Company registration number 03149524 (England and Wales)
BRADLEYS FINANCIAL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRADLEYS FINANCIAL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BRADLEYS FINANCIAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
360
400
Current assets
Debtors
4
430,115
136,362
Cash at bank and in hand
66,505
300,765
496,620
437,127
Creditors: amounts falling due within one year
5
(70,218)
(60,298)
Net current assets
426,402
376,829
Total assets less current liabilities
426,762
377,229
Provisions for liabilities
(90)
(80)
Net assets
426,672
377,149
Capital and reserves
Called up share capital
50
50
Profit and loss reserves
426,622
377,099
Total equity
426,672
377,149
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr D A Lewis
Director
Company registration number 03149524 (England and Wales)
BRADLEYS FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Bradleys Financial Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Stevenstone Road, Exmouth, Devon, EX8 2EP.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from mortgage procuration fees is recognised on completion of the mortgage transaction, which is when all contractual obligations have been fulfilled.
Insurance commissions income is recognised when the policy is put on risk.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
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:
Fixtures and fittings
10% reducing balance
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.
1.4
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.
BRADLEYS FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
13
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
4,674
Depreciation and impairment
At 1 January 2023
4,274
Depreciation charged in the year
40
At 31 December 2023
4,314
Carrying amount
At 31 December 2023
360
At 31 December 2022
400
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,249
2,346
Amounts owed by group undertakings
427,866
134,016
430,115
136,362
BRADLEYS FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,249
2,346
Taxation and social security
33,753
22,172
Other creditors
34,216
35,780
70,218
60,298
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Williams BSc ACA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
Date of audit report:
8 October 2024
7
Contingencies
The Company has given a guarantee to the bank in respect of the other group companies' loans and overdrafts amounting to £354k (2022: £609k).
8
Parent company
Bradleys Estate Agents Limited, a company incorporated in England & Wales, is the immediate parent company.
The ultimate parent company of Bradleys Financial Management Limited is Bradleys Group (Holdings) Limited, a company incorporated in England & Wales, whose registered office is 7 Stevenstone Road, Exmouth, England, EX8 2EP. The smallest group in which the results of the company are consolidated is headed by that company.