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Registration number: 05981665

Budget Cases Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Budget Cases Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Budget Cases Limited

Company Information

Director

Mr Andrew Thomas Earley

Registered office

Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Budget Cases Limited

(Registration number: 05981665)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

88,733

81,803

Current assets

 

Stocks

5

43,000

43,000

Debtors

6

319,893

362,659

Cash at bank and in hand

 

856,176

450,004

 

1,219,069

855,663

Creditors: Amounts falling due within one year

7

(353,730)

(268,295)

Net current assets

 

865,339

587,368

Total assets less current liabilities

 

954,072

669,171

Provisions for liabilities

(22,183)

(15,884)

Net assets

 

931,889

653,287

Capital and reserves

 

Called up share capital

8

500

500

Capital redemption reserve

200

200

Retained earnings

931,189

652,587

Shareholders' funds

 

931,889

653,287

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.

Director's 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 director acknowledges his 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 director on 2 September 2024
 

 

Budget Cases Limited

(Registration number: 05981665)
Balance Sheet as at 31 December 2023

.........................................
Mr Andrew Thomas Earley
Director

 

Budget Cases Limited

Notes to the Unaudited 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.

The address of its registered office is:
Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB
United Kingdom

The principal place of business is:
Unit 7 Bold Industrial Estate
Neills Road
St Helens
Merseyside
WA9 4TU

These financial statements were authorised for issue by the director on 2 September 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.

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.

Government grants

Government grants relating to the support provided fro the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

 

Budget Cases Limited

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

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

Leasehold property improvements

Over the term of the lease

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Computer equipment

Straight line over 3 years

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.

 

Budget Cases Limited

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

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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks or other third parties.
 

 

Budget Cases Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 19).

 

Budget Cases Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

13,098

21,926

81,295

111,476

227,795

Additions

-

-

29,950

-

29,950

At 31 December 2023

13,098

21,926

111,245

111,476

257,745

Depreciation

At 1 January 2023

11,436

18,943

31,379

84,234

145,992

Charge for the year

1,309

1,402

16,223

4,086

23,020

At 31 December 2023

12,745

20,345

47,602

88,320

169,012

Carrying amount

At 31 December 2023

353

1,581

63,643

23,156

88,733

At 31 December 2022

1,662

2,983

49,916

27,242

81,803

Included within the net book value of land and buildings above is £353 (2022 - £1,662) in respect of short leasehold land and buildings.
 

 

Budget Cases Limited

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

5

Stocks

2023
£

2022
£

Other inventories

43,000

43,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

293,895

331,116

Prepayments

21,859

24,436

Other debtors

4,139

7,107

 

319,893

362,659

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

151,148

53,013

Amounts due to related parties

25,084

24,909

Social security and other taxes

 

60,384

75,470

Outstanding defined contribution pension costs

 

5,628

3,783

Other payables

 

-

1,378

Accruals

 

5,142

6,111

Income tax liability

106,344

103,631

 

353,730

268,295

 

Budget Cases Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 Shares of £1 each

200

200

200

200

Ordinary £1 B Shares of £1 each

100

100

100

100

Ordinary £1 C Shares of £1 each

100

100

100

100

Ordinary £1 E Shares of £1 each

100

100

100

100

500

500

500

500

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £58,072 (2022 - £46,020). At the balance sheet date, the company had total minimum lease payment commitments under non-cancellable operating leases as follows:

Less than 1 year £58,072 (2022: £46,020)