Company registration number 08732975 (England and Wales)
BURTONS DIRECT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BURTONS DIRECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BURTONS DIRECT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,700
12,831
Current assets
Stocks
235,001
234,857
Debtors
5
19,886
40,886
Cash at bank and in hand
58,744
85,980
313,631
361,723
Creditors: amounts falling due within one year
6
(329,070)
(395,631)
Net current liabilities
(15,439)
(33,908)
Net liabilities
(13,739)
(21,077)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(13,839)
(21,177)
Total equity
(13,739)
(21,077)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr D C Burton
Director
Company registration number 08732975 (England and Wales)
BURTONS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Burtons Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis which assumes the continued financial support of other group companies.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods). Revenue from the supply of services is recognised by reference to the stage of completion at the balance sheet date.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% Straight line
Motor vehicles
25% Straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

In circumstances where the company orders stock and the obligation to pay does not crystallise until the stock has been delivered, the liability and stock are only recognised at the point of delivery.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BURTONS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

1.7
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BURTONS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
30,348
Disposals
(21,153)
At 31 October 2023
9,195
Depreciation and impairment
At 1 November 2022
17,517
Depreciation charged in the year
4,520
Eliminated in respect of disposals
(14,542)
At 31 October 2023
7,495
Carrying amount
At 31 October 2023
1,700
At 31 October 2022
12,831
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,236
32,614
Other debtors
3,367
7,720
19,603
40,334
Deferred tax asset
283
552
19,886
40,886
BURTONS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,684
69,881
Amounts owed to group undertakings
253,668
283,075
Taxation and social security
21,322
23,378
Other creditors
23,396
19,297
329,070
395,631

Amounts owed to group undertakings are non interest bearing and have no fixed terms for repayment.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Hill BA FCA
Statutory Auditor:
Dendy Neville Limited
Date of audit report:
30 July 2024
8
Financial commitments, guarantees and contingent liabilities

The company has provided unlimited cross guarantees to the bank in respect of the borrowings of the parent company, Burtons of Maidstone Limited and its subsidiaries. As at 31 October 2023, the group's net indebtedness to the bank amounted to £415,000 (2022 - £674,000).

9
Parent company

The immediate and ultimate parent undertaking and controlling party is Burtons of Maidstone Limited, which prepares group financial statements. The registered office of Burtons of Maidstone Limited is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD.

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