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Registered number: 07434961
Budget Ceilings Ltd
Financial Statements
For The Year Ended 31 March 2024
G Brown & Co Ltd
Accountants & Taxation Consultants
37a Wakefield Road
Tandem
Huddersfield
HD5 0AN
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 07434961
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 626,863 645,620
626,863 645,620
CURRENT ASSETS
Debtors 6 82,667 52,135
Cash at bank and in hand 239,514 175,039
322,181 227,174
Creditors: Amounts Falling Due Within One Year 7 (46,354 ) (22,964 )
NET CURRENT ASSETS (LIABILITIES) 275,827 204,210
TOTAL ASSETS LESS CURRENT LIABILITIES 902,690 849,830
NET ASSETS 902,690 849,830
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 902,590 849,730
SHAREHOLDERS' FUNDS 902,690 849,830
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Claire Magson
Director
03/09/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Budget Ceilings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07434961 . The registered office is 4 St. David's Court, Scotgate Road, Honley, Holmfirth, HD9 6RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 20% Reducing balance
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 20% Reducing balance
Computer Equipment 25% Reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 2
Page 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 40,000
As at 31 March 2024 40,000
Amortisation
As at 1 April 2023 40,000
As at 31 March 2024 40,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 552,821 7,655 144,854 822
As at 31 March 2024 552,821 7,655 144,854 822
Depreciation
As at 1 April 2023 - 5,178 58,545 354
Provided during the period - 619 17,262 167
As at 31 March 2024 - 5,797 75,807 521
Net Book Value
As at 31 March 2024 552,821 1,858 69,047 301
As at 1 April 2023 552,821 2,477 86,309 468
Computer Equipment Total
£ £
Cost
As at 1 April 2023 7,791 713,943
As at 31 March 2024 7,791 713,943
Depreciation
As at 1 April 2023 4,246 68,323
Provided during the period 709 18,757
As at 31 March 2024 4,955 87,080
Net Book Value
As at 31 March 2024 2,836 626,863
As at 1 April 2023 3,545 645,620
Page 3
Page 4
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,038 1,038
VAT 30,232 50,181
Directors' loan accounts 51,397 916
82,667 52,135
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 40,910 11,761
Other taxes and social security 4,794 7,494
Accruals and deferred income 650 3,709
46,354 22,964
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Kevin Askham 458 26,029 458 - 26,029
Miss Claire Magson 458 25,368 458 - 25,368
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
10. Ultimate Controlling Party
The company's ultimate controlling party is Claire Magson & Kevin Askham by virtue of his ownership of 100% of the issued share capital in the company.
Page 4