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Registration number: 10557600

Blake & Bull Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Blake & Bull Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Blake & Bull Ltd

Company Information

Director

Mr Matthew Bates

Registered office

Hartley Farm
Winsley
Bradford on Avon
BA15 2JB

Accountants

BJP Finance Ltd
Chartered Accountants
34 Market Street
Bradford-On-Avon
Wiltshire
BA15 1LL

 

Blake & Bull Ltd

(Registration number: 10557600)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

751,592

761,095

Current assets

 

Stocks

5

327,231

470,498

Debtors

6

456,761

149,232

Cash at bank and in hand

 

134,314

161,297

 

918,306

781,027

Creditors: Amounts falling due within one year

7

(921,908)

(787,134)

Net current liabilities

 

(3,602)

(6,107)

Total assets less current liabilities

 

747,990

754,988

Creditors: Amounts falling due after more than one year

7

(858,777)

(640,559)

Provisions for liabilities

(44,475)

(83,756)

Net (liabilities)/assets

 

(155,262)

30,673

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(155,264)

30,671

Shareholders' (deficit)/funds

 

(155,262)

30,673

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 28 October 2024
 

 

Blake & Bull Ltd

(Registration number: 10557600)
Balance Sheet as at 31 January 2024

.........................................
Mr Matthew Bates
Director

 

Blake & Bull Ltd

Notes to the 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.

The address of its registered office is:
Hartley Farm
Winsley
Bradford on Avon
BA15 2JB
England

These financial statements were authorised for issue by the director on 28 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises 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.

 

Blake & Bull Ltd

Notes to the 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

Computer Equipment

50% straight line

Office Equipment

25% straight line

Plant & Machinery

10% straight line

Leasehold Improvements

8% straight line

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Blake & Bull Ltd

Notes to the 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Blake & Bull Ltd

Notes to the 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 31 (2023 - 34).

 

Blake & Bull Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

334,976

100,168

456,557

165,945

1,057,646

Additions

5,229

11,563

149,732

28,606

195,130

Disposals

-

-

(79,082)

(5,326)

(84,408)

At 31 January 2024

340,205

111,731

527,207

189,225

1,168,368

Depreciation

At 1 February 2023

48,429

68,448

148,819

30,855

296,551

Charge for the year

26,929

22,367

81,799

17,868

148,963

Eliminated on disposal

-

-

(27,755)

(983)

(28,738)

At 31 January 2024

75,358

90,815

202,863

47,740

416,776

Carrying amount

At 31 January 2024

264,847

20,916

324,344

141,485

751,592

At 31 January 2023

286,547

31,720

307,738

135,090

761,095

Included within the net book value of land and buildings above is £264,848 (2023 - £286,546) in respect of short leasehold land and buildings.
 

 

Blake & Bull Ltd

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

5

Stocks

2024
£

2023
£

Other inventories

327,231

470,498

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

42,780

872

Amounts owed by related parties

11

610

54,206

Prepayments

 

18,643

19,439

Other debtors

 

394,728

74,715

   

456,761

149,232

 

Blake & Bull Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

304,307

287,768

Trade creditors

 

253,580

258,670

Taxation and social security

 

248,261

179,941

Accruals and deferred income

 

4,854

3,763

Other creditors

 

110,906

56,992

 

921,908

787,134

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

858,777

640,559

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Blake & Bull Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

635,280

388,811

Hire purchase contracts

199,437

217,944

Other borrowings

24,060

33,804

858,777

640,559

Current loans and borrowings

2024
£

2023
£

Bank borrowings

163,788

154,717

Hire purchase contracts

130,775

123,307

Other borrowings

9,744

9,744

304,307

287,768

Other borrowings

Paypal Working capital loan is denominated in £(Sterling) with a nominal interest rate of 10%, and the final instalment is due on 6 July 2027. The carrying amount at year end is £33,804 (2023 - £43,548).

10

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £64,500.00) per ordinary share

-

129,000

 

 
 

Blake & Bull Ltd

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

11

Related party transactions

At the Balance Sheet date, the Company had made loans to Britten (UK) Ltd, a Company under the control of the Director and his spouse totalling £610 (2023: £54,206). The loan is non-interest bearing and repayable on demand to the Company and as such is disclosed within debtors in the balance sheet.

During the accounting period, Britten (UK) Ltd invoiced the Company £50,118 inclusive of VAT (2023: £1,787) for goods for resale and services. This amount had been paid in full at the balance sheet date.

At the Balance Sheet date, the Company had made loans to the Director and his spouse totalling £294,514 (2023: £11,636). Interest at the HMRC approved rate of 2.25% is chargeable on the loans and a s.455 tax charge has been levied. The amount owed is included in debtors in the balance sheet at the reporting date.

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,225

12,570