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Registration number: NI642340

Broughgammon Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Broughgammon Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Broughgammon Limited

(Registration number: NI642340)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,666

8,281

Tangible assets

5

38,956

36,768

 

44,622

45,049

Current assets

 

Stocks

6

25,647

25,358

Debtors

7

53,873

38,909

Cash at bank and in hand

 

2,902

4,178

 

82,422

68,445

Creditors: Amounts falling due within one year

8

(110,507)

(93,163)

Net current liabilities

 

(28,085)

(24,718)

Total assets less current liabilities

 

16,537

20,331

Creditors: Amounts falling due after more than one year

8

(11,770)

(16,781)

Provisions for liabilities

(1,584)

(2,339)

Net assets

 

3,183

1,211

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,083

1,111

Shareholders' funds

 

3,183

1,211

For the financial year ending 30 November 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.

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 7 August 2024 and signed on its behalf by:
 

 

Broughgammon Limited

(Registration number: NI642340)
Balance Sheet as at 30 November 2023

.........................................
Camilla Jane Cole
Director

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The Company Registration Number is: NI642340
 

The address of its registered office is:
50 Straid Road
Ballycastle
County Antrim
BT54 6NP
United Kingdom

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 is £ Sterling.

The level of rounding is to the nearest £ Sterling.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sales of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Grants

Grant income is recognised when the grant's performance related conditions are met. Certain grants are given by the government without any conditions attached and where grants are unconditional, they should be recognised within income when they are receivable.

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

4% Straight Line

Plant & Machinery

20% Straight Line

Intangible assets

Intangible assets are measured at cost less accumulated amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software Costs

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Software Costs
 £

Total
£

Cost or valuation

At 1 December 2022

13,076

13,076

At 30 November 2023

13,076

13,076

Amortisation

At 1 December 2022

4,795

4,795

Amortisation charge

2,615

2,615

At 30 November 2023

7,410

7,410

Carrying amount

At 30 November 2023

5,666

5,666

At 30 November 2022

8,281

8,281

5

Tangible assets

Leasehold
Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

28,639

24,780

53,419

Additions

-

7,708

7,708

At 30 November 2023

28,639

32,488

61,127

Depreciation

At 1 December 2022

4,702

11,949

16,651

Charge for the year

1,145

4,375

5,520

At 30 November 2023

5,847

16,324

22,171

Carrying amount

At 30 November 2023

22,792

16,164

38,956

At 30 November 2022

23,937

12,831

36,768

6

Stocks

2023
£

2022
£

Other inventories

25,647

25,358

 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,888

2,979

Other debtors

45,985

35,930

 

53,873

38,909

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,400

4,885

Trade creditors

 

24,286

19,892

Taxation and social security

 

2

14

Accruals and deferred income

 

2,578

2,380

Other creditors

 

78,241

65,992

 

110,507

93,163

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11,770

16,781

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, Called Up and Fully Paid of £1 each

100

100

100

100

       
 

Broughgammon Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Related party transactions with a partnership took place during the year. The company is a related party to the partnership by virtue of the fact its directors Camilla and Charles Cole have joint control over the partnership. A balance of £44,555 was owed by the partnership to the company at the year end (2022: £30,490).

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Charles Richard Arthur Cole

(6,700)

-

-

(6,700)

Camilla Jane Cole

(59,292)

1,173

(13,422)

(71,541)

The above loan is unsecured, interest free and repayable on demand.