Company registration number 06435802 (England and Wales)
GRAHAM BINNINGTON ARCHITECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GRAHAM BINNINGTON ARCHITECTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GRAHAM BINNINGTON ARCHITECTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,299
11,109
Current assets
Stocks
18,000
16,550
Debtors
4
24,405
16,606
Cash at bank and in hand
95,020
84,164
137,425
117,320
Creditors: amounts falling due within one year
5
(31,260)
(19,469)
Net current assets
106,165
97,851
Net assets
114,464
108,960
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
114,364
108,860
Total equity
114,464
108,960
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 25 July 2024 and are signed on its behalf by:
Mr G N Binnington
Mrs J Binnington
Director
Director
Company registration number 06435802 (England and Wales)
GRAHAM BINNINGTON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Graham Binnington Architects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23a North Bar Within, Beverley, East Yorkshire, England, HU17 8DB.
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.
Covid-19 continued to interrupt UK business through 2021 and the outlook for 2022 looks significantly brighter. After nearly 2 years both the company and the economy are learning how to work with the pandemic and any future spikes, we would anticipate having minimal impact, although this cannot be guaranteed. The forecasts for 2022 and beyond assume that the pandemic and potential further lockdowns will not happen. We believe that these assumptions made are realistic and that the company has sufficient headroom within its liquid capital to continue for the foreseeable future.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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:
Plant and equipment
20% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Computers equipment
33% reducing balance basis
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.
GRAHAM BINNINGTON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
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.
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GRAHAM BINNINGTON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
2,334
11,065
29,470
42,869
Depreciation and impairment
At 1 April 2023
1,374
7,022
23,364
31,760
Depreciation charged in the year
192
605
2,013
2,810
At 31 March 2024
1,566
7,627
25,377
34,570
Carrying amount
At 31 March 2024
768
3,438
4,093
8,299
At 31 March 2023
960
4,043
6,106
11,109
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,059
13,431
Prepayments and accrued income
1,346
3,175
24,405
16,606
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
12,581
8,493
Other taxation and social security
16,479
9,410
Other creditors
750
166
Accruals and deferred income
1,450
1,400
31,260
19,469
GRAHAM BINNINGTON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Directors' transactions
The Directors have provided the company with a loan, which is unsecured, interest-free and repayable on demand.
Dividends totalling £41,000 (2023 - £54,000) were paid in the year in respect of shares held by the company's directors.
7
Ultimate Controlling Party
The ultimate controlling party is G N Binnington.