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Registration number: 04687594

Bainbridge Brothers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Bainbridge Brothers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bainbridge Brothers Ltd

Company Information

Directors

Mr Matthew Bainbridge

Mr Michael Bainbridge

Registered office

83 Greta Road
Norton
Stockton on Tees
TS20 1BA

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA

 

Bainbridge Brothers Ltd

(Registration number: 04687594)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,683,396

1,792,571

Investments

5

145,994

145,994

 

1,829,390

1,938,565

Current assets

 

Stocks

6

32,500

32,500

Debtors

7

948,410

730,276

Cash at bank and in hand

 

455,134

412,129

 

1,436,044

1,174,905

Creditors: Amounts falling due within one year

8

(373,129)

(439,686)

Net current assets

 

1,062,915

735,219

Total assets less current liabilities

 

2,892,305

2,673,784

Provisions for liabilities

(311,625)

(335,791)

Net assets

 

2,580,680

2,337,993

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

2,579,680

2,336,993

Shareholders' funds

 

2,580,680

2,337,993

 

Bainbridge Brothers Ltd

(Registration number: 04687594)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 1 August 2024 and signed on its behalf by:
 

.........................................
Mr Matthew Bainbridge
Director

.........................................
Mr Michael Bainbridge
Director

 

Bainbridge Brothers Ltd

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

1

General information

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

The address of its registered office is:
83 Greta Road
Norton
Stockton on Tees
TS20 1BA

These financial statements were authorised for issue by the Board on 1 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and 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.

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.

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

Plant & Machinery

15% - 25% reducing balance or 10 - 20 years straight line as appropriate

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Land & buildings

Land is not depreciated

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

458,606

31,376

2,449,551

665,449

3,604,982

Additions

-

150

154,201

-

154,351

At 31 March 2024

458,606

31,526

2,603,752

665,449

3,759,333

Depreciation

At 1 April 2023

-

21,759

1,337,342

453,311

1,812,412

Charge for the year

9,172

2,408

198,911

53,034

263,525

At 31 March 2024

9,172

24,167

1,536,253

506,345

2,075,937

Carrying amount

At 31 March 2024

449,434

7,359

1,067,499

159,104

1,683,396

At 31 March 2023

458,606

9,617

1,112,210

212,138

1,792,571

Included within the net book value of land and buildings above is £449,434 (2023 - £458,606) in respect of freehold land.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

145,994

145,994

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Cleveland Auto Services & Hire Company Ltd

England

Ordinary shares

100%

100%

Subsidiary undertakings

Cleveland Auto Services & Hire Company Ltd

The principal activity of Cleveland Auto Services & Hire Company Ltd is Vehicle servicing, repair & hire.

6

Stocks

2024
£

2023
£

Work in progress

32,500

32,500

 

Bainbridge Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

895,388

722,252

Amounts owed by related parties

50,000

-

Prepayments

 

3,022

8,024

   

948,410

730,276

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,816

76,330

Trade creditors

 

41,829

31,971

Taxation and social security

 

312,939

317,875

Accruals and deferred income

 

3,150

4,410

Other creditors

 

8,395

9,100

 

373,129

439,686

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,816

76,330