5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,337 3,692 1,247 4,939 2,398 3,645 5,374,750 255,000 125,000 5,244,750 5,244,750 5,374,750 xbrli:pure xbrli:shares iso4217:GBP 03301627 2023-03-01 2024-02-29 03301627 2024-02-29 03301627 2023-02-28 03301627 2022-03-01 2023-02-28 03301627 2023-02-28 03301627 2022-02-28 03301627 core:PlantMachinery 2023-03-01 2024-02-29 03301627 bus:Director1 2023-03-01 2024-02-29 03301627 bus:Director2 2023-03-01 2024-02-29 03301627 core:PlantMachinery 2023-02-28 03301627 core:PlantMachinery 2024-02-29 03301627 core:WithinOneYear 2024-02-29 03301627 core:WithinOneYear 2023-02-28 03301627 core:AfterOneYear 2024-02-29 03301627 core:AfterOneYear 2023-02-28 03301627 core:ShareCapital 2024-02-29 03301627 core:ShareCapital 2023-02-28 03301627 core:RevaluationReserve 2024-02-29 03301627 core:RevaluationReserve 2023-02-28 03301627 core:RetainedEarningsAccumulatedLosses 2024-02-29 03301627 core:RetainedEarningsAccumulatedLosses 2023-02-28 03301627 core:BetweenOneFiveYears 2024-02-29 03301627 core:BetweenOneFiveYears 2023-02-28 03301627 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 03301627 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-02-29 03301627 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 03301627 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 03301627 core:Non-currentFinancialInstruments 2024-02-29 03301627 core:Non-currentFinancialInstruments 2023-02-28 03301627 core:PlantMachinery 2023-02-28 03301627 bus:Director1 2023-02-28 03301627 bus:Director1 2024-02-29 03301627 bus:Director2 2023-02-28 03301627 bus:Director2 2024-02-29 03301627 bus:Director1 2022-02-28 03301627 bus:Director1 2023-02-28 03301627 bus:Director2 2022-02-28 03301627 bus:Director2 2023-02-28 03301627 bus:Director1 2022-03-01 2023-02-28 03301627 bus:Director2 2022-03-01 2023-02-28 03301627 bus:SmallEntities 2023-03-01 2024-02-29 03301627 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03301627 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03301627 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03301627 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 03301627
BICKFORD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
BICKFORD LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,398
3,645
Investment Properties
6
5,244,750
5,374,750
-------------
-------------
5,247,148
5,378,395
Current assets
Debtors
7
193,261
120,550
Cash at bank and in hand
100,939
142,215
----------
----------
294,200
262,765
Creditors: amounts falling due within one year
8
( 249,633)
( 258,733)
----------
----------
Net current assets
44,567
4,032
-------------
-------------
Total assets less current liabilities
5,291,715
5,382,427
Creditors: amounts falling due after more than one year
9
( 586,903)
( 816,390)
Provisions
Taxation including deferred tax
( 272,295)
( 236,961)
-------------
-------------
Net assets
4,432,517
4,329,076
-------------
-------------
BICKFORD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
2,029,930
1,946,645
Profit and loss account
2,402,487
2,382,331
-------------
-------------
Shareholders funds
4,432,517
4,329,076
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
P F Gray
R K Clough
Director
Director
Company registration number: 03301627
BICKFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Malthouse, Commercial Road, Grantham, Lincs, NG31 6DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. - Key sources of estimation uncertainty Investment property valuations- investment properties are revalued each year at the balance sheet date by the directors at open market value.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the year, net of any VAT due and recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the directors to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 March 2023 and 29 February 2024
7,337
7,337
-------
-------
Depreciation
At 1 March 2023
3,692
3,692
Charge for the year
1,247
1,247
-------
-------
At 29 February 2024
4,939
4,939
-------
-------
Carrying amount
At 29 February 2024
2,398
2,398
-------
-------
At 28 February 2023
3,645
3,645
-------
-------
6. Investment properties
Investment properties
£
Cost
At 1 March 2023
5,374,750
Disposals
( 255,000)
Revaluations
125,000
-------------
At 29 February 2024
5,244,750
-------------
Impairment
At 1 March 2023 and 29 February 2024
-------------
Carrying amount
At 29 February 2024
5,244,750
-------------
At 28 February 2023
5,374,750
-------------
The investment properties are revalued each year at the balance sheet date by the directors at open market value. At 29 February 2024 the historical cost of investment properties was £3,214,820 (2023: £3,428,105).
7. Debtors
2024
2023
£
£
Other debtors
193,261
120,550
----------
----------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
40,623
28,704
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,564
53,333
Corporation tax
38,408
25,267
Social security and other taxes
3,782
4,720
Credit card liability
2,913
1,409
Other creditors
181,966
174,004
----------
----------
249,633
258,733
----------
----------
Bank loans totalling £22,564 (2023: £53,333) are secured on the properties portfolio.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
377,180
606,667
Other creditors
209,723
209,723
----------
----------
586,903
816,390
----------
----------
Bank loans totalling £377,180 (2023: £606,667) are secured on the property portfolio.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
13,022
8,852
Later than 1 year and not later than 5 years
12,837
9,181
---------
---------
25,859
18,033
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P F Gray
52,268
22,671
74,939
R K Clough
36,782
38,037
74,819
---------
---------
----------
89,050
60,708
149,758
---------
---------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P F Gray
51,687
581
52,268
R K Clough
21,033
15,749
36,782
---------
---------
---------
72,720
16,330
89,050
---------
---------
---------
Loans to the Directors carry an interest charge of 2.5%
12. Related party transactions
The directors R K Clough and P F Gray are actively involved in the day to day running of the business. No one party is deemed to have a controlling interest in the company. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (section 1A).