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Company registration number: 10774100
Bradshaw Assets Limited
Unaudited filleted financial statements
31 March 2024
Bradshaw Assets Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Bradshaw Assets Limited
Directors and other information
Directors Mr Michael Andrews
Mr Davinder Bedi
Mr Nicholas Wilkinson
Company number 10774100
Registered office Unit 4 Tallow Way
Irlam
Manchester
M44 6RJ
Business address Unit 4 Tallow Way
Irlam
Manchester
M44 6RJ
Accountants Bedi & Co
Chartered Accountants
14 Dunlin Rise
Tytherington
Macclesfield
SK102SP
Bankers Virgin Money Bank
48-50 Market Street
Manchester M1 1PW
Bradshaw Assets Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,747,698 2,428,219
Investments 6 1,000 1,000
_______ _______
4,748,698 2,429,219
Current assets
Debtors 7 - 78,946
Cash at bank and in hand 225,731 9,988
_______ _______
225,731 88,934
Creditors: amounts falling due
within one year 8 ( 175,607) ( 66,385)
_______ _______
Net current assets 50,124 22,549
_______ _______
Total assets less current liabilities 4,798,822 2,451,768
Creditors: amounts falling due
after more than one year 9 ( 3,012,923) ( 1,060,390)
_______ _______
Net assets 1,785,899 1,391,378
_______ _______
Capital and reserves
Called up share capital 10 1,100 1,100
Profit and loss account 1,784,799 1,390,278
_______ _______
Shareholders funds 1,785,899 1,391,378
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
Mr Michael Andrews
Director
Company registration number: 10774100
Bradshaw Assets Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1,100 628,747 629,847
Profit for the year 1,061,531 1,061,531
_______ _______ _______
Total comprehensive income for the year - 1,061,531 1,061,531
Dividends paid and payable ( 300,000) ( 300,000)
_______ _______ _______
Total investments by and distributions to owners - ( 300,000) ( 300,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 1,100 1,390,278 1,391,378
Profit for the year 444,521 444,521
_______ _______ _______
Total comprehensive income for the year - 444,521 444,521
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 March 2024 1,100 1,784,799 1,785,899
_______ _______ _______
Bradshaw Assets Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Englan& wales. The address of the registered office is Unit 4 Tallow Way, Irlam, Manchester, M44 6RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is rental income receivable,net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
The freehold property is stated at cost less any impairment losses.
Depreciation
The freehold and leasehold properties are not depreciated but provision is made if there are any impairment losses.
Freehold property - 0 %
Long leasehold property - 0 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property Long leasehold property Total
£ £ £
Cost
At 1 April 2023 910,147 1,518,072 2,428,219
Additions 2,319,479 - 2,319,479
_______ _______ _______
At 31 March 2024 3,229,626 1,518,072 4,747,698
_______ _______ _______
Carrying amount
At 31 March 2024 3,229,626 1,518,072 4,747,698
_______ _______ _______
At 31 March 2023 910,147 1,518,072 2,428,219
_______ _______ _______
In the opinion of the Directors the properties are valued as stated at cost.
6. Investments
Shares in subsidiary Company Total
£ £
Cost
At 1 April 2023 and 31 March 2024 1,000 1,000
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 1,000 1,000
_______ _______
At 31 March 2023 1,000 1,000
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by subsidiary Company - 71,445
Other debtors - 7,501
_______ _______
- 78,946
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 140,122 51,755
Corporation tax 16,373 10,881
Social security and other taxes 9,636 -
Other creditors 9,476 3,749
_______ _______
175,607 66,385
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 3,012,923 1,060,390
_______ _______
Bank loans outstanding at the year end include instalments due more than 1 year and less than 5 of £2,722,263 (2023 £742,796). Amount due after more than five years amounts to £290,655 .(2023 £317,594) The bank loans are secured on the assets of the Company and by a debenture on the assets of the subsidiary company,John Bradshaw & Son Limited.There are four bank loans.The first was taken on 1 April 2021 for £300.000 at a fixed interest rate of 0.78% per annum over a margin of 3.25%, for 5 years,the final repayment date being 1 April 2026.The second loan was taken on 14 December 2022 for £425,000 at a fixed rate of 4.05% per annum plus the margin of 2.75%, the final repayment of the loan being 14 December 2027.The third loan was also taken on the 14 December 2022 for £425,000 at an interest rate of 2.75% over the bank base rate. the final repayment date being 14 December 2032.The fourth bank loan,which was taken on 15 February 2024 inrespect of the purchase of the warehouse in Manchester was for £2,100,000 at a fixed rate of 4.21% per annum over a margin of 2. 5%,the final repayment date being 15 February 2029.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,100 1,100 1,100 1,100
_______ _______ _______ _______
11. Related party transactions
The company rents the properties to its subsidiary company,John Bradshaw & Son Limited. Rents receivable amounted to £178,904 (2023 £95,505 ) At the 31 March 2024 the company was due £0(2023 £ 71,445) from John Bradshaw & Son Limited.