Bracey's Accountants Ltd 07233570 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of an accountancy practice. Digita Accounts Production Advanced 6.30.9574.0 true true 07233570 2023-02-01 2024-01-31 07233570 2024-01-31 07233570 bus:OrdinaryShareClass1 2024-01-31 07233570 core:CurrentFinancialInstruments 2024-01-31 07233570 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07233570 core:Non-currentFinancialInstruments 2024-01-31 07233570 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 07233570 core:FurnitureFittingsToolsEquipment 2024-01-31 07233570 bus:SmallEntities 2023-02-01 2024-01-31 07233570 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07233570 bus:FilletedAccounts 2023-02-01 2024-01-31 07233570 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07233570 bus:RegisteredOffice 2023-02-01 2024-01-31 07233570 bus:Director1 2023-02-01 2024-01-31 07233570 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07233570 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07233570 core:Goodwill 2023-02-01 2024-01-31 07233570 core:NetGoodwill 2023-02-01 2024-01-31 07233570 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07233570 core:OtherRelatedParties 2023-02-01 2024-01-31 07233570 countries:EnglandWales 2023-02-01 2024-01-31 07233570 2023-01-31 07233570 core:FurnitureFittingsToolsEquipment 2023-01-31 07233570 2022-02-01 2023-01-31 07233570 2023-01-31 07233570 bus:OrdinaryShareClass1 2023-01-31 07233570 core:CurrentFinancialInstruments 2023-01-31 07233570 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07233570 core:Non-currentFinancialInstruments 2023-01-31 07233570 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07233570 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07233570

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

(Registration number: 07233570)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,857

17,302

Current assets

 

Debtors

5

243,248

207,807

Cash at bank and in hand

 

49,234

27,589

 

292,482

235,396

Creditors: Amounts falling due within one year

6

(206,074)

(145,753)

Net current assets

 

86,408

89,643

Total assets less current liabilities

 

103,265

106,945

Creditors: Amounts falling due after more than one year

6

(27,011)

(70,185)

Provisions for liabilities

(4,214)

(3,287)

Net assets

 

72,040

33,473

Capital and reserves

 

Called up share capital

100

100

Retained earnings

71,940

33,373

Shareholders' funds

 

72,040

33,473

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 22 October 2024
 

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

(Registration number: 07233570)
Balance Sheet as at 31 January 2024

Mr P Bracey
Director

   
     
 

Bracey's Accountants Ltd

trading as Bracey's Accountants 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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

These financial statements were authorised for issue by the director on 22 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 Ltd

trading as Bracey's Accountants 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

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

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

Furniture, fittings and equipment

25% reducing balance

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

20% 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. 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.

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

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

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.

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 18 (2023 - 16).

 

Bracey's Accountants Ltd

trading as Bracey's Accountants 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

77,454

77,454

Additions

6,922

6,922

Disposals

(15,539)

(15,539)

At 31 January 2024

68,837

68,837

Depreciation

At 1 February 2023

60,153

60,153

Charge for the year

5,339

5,339

Eliminated on disposal

(13,512)

(13,512)

At 31 January 2024

51,980

51,980

Carrying amount

At 31 January 2024

16,857

16,857

At 31 January 2023

17,302

17,302

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

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

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

155,249

141,527

Amounts owed by related parties

10

22,313

25,238

Prepayments

 

17,268

14,458

Other debtors

 

48,418

26,584

   

243,248

207,807

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

43,175

39,511

Trade creditors

 

29,086

27,542

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

10

28,555

123

Taxation and social security

 

84,962

63,153

Accruals and deferred income

 

10,379

10,551

Other creditors

 

9,917

4,873

 

206,074

145,753


Included in Loans and overdrafts is £43,175 (2023 - £39,511) which relates to other loans. The other loans are secured by way of a fixed and floating charge over all assets of the company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

27,011

70,185

The other loans are secured by way of a fixed and floating charge over all assets of the company.

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 160.00 (2023 - 25.00) per each Ordinary Share

16,000

2,500

 

 

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 £6,000 (2023 - £6,000).

The company has a 3 month rolling lease on the business premises. The total amount disclosed of £6,000 (2023 - £6,000) is the total amount due to the expiration of the rolling contract. The annual rent is £24,000.

 

Bracey's Accountants Ltd

trading as Bracey's Accountants Limited

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

10

Related party transactions

Summary of transactions with other related parties

At the balance sheet date £22,314 (2023 - £25,238) was owed by and £28,555 (2023 - £123 was owed to fellow group companies.
 

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

27,011

70,185

Current loans and borrowings

2024
£

2023
£

Other borrowings

43,175

39,511

Other borrowings

The carrying amount of other loans at year end is £70,186 (2023 - £109,696).

The other loans are secured by way of a fixed and floating charge over all assets of the company.