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COMPANY REGISTRATION NUMBER: 08838267
Brabbey Flooring Ltd
Unaudited Financial Statements
31 January 2023
Brabbey Flooring Ltd
Financial Statements
Year Ended 31 January 2023
Contents
Page
Officers and Professional Advisers
1
Directors' Report
2
Statement of Income and Retained Earnings
3
Statement of Financial Position
4
Notes to the Financial Statements
6
Brabbey Flooring Ltd
Officers and Professional Advisers
The Board of Directors
Mr G Jackson
Miss J Mulvaney
Registered Office
Unit 3
Lever Grove
Bolton
Lancashire
BL2 1AU
Accountants
Steve Astbury Ltd
Chartered accountants
Within Body Matters Gym
Hooley Bridge Mill
Bamford Road
Heywood
OL10 4AG
Brabbey Flooring Ltd
Directors' Report
Year Ended 31 January 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2023 .
Incorporation
The company was incorporated on 9th January 2014 and commenced trading in July 2014.
Directors
The directors who served the company during the year were as follows:
Mr G Jackson
Miss J Mulvaney
(Appointed 15 July 2022)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 August 2024 and signed on behalf of the board by:
Mr G Jackson
Miss J Mulvaney
Director
Director
Registered office:
Unit 3
Lever Grove
Bolton
Lancashire
BL2 1AU
Brabbey Flooring Ltd
Statement of Income and Retained Earnings
Year Ended 31 January 2023
2023
2022
Note
£
£
Turnover
583,849
476,002
Cost of sales
375,447
345,764
---------
---------
Gross Profit
208,402
130,238
Distribution costs
4,750
4,417
Administrative expenses
147,088
99,557
Other operating income
6,507
---------
---------
Operating Profit
56,564
32,771
Interest payable and similar expenses
6,501
7,400
---------
---------
Profit Before Taxation
5
50,063
25,371
Tax on profit
10,453
--------
--------
Profit for the Financial Year and Total Comprehensive Income
39,610
25,371
--------
--------
Dividends paid and payable
( 40,000)
( 25,000)
Retained Earnings at the Start of the Year
434
63
--------
--------
Retained Earnings at the End of the Year
44
434
--------
--------
All the activities of the company are from continuing operations.
Brabbey Flooring Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
47,366
91,281
Current Assets
Stocks
15,750
54,730
Debtors
7
35,087
4,408
Cash at bank and in hand
2,715
700
--------
--------
53,552
59,838
Creditors: amounts falling due within one year
8
53,401
40,658
--------
--------
Net Current Assets
151
19,180
--------
---------
Total Assets Less Current Liabilities
47,517
110,461
Creditors: amounts falling due after more than one year
9
47,471
110,025
--------
---------
Net Assets
46
436
--------
---------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
44
434
----
----
Shareholders Funds
46
436
----
----
These financial statements have been prepared 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'.
For the year ending 31 January 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 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 .
Brabbey Flooring Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr G Jackson
Miss J Mulvaney
Director
Director
Company registration number: 08838267
Brabbey Flooring Ltd
Notes to the Financial Statements
Year Ended 31 January 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Lever Grove, Bolton, Lancashire, BL2 1AU.
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.
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.
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:
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
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 4 (2022: 5 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
15,790
13,921
--------
--------
6. Tangible Assets
Motor vehicles
Total
£
£
Cost
At 1 February 2022
110,790
110,790
Disposals
( 30,000)
( 30,000)
---------
---------
At 31 January 2023
80,790
80,790
---------
---------
Depreciation
At 1 February 2022
19,509
19,509
Charge for the year
15,790
15,790
Disposals
( 1,875)
( 1,875)
---------
---------
At 31 January 2023
33,424
33,424
---------
---------
Carrying amount
At 31 January 2023
47,366
47,366
---------
---------
At 31 January 2022
91,281
91,281
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2023
47,366
--------
At 31 January 2022
91,281
--------
7. Debtors
2023
2022
£
£
Trade debtors
1,379
Other debtors
33,708
4,408
--------
-------
35,087
4,408
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,563
12,882
Corporation tax
10,453
Social security and other taxes
3,706
2,490
Other creditors
20,679
25,286
--------
--------
53,401
40,658
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,758
46,867
Other creditors
30,713
63,158
--------
---------
47,471
110,025
--------
---------
10. Directors' Advances, Credits and Guarantees
During the year, the company loaned money to the Director. The amount outstanding at the end of the year was £5,231
11. Related Party Transactions
During the year, the company paid a dividend of £40000 (2022 £25,000)