001 50,001
───────── ─────────
Fixed Assets 251,012 348,233
───────── ─────────
 
Current Assets
Stocks 8 121,309 103,996
Debtors 9 535,359 421,801
Cash and cash equivalents 35,860 239,582
───────── ─────────
692,528 765,379
───────── ─────────
Creditors: amounts falling due within one year 11 (142,245) (193,606)
───────── ─────────
Net Current Assets 550,283 571,773
───────── ─────────
Total Assets less Current Liabilities 801,295 920,006
 
Provisions for liabilities 13 (2,537) (2,001)
───────── ─────────
Net Assets 798,758 918,005
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 798,756 918,003
───────── ─────────
Equity attributable to owners of the company 798,758 918,005
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 29 July 2024 and signed on its behalf by
           
           
           
________________________________          
Mr. Damien McGrath          
Director          
           



B & D Associates Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 October 2023

   
1. General Information
 
B & D Associates Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 182 Anderstown Road, Belfast, BT11 9BZ which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 October 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing Balance
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the year in which it is receivable.
 
Current asset investments are stated at the lower of cost and net realisable value.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 20 20
  ═════════ ═════════
   
4. Prior financial year error correction
 
The pension expense recorded in the accounts for the year ended 31 October 2022 was overstated by £50,000. The accounts for the year ended 31 October 2022 have been restated via a prior year adjustment to reflect this.
       
5. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 November 2022 1,394,706 1,394,706
  ───────── ─────────
 
At 31 October 2023 1,394,706 1,394,706
  ───────── ─────────
Amortisation
At 1 November 2022 1,108,410 1,108,410
Charge for financial year 95,431 95,431
  ───────── ─────────
At 31 October 2023 1,203,841 1,203,841
  ───────── ─────────
Net book value
At 31 October 2023 190,865 190,865
  ═════════ ═════════
At 31 October 2022 286,296 286,296
  ═════════ ═════════
       
6. Tangible assets
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 November 2022 75,671 75,671
  ───────── ─────────
 
At 31 October 2023 75,671 75,671
  ───────── ─────────
Depreciation
At 1 November 2022 63,735 63,735
Charge for the financial year 1,790 1,790
  ───────── ─────────
At 31 October 2023 65,525 65,525
  ───────── ─────────
Net book value
At 31 October 2023 10,146 10,146
  ═════════ ═════════
At 31 October 2022 11,936 11,936
  ═════════ ═════════
         
7. Investments
  Group and Other Total
  participating investments  
  interests/    
  joint ventures    
Investments £ £ £
Cost
 
At 31 October 2023 1 50,000 50,001
  ───────── ───────── ─────────
Net book value
At 31 October 2023 1 50,000 50,001
  ═════════ ═════════ ═════════
At 31 October 2022 1 50,000 50,001
  ═════════ ═════════ ═════════
       
8. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 121,309 103,996
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
9. Debtors 2023 2022
  £ £
 
Trade debtors 129,566 130,382
Directors' current accounts (Note ) 348,784 238,296
Taxation  (Note 12) 51,239 48,636
Prepayments and accrued income 5,770 4,487
  ───────── ─────────
  535,359 421,801
  ═════════ ═════════
       
10. Investments 2023 2022
  £ £
 
Other unlisted investments 595 595
  ═════════ ═════════
       
11. Creditors 2023 2022
Amounts falling due within one year £ £
 
NHS Covid loan 22,389 53,733
Trade creditors 104,529 109,387
Taxation  (Note 12) 4,576 19,609
Other creditors 1 1
Accruals:
Pension accrual 4,136 4,262
Other accruals 6,614 6,614
  ───────── ─────────
  142,245 193,606
  ═════════ ═════════
       
12. Taxation 2023 2022
  £ £
 
Debtors:
VAT 16,904 48,636
Corporation tax 34,335 -
  ───────── ─────────
  51,239 48,636
  ═════════ ═════════
Creditors:
Corporation tax - 15,478
PAYE / NI 4,576 4,131
  ───────── ─────────
  4,576 19,609
  ═════════ ═════════
         
13. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 2,001 2,001 2,298
Charged to profit and loss 536 536 (297)
  ───────── ───────── ─────────
At financial year end 2,537 2,537 2,001
  ═════════ ═════════ ═════════
       
14. Related party transactions
 
During the year the directors received net loans of £110,488 (2022: £131,171) of which £348,784 (2022:£238,296) remained outstanding at the balance sheet date. The loan is charged at 2.5% interest and repayable on demand.