Company registration number 06734039 (England and Wales)
BFL Estate Agents Limited
Unaudited financial statements
For the year ended 31 December 2023
BFL Estate Agents Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BFL Estate Agents Limited
Balance sheet
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,370
156,942
Current assets
Debtors - deferred tax
175,880
55,858
Debtors - other
4
272,322
190,088
Cash at bank and in hand
44,003
449,089
492,205
695,035
Creditors: amounts falling due within one year
5
(1,558,088)
(1,325,870)
Net current liabilities
(1,065,883)
(630,835)
Total assets less current liabilities
(936,513)
(473,893)
Creditors: amounts falling due after more than one year
6
(14,167)
(29,230)
Net liabilities
(950,680)
(503,123)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(950,780)
(503,223)
Total equity
(950,680)
(503,123)
BFL Estate Agents Limited
Balance sheet (continued)
As at 31 December 2023
- 2 -
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 member has 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr P M Lea
Director
Company registration number 06734039 (England and Wales)
BFL Estate Agents Limited
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
BFL Estate Agents Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 The Crescent, Wirral, CH48 4HN, West Kirby.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, as the company has the support of its parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
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:
Land and buildings Leasehold
10% straight line
Furniture and fixtures
10% straight line
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.
BFL Estate Agents Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
74
81
BFL Estate Agents Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
281,969
190,492
472,461
Additions
7,399
7,399
At 31 December 2023
281,969
197,891
479,860
Depreciation and impairment
At 1 January 2023
166,370
149,149
315,519
Depreciation charged in the year
22,213
12,758
34,971
At 31 December 2023
188,583
161,907
350,490
Carrying amount
At 31 December 2023
93,386
35,984
129,370
At 31 December 2022
115,599
41,343
156,942
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
208,427
105,393
Other debtors
63,895
84,695
272,322
190,088
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
175,880
55,858
Total debtors
448,202
245,946
BFL Estate Agents Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
5,000
Trade creditors
125,888
65,573
Amounts owed to group undertakings
1,089,890
918,697
Taxation and social security
218,347
165,997
Other creditors
113,963
170,603
1,558,088
1,325,870
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
29,230
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
383,435
568,946
9
Parent company
Bradshaw Farnham Lea Limited owns 100% of the share capital. The registered office is 18 The Crescent, West Kirby, Wirral, CH48 4HN.