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Registration number: 05665656

Peter Brace Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Peter Brace Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Peter Brace Ltd

Company Information

Directors

J K Brace

V L Newman-Brace

C M Brace

S P Brace

Company secretary

V L Newman-Brace

Registered office

34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Peter Brace Ltd

(Registration number: 05665656)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

154,408

151,347

Current assets

 

Stocks

5

16,852

7,491

Debtors

6

38,127

54,083

Cash at bank and in hand

 

106,981

94,410

 

161,960

155,984

Creditors: Amounts falling due within one year

7

(166,192)

(150,616)

Net current (liabilities)/assets

 

(4,232)

5,368

Total assets less current liabilities

 

150,176

156,715

Creditors: Amounts falling due after more than one year

7

(64,474)

(89,703)

Net assets

 

85,702

67,012

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

84,702

66,012

Shareholders' funds

 

85,702

67,012

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.

 

Peter Brace Ltd

(Registration number: 05665656)
Balance Sheet as at 31 December 2023

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 4 July 2024 and signed on its behalf by:
 


S P Brace
Director

 

Peter Brace Ltd

Notes to the 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 and Wales.

The principal place of business is:
Tarnock Garage
Oak Tree Park
Bristol Road
Highbridge
Somerset
TA9 4HA

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.

The presentation currency of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest £.

 

Peter Brace Ltd

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

2

Accounting policies (continued)

Changes in accounting policy

The following have been applied for the first time from 1 January 2023 and have had an effect on the financial statements:

Depreciation

The accounting policy for depreciation of leasehold buildings has been changed from 3 years straight line to write off the value of the asset over the remaining period of the lease. No adjustment was made to the prior period as a result of this change.

Revenue recognition

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

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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.

Deferred tax is recognised in respect of 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 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 the deferred tax liabilities or other taxable profits.

Tangible assets

Fixed assets are stated at cost price less accumulated depreciation and accumulated impairment losses.

 

Peter Brace Ltd

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

2

Accounting policies (continued)

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

Leasehold buildings

straight line over the remaining period of the lease

Plant and Machinery

15% reducing balance

Furniture, fittings and equipment

15% reducing balance and 33% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are valued at the lower of cost on first in, first out basis and net realisable value, after making due allowance for obsolete and slow moving stock.

Borrowings

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.

 

Peter Brace Ltd

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

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

 

Peter Brace Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

4

Tangible assets

Leasehold buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

14,955

83,070

49,693

99,349

247,067

Additions

24,000

2,584

-

4,213

30,797

Disposals

-

(144)

-

-

(144)

At 31 December 2023

38,955

85,510

49,693

103,562

277,720

Depreciation

At 1 January 2023

4,706

25,718

39,938

25,357

95,719

Charge for the year

3,805

9,640

2,439

11,731

27,615

Eliminated on disposal

-

(22)

-

-

(22)

At 31 December 2023

8,511

35,336

42,377

37,088

123,312

Carrying amount

At 31 December 2023

30,444

50,174

7,316

66,474

154,408

At 31 December 2022

10,249

57,352

9,754

73,992

151,347

 

Peter Brace Ltd

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

5

Stocks

2023
£

2022
£

Stocks

16,852

7,491

6

Debtors

2023
£

2022
£

Trade debtors

7,545

13,351

Prepayments

10,829

27,070

Other debtors

19,753

13,662

38,127

54,083

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

24,618

22,286

Trade creditors

 

44,944

49,964

Taxation and social security

 

23,959

22,003

Accruals and deferred income

 

3,969

3,817

Other creditors

 

68,702

52,546

 

166,192

150,616

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

64,474

89,703

 

Peter Brace Ltd

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

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,740

29,883

Hire purchase contracts

44,734

59,820

64,474

89,703

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,022

9,766

Hire purchase contracts

14,596

12,520

24,618

22,286