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Registration number: SC592666

Bracey's Accountants (Edinburgh) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bracey's Accountants (Edinburgh) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bracey's Accountants (Edinburgh) Limited

(Registration number: SC592666)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

18,000

22,000

Tangible assets

5

3,061

2,796

 

21,061

24,796

Current assets

 

Debtors

6

62,355

64,265

Cash at bank and in hand

 

28,854

9,859

 

91,209

74,124

Creditors: Amounts falling due within one year

7

(122,666)

(120,055)

Net current liabilities

 

(31,457)

(45,931)

Total assets less current liabilities

 

(10,396)

(21,135)

Provisions for liabilities

(765)

(531)

Net liabilities

 

(11,161)

(21,666)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(11,261)

(21,766)

Shareholders' deficit

 

(11,161)

(21,666)

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

 

Bracey's Accountants (Edinburgh) Limited

(Registration number: SC592666)
Balance Sheet as at 31 January 2024

Mr P Bracey
Director

   
     
 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Ground Floor
112
George Street
Edinburgh
EH2 4LH
United Kingdom

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that it is a small sized group.

Going concern

At the balance sheet date the company had net current liabilities of £31,457 (2023 - £45,931) and retained losses of £11,261 (2023 - £21,766). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements using the going concern assumption.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Specifically the company deals with contracts for the provision of professional services and in arriving at a value for these contracts the company uses an estimation of the work undertaken, with reference to costs incurred to date that will be recovered. The resultant value will be amounts recoverable on contracts, which is included within debtors.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. Trade debtors are reviewed annually for bad debts. Any adjustment is made through the profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

40,000

40,000

At 31 January 2024

40,000

40,000

Amortisation

At 1 February 2023

18,000

18,000

Amortisation charge

4,000

4,000

At 31 January 2024

22,000

22,000

Carrying amount

At 31 January 2024

18,000

18,000

At 31 January 2023

22,000

22,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

4,207

4,207

Additions

1,177

1,177

Disposals

(26)

(26)

At 31 January 2024

5,358

5,358

Depreciation

At 1 February 2023

1,410

1,410

Charge for the year

892

892

Eliminated on disposal

(5)

(5)

At 31 January 2024

2,297

2,297

Carrying amount

At 31 January 2024

3,061

3,061

At 31 January 2023

2,796

2,796

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

41,876

37,679

Amounts owed by related parties

10

126

533

Prepayments

 

9,358

8,838

Other debtors

 

10,995

17,215

   

62,355

64,265

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,608

5,010

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

80,082

87,278

Taxation and social security

 

37,439

26,757

Accruals and deferred income

 

1,075

219

Other creditors

 

1,462

791

 

122,666

120,055

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

92

92

92

92

Ordinary B Shares of £1 each

8

8

8

8

 

100

100

100

100


 



 

 

Bracey's Accountants (Edinburgh) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,600 (2023 - £24,992).

The company has a short term lease on the business premises. The total amount disclosed of £9,600 (2023 - £24,992) is the total amount due to the expiration of the lease in July 2024.

10

Related party transactions

Summary of transactions with other related parties

At the balance sheet date £126 (2023 - £533) was owed by and £80,082 (2023 - £87,278) was owed to fellow group companies.