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COMPANY REGISTRATION NUMBER: 09015500
Charles Bainbridge Limited
Filleted Unaudited Financial Statements
30 April 2024
Charles Bainbridge Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Charles Bainbridge Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
27,766
2,468
Current assets
Debtors
6
15,887
37,710
Cash at bank and in hand
77,829
94,039
--------
---------
93,716
131,749
Creditors: amounts falling due within one year
7
87,288
95,345
--------
---------
Net current assets
6,428
36,404
--------
--------
Total assets less current liabilities
34,194
38,872
Creditors: amounts falling due after more than one year
8
12,000
25,000
--------
--------
Net assets
22,194
13,872
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
22,094
13,772
--------
--------
Shareholders funds
22,194
13,872
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 April 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 .
Charles Bainbridge Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr C E Bainbridge
Director
Company registration number: 09015500
Charles Bainbridge Limited
Notes to the Financial Statements
Year ended 30 April 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 1 The Bakery, 47 Broad Street, Canterbury, Kent, CT1 2LS, England.
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. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated 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:
Freehold property
-
5% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
33% reducing balance
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
36,143
2,500
11,734
50,377
Additions
26,010
1,899
27,909
--------
--------
-------
--------
--------
At 30 April 2024
26,010
36,143
2,500
13,633
78,286
--------
--------
-------
--------
--------
Depreciation
At 1 May 2023
36,143
1,476
10,290
47,909
Charge for the year
1,301
205
1,105
2,611
--------
--------
-------
--------
--------
At 30 April 2024
1,301
36,143
1,681
11,395
50,520
--------
--------
-------
--------
--------
Carrying amount
At 30 April 2024
24,709
819
2,238
27,766
--------
--------
-------
--------
--------
At 30 April 2023
1,024
1,444
2,468
--------
--------
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
15,887
10,967
Other debtors
26,743
--------
--------
15,887
37,710
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,625
32,304
Trade creditors
227
2,592
Corporation tax
36,072
47,767
Social security and other taxes
17,672
10,116
Other creditors
3,692
2,566
--------
--------
87,288
95,345
--------
--------
The bank loans and overdrafts disclosed under creditors falling due within one year are secured with a fixed and floating charge over the property owned by the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,000
25,000
--------
--------
The bank loans and overdrafts disclosed under creditors falling due after more than one year are secured with a fixed and floating charge over the property owned by the company.
9. Directors' advances, credits and guarantees
During the year, advances of £176,459 (YE2023: £58,033) were made to the directors and repayments of £190,342 (YE2023: £46,103) were received. Interest of £751 (YE2023: £247) was charged on the balance at an average rate of 2% per annum. At the year end, the company owed the directors £955 (YE2023: the directors owed the company £12,177).