Company registration number 04553249 (England and Wales)
BROAD STREET DIY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BROAD STREET DIY LIMITED
COMPANY INFORMATION
Directors
Mr A Warren
Mr P A Warren
Mr B Warren
Miss L A Warren
Company number
04553249
Registered office
128 Worcester Road
Bromsgrove
Worcestershire
B61 7AG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
124 High Street
Bromsgrove
Worcestershire
B61 8HJ
BROAD STREET DIY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BROAD STREET DIY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROAD STREET DIY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Broad Street DIY Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Broad Street DIY Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Broad Street DIY Limited and state those matters that we have agreed to state to the board of directors of Broad Street DIY Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Broad Street DIY Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Broad Street DIY Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Broad Street DIY Limited. You consider that Broad Street DIY Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Broad Street DIY Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
17 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BROAD STREET DIY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,200
13,800
Tangible assets
4
113,257
125,980
122,457
139,780
Current assets
Stocks
203,574
229,861
Debtors
5
43,751
48,453
Cash at bank and in hand
27,386
247,325
305,700
Creditors: amounts falling due within one year
6
(232,676)
(238,070)
Net current assets
14,649
67,630
Total assets less current liabilities
137,106
207,410
Provisions for liabilities
8
(11,535)
(13,957)
Net assets
125,571
193,453
Capital and reserves
Called up share capital
9
106
106
Profit and loss reserves
125,465
193,347
Total equity
125,571
193,453
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BROAD STREET DIY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
Miss L A Warren
Director
Company registration number 04553249 (England and Wales)
BROAD STREET DIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Broad Street DIY Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 Worcester Road, Bromsgrove, Worcestershire, B61 7AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold and improvements to property
Nil
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
No depreciation is provided on leasehold and improvements to property. The company follows a program of regular refurbishment and maintenance of its properties which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly in the opinion of the directors any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
BROAD STREET DIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
BROAD STREET DIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
92,000
Amortisation and impairment
At 1 January 2023
78,200
Amortisation charged for the year
4,600
At 31 December 2023
82,800
Carrying amount
At 31 December 2023
9,200
At 31 December 2022
13,800
4
Tangible fixed assets
Leasehold and improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
52,406
15,103
146,869
52,248
130,080
396,706
Additions
528
528
At 31 December 2023
52,406
15,103
146,869
52,776
130,080
397,234
Depreciation and impairment
At 1 January 2023
5,513
103,669
48,161
113,383
270,726
Depreciation charged in the year
1,439
6,480
1,156
4,176
13,251
At 31 December 2023
6,952
110,149
49,317
117,559
283,977
Carrying amount
At 31 December 2023
52,406
8,151
36,720
3,459
12,521
113,257
At 31 December 2022
52,406
9,590
43,200
4,087
16,697
125,980
BROAD STREET DIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
24,132
29,035
Other debtors
19,619
19,418
43,751
48,453
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,664
Trade creditors
107,281
139,229
Taxation and social security
35,844
39,829
Other creditors
85,887
59,012
232,676
238,070
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
3,664
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11,535
13,957
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
9,900
9,900
99
99
Ordinary B of £1 each
3
3
3
3
Ordinary C of 50p each
2
2
1
1
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
1
1
1
1
Ordinary F of £1 each
1
1
1
1
9,908
9,908
106
106
BROAD STREET DIY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Ultimate controlling party
There is no ultimate controlling party.