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REGISTERED NUMBER: 05727750 (England and Wales)















1BR Limited

Financial Statements for the Year Ended 31st March 2024






1BR Limited (Registered number: 05727750)

Contents of the Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1BR Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: D E Gearey
M W Gearey





REGISTERED OFFICE: The Engine House
77 Station Road
Petersfield
Hampshire
GU32 3FQ





BUSINESS ADDRESS: 1 Bedford Road
Petersfield
Hampshire
GU32 3LJ





REGISTERED NUMBER: 05727750 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
The Engine House
77 Station Road
Petersfield
Hampshire
GU32 3FQ

1BR Limited (Registered number: 05727750)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43,913 52,311
43,913 52,311

CURRENT ASSETS
Stocks 895,679 883,840
Debtors 6 155,605 116,160
Cash at bank - 56,188
1,051,284 1,056,188
CREDITORS
Amounts falling due within one year 7 540,942 542,616
NET CURRENT ASSETS 510,342 513,572
TOTAL ASSETS LESS CURRENT
LIABILITIES

554,255

565,883

CREDITORS
Amounts falling due after more than
one year

8

(25,454

)

(47,273

)

PROVISIONS FOR LIABILITIES (8,549 ) (7,600 )
NET ASSETS 520,252 511,010

1BR Limited (Registered number: 05727750)

Balance Sheet - continued
31st March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 60 60
Capital redemption reserve 42 42
Retained earnings 520,150 510,908
SHAREHOLDERS' FUNDS 520,252 511,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by:





M W Gearey - Director


1BR Limited (Registered number: 05727750)

Notes to the Financial Statements
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

1BR Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been fully amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Office equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


1BR Limited (Registered number: 05727750)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 185,000
AMORTISATION
At 1st April 2023
and 31st March 2024 185,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

1BR Limited (Registered number: 05727750)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Office
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 62,210 2,470 4,485 19,656 88,821
Additions - - 289 3,408 3,697
At 31st March 2024 62,210 2,470 4,774 23,064 92,518
DEPRECIATION
At 1st April 2023 24,081 621 1,320 10,488 36,510
Charge for year 8,027 277 343 3,448 12,095
At 31st March 2024 32,108 898 1,663 13,936 48,605
NET BOOK VALUE
At 31st March 2024 30,102 1,572 3,111 9,128 43,913
At 31st March 2023 38,129 1,849 3,165 9,168 52,311

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 140,218 85,877
Other debtors 15,387 30,283
155,605 116,160

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 58,696 21,818
Trade creditors 103,986 32,691
Taxation and social security 74,510 22,973
Other creditors 303,750 465,134
540,942 542,616

1BR Limited (Registered number: 05727750)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 25,454 47,273

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Motonovo Finance 168,032 321,665

Included in other creditors is a facility from Motonovo Finance which is secured on the vehicle to which each advance relates.

Included in bank loans is £47,273 (2023 - £69,091) due under the Coronavirus Business Interruption Loan Scheme. In the event of default by the company, repayment of the loan and interest is guaranteed by the UK government.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
55 Ordinary £1 55 55
3 Ordinary A £1 3 3
2 Ordinary B Non Voting £1 2 2
60 60