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Registration number: 10001980

Bracey's Accountants (Stevenage) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bracey's Accountants (Stevenage) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Bracey's Accountants (Stevenage) Limited

(Registration number: 10001980)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,006

5,323

Current assets

 

Debtors

5

58,704

84,916

Cash at bank and in hand

 

23,664

32,302

 

82,368

117,218

Creditors: Amounts falling due within one year

6

(61,159)

(70,464)

Net current assets

 

21,209

46,754

Total assets less current liabilities

 

28,215

52,077

Creditors: Amounts falling due after more than one year

6

(23,786)

(38,786)

Provisions for liabilities

(1,751)

(1,011)

Net assets

 

2,678

12,280

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,578

12,180

Shareholders' funds

 

2,678

12,280

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

Mr P Bracey
Director

   
     
 

Bracey's Accountants (Stevenage) 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 England and Wales.

The address of its registered office is:
18 - 20 High Street
Stevenage
Hertfordshire
SG1 3EJ
United Kingdom

These financial statements were authorised for issue by the director 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

The financial statements have been prepared on a going concern basis.

 

Bracey's Accountants (Stevenage) Limited

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

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.

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 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 and expected costs, in order to arrive at contract values. 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.

 

Bracey's Accountants (Stevenage) Limited

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

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

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. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bracey's Accountants (Stevenage) 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 the director) during the year, was 8 (2023 - 7).

 

Bracey's Accountants (Stevenage) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

9,566

9,566

Additions

3,745

3,745

Disposals

(95)

(95)

At 31 January 2024

13,216

13,216

Depreciation

At 1 February 2023

4,243

4,243

Charge for the year

2,040

2,040

Eliminated on disposal

(73)

(73)

At 31 January 2024

6,210

6,210

Carrying amount

At 31 January 2024

7,006

7,006

At 31 January 2023

5,323

5,323

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

35,635

57,820

Amounts owed by related parties

9

640

8,530

Prepayments

 

8,265

6,465

Other debtors

 

14,164

12,101

   

58,704

84,916

 

Bracey's Accountants (Stevenage) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

15,000

15,001

Trade creditors

 

1,254

1,941

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

9

4,152

6,574

Taxation and social security

 

38,369

44,691

Accruals and deferred income

 

717

1,537

Other creditors

 

1,667

720

 

61,159

70,464


Included in bank loans and overdrafts is £15,000 (2023 - £15,001) which relates to bank loans. The bank loans are secured by way of a cross guarantee by Bracey's Consulting Limited, Braceys Consulting Limited and PGB Asset Holdings Limited, all fellow group companies.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

23,786

38,786

The bank loans are secured by way of a cross guarantee by Bracey's Accountants (Stevenage) Limited, Braceys Consulting Limited and PGB Asset Holdings Limited, all fellow group companies.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Bracey's Accountants (Stevenage) Limited

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

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 370.00 (2023 - 408.28) per each Ordinary Share

37,000

40,828

 

 

9

Related party transactions

Summary of transactions with other related parties

At the balance sheet date £480 (2023 - £8,530) was owed by and £4,152 (2023 - £6,573) was owed to fellow group companies.
 

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,786

38,786

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,000

15,001

Bank borrowings

The bank loans are denominated in GBP with a nominal interest rate of 3.59%, and the final instalment is due on 31 August 2028. The carrying amount at year end is £38,786 (2023 - £53,786).

The bank loans are secured by way of a cross guarantee by Bracey's Accountants (Stevenage) Limited, Braceys Consulting Limited and PGB Asset Holdings Limited, all fellow group companies.