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Company Registration Number: 03819141
 
 
Bradfind Limited
 
Financial Statements
 
for the financial year ended 29 February 2024



Bradfind Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Peter Hughes
Liam Lahart
Elliot Hughes
 
 
Company Secretary Elliot Hughes
 
 
Company Registration Number 03819141
 
 
Registered Office 21-22 Maiden Lane
Covent Garden
London
WC2E 7NA
England
 
 
Business Address 21-22 Maiden Lane
Covent Garden
London
 
 
Independent Auditors Quarter
Chartered Accountants and Statutory Auditors
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Barclays Bank PLC
  54 Lombard Street
  London
  EC3P 3AH
 
   
Solicitors Fladgate LLP
  16 Great Queen Street
  London
  WC2B 5DG
  United Kingdom



Bradfind Limited
Company Registration Number: 03819141
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 8 491,454 399,389
───────── ─────────
 
Current Assets
Inventories 9 61,143 59,345
Receivables 10 155,277 120,368
Cash and cash equivalents 1,387,288 1,367,300
───────── ─────────
1,603,708 1,547,013
───────── ─────────
Payables: amounts falling due within one year 11 (440,567) (477,152)
───────── ─────────
Net Current Assets 1,163,141 1,069,861
───────── ─────────
Total Assets less Current Liabilities 1,654,595 1,469,250
 
Provisions for liabilities 13 (36,436) (38,994)
───────── ─────────
Net Assets 1,618,159 1,430,256
═════════ ═════════
 
Equity
Called up share capital 300 300
Retained earnings 1,617,859 1,429,956
───────── ─────────
Equity attributable to owners of the company 1,618,159 1,430,256
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
Approved by the Board and authorised for issue on 16 October 2024 and signed on its behalf by
           
           
           
________________________________          
Liam Lahart          
Director          
           



Bradfind Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
Bradfind Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 03819141. The registered office of the company is 21-22 Maiden Lane, Covent Garden, London, WC2E 7NA, England. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 4% Straight line
  Plant and machinery - 20% Reducing balance
  Fixtures, fittings and equipment - 20% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Inventories
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
- the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
- the company and the party are subject to common control;
- the party is an associate of the company or forms part of a joint venture with the company;
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
- the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Liability limitation agreement
 
The limitation of the firm's liability for this engagement, which is capped at five times the amount of professional fees actually paid, is referenced in the letter of engagement dated 4 April 2024. This was approved on 10 April 2024.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Quarter.
The Auditor's Report was signed by Gary McErlean (Senior Statutory Auditor) for and on behalf of Quarter on 16th October 2024.
 
   
5. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to His Majesty's Revenue and Customs and to assist with company secretarial matters, and the preparation of the financial statements and management accounts.
   
6. Critical Accounting Judgements and Estimates
 
(a) Critical judgements in applying the company’s accounting policies
There are no critical judgements in applying the company’s accounting policies.

(b) Key accounting estimates and assumptions
There are no key accounting estimates and assumptions in applying the company’s accounting policies.
       
7. Employees
 
The average monthly number of employees, including directors, during the financial year was 27, (2023 - 23).
           
8. Property, plant and equipment
  Long Plant and Fixtures, Total
  leasehold machinery fittings and  
  property   equipment  
  £ £ £ £
Cost
At 1 March 2023 1,671,138 244,290 2,151,515 4,066,943
Additions 145,263 3,424 58,514 207,201
Disposals (11,830) - (28,510) (40,340)
  ───────── ───────── ───────── ─────────
At 29 February 2024 1,804,571 247,714 2,181,519 4,233,804
  ───────── ───────── ───────── ─────────
Depreciation
At 1 March 2023 1,416,065 191,155 2,060,334 3,667,554
Charge for the financial year 68,302 10,741 23,299 102,342
On disposals (2,146) - (25,400) (27,546)
  ───────── ───────── ───────── ─────────
At 29 February 2024 1,482,221 201,896 2,058,233 3,742,350
  ───────── ───────── ───────── ─────────
Carrying amount
At 29 February 2024 322,350 45,818 123,286 491,454
  ═════════ ═════════ ═════════ ═════════
At 28 February 2023 255,073 53,135 91,181 399,389
  ═════════ ═════════ ═════════ ═════════
       
9. Inventories 2024 2023
  £ £
 
Finished goods and goods for resale 61,143 59,345
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
10. Receivables 2024 2023
  £ £
 
Amounts owed by group undertakings 48,959 48,959
Prepayments and accrued income 106,318 71,409
  ───────── ─────────
  155,277 120,368
  ═════════ ═════════
       
11. Payables 2024 2023
Amounts falling due within one year £ £
 
Trade payables 157,356 169,606
Amounts owed to group undertakings 83,822 -
Taxation  (Note 12) 158,957 217,323
Directors' current accounts 22,240 52,240
Other creditors 75 26,647
Accruals 18,117 11,336
  ───────── ─────────
  440,567 477,152
  ═════════ ═════════
 
Bradfind Limited provided a fixed charge, and floating charge covering all the property or undertaking of the company, to Permanent TSB.
       
12. Taxation 2024 2023
  £ £
 
Payables:
VAT 116,140 129,940
Corporation tax 21,538 68,591
PAYE / NI 21,279 18,792
  ───────── ─────────
  158,957 217,323
  ═════════ ═════════
         
13. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 38,994 38,994 16,505
Charged to profit and loss (2,558) (2,558) 22,489
  ───────── ───────── ─────────
At financial year end 36,436 36,436 38,994
  ═════════ ═════════ ═════════
   
14. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £36,001 (2023 - £34,123).
           
15. Related party transactions
 
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group companies.
 
As at 1 March 2023 the directors were owed £52,240 by Bradfind Limited. During the financial year there was a movement of £30,000. As at 29 February 2024 the directors are owed £22,240 by Bradfind Limited.

   
16. Parent and ultimate parent company
 
The company regards Bradfind (Holdings) Limited as its parent company.
 
The companys ultimate parent undertaking is Wavecrest Inns Limited.
The address of Wavecrest Inns Limited is The Porterhouse Head Office, 47 Nassau Street Dublin 2, Ireland.