Company registration number 01009668 (England and Wales)
BRIGHTER HOMES (FOLKESTONE) LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Company Information
Directors
S Lee
G C Lee
Secretary
S J Price
Company number
01009668
Registered office
Mansell Lane
Selsted
Dover
Kent
England
CT15 7HW
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Brighter Homes (Folkestone) Limited For The Year Ended 31 March 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brighter Homes (Folkestone) Limited for the year ended 31 March 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Brighter Homes (Folkestone) Limited, as a body, in accordance with the terms of our engagement letter dated 20 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Brighter Homes (Folkestone) Limited and state those matters that we have agreed to state to the board of directors of Brighter Homes (Folkestone) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brighter Homes (Folkestone) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Brighter Homes (Folkestone) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brighter Homes (Folkestone) Limited. You consider that Brighter Homes (Folkestone) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Brighter Homes (Folkestone) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
25 October 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Balance Sheet
As At 31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
208,732
199,555
Current assets
Stocks
2,500
2,500
Debtors
5
2,330,281
2,589,843
Cash at bank and in hand
1,387,350
434,046
3,720,131
3,026,389
Creditors: amounts falling due within one year
6
(1,279,460)
(896,545)
Net current assets
2,440,671
2,129,844
Total assets less current liabilities
2,649,403
2,329,399
Creditors: amounts falling due after more than one year
7
(183,156)
(302,941)
Provisions for liabilities
(13,555)
(27,545)
Net assets
2,452,692
1,998,913
Capital and reserves
Called up share capital
834
834
Capital redemption reserve
5,002
5,002
Profit and loss reserves
2,446,856
1,993,077
Total equity
2,452,692
1,998,913

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 member has 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.

Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Balance Sheet (Continued)
As At 31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
S Lee
G C Lee
Director
Director
Company registration number 01009668 (England and Wales)
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Statement Of Changes In Equity
For The Year Ended 31 March 2024
- 4 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
834
5,002
1,204,693
1,210,529
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
853,384
853,384
Dividends
-
-
(65,000)
(65,000)
Balance at 31 March 2023
834
5,002
1,993,077
1,998,913
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
518,779
518,779
Dividends
-
-
(65,000)
(65,000)
Balance at 31 March 2024
834
5,002
2,446,856
2,452,692
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 5 -
1
Accounting policies
Company information

Brighter Homes (Folkestone) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mansell Lane, Selsted, Dover, Kent, England, CT15 7HW.

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.

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. 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Leasehold land and buildings
over 5 years
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

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.

Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 7 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Amounts receivable under contracts:

In calculating amounts receivable under contracts, the directors have reviewed costs and completion stages of contracts at the year end in order to arrive at a sales figure. The directors have reviewed these calculations and concluded that they are appropriate.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
31
30
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
69,787
104,010
125,997
234,798
534,592
Additions
-
0
445
6,905
69,395
76,745
Disposals
-
0
-
0
-
0
(18,804)
(18,804)
At 31 March 2024
69,787
104,455
132,902
285,389
592,533
Depreciation and impairment
At 1 April 2023
17,447
96,404
109,486
111,700
335,037
Depreciation charged in the year
13,958
1,565
4,284
38,861
58,668
Eliminated in respect of disposals
-
0
-
0
-
0
(9,904)
(9,904)
At 31 March 2024
31,405
97,969
113,770
140,657
383,801
Carrying amount
At 31 March 2024
38,382
6,486
19,132
144,732
208,732
At 31 March 2023
52,340
7,606
16,511
123,098
199,555
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
851,851
636,527
Amounts recoverable under contracts
805,997
1,189,675
Other debtors
650,445
735,922
Prepayments and accrued income
21,988
27,719
2,330,281
2,589,843
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,865
98,014
Trade creditors
241,835
292,801
Corporation tax
177,652
210,764
Other taxation and social security
217,447
107,162
Other creditors
541,661
187,804
1,279,460
896,545
Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
183,156
302,941
8
Loans and overdrafts
2024
2023
£
£
Bank loans
284,021
400,955
Payable within one year
100,865
98,014
Payable after one year
183,156
302,941

The bank loan is secured by way of a charge over the assets of the company and a personal guarantee given by one of the directors.

No element of the bank loan falls due after more than 5 years.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
13,555
27,545
2024
Movements in the year:
£
Liability at 1 April 2023
27,545
Credit to profit or loss
(13,990)
Liability at 31 March 2024
13,555

 

Brighter Homes (Folkestone) Limited
BRIGHTER HOMES (FOLKESTONE) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 10 -
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,981
28,413

The company operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in an independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £26,982 (2023 - £28,413). At the year end £193 (2023 - £193) was outstanding.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
7,200
7,200

Lease commitments are in respect of arrangements concerning premises used within the company's trade.

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