Registration number:
Brian Belshaw Ltd
trading as
for the Year Ended 29 February 2024
Brian Belshaw Ltd
trading as Freedom Home Improvements
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brian Belshaw Ltd
trading as Freedom Home Improvements
Registration number: 03899335
Balance Sheet as at 29 February 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Brian Belshaw Ltd
trading as Freedom Home Improvements
Registration number: 03899335
Balance Sheet as at 29 February 2024 (continued)
For the financial 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.
Director's responsibilities:
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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
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Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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.
Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss over the useful lives of the related assets, Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tax
The tax expense for the period comprises current and 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.
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 |
Plant and machinery |
10% reducing balance |
Fixtures, fittings and equipment |
10% reducing balance |
Motor vehicles |
20% reducing balance |
Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
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.
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.
Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2023 |
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At 29 February 2024 |
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Amortisation |
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At 1 March 2023 |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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- |
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Disposals |
- |
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- |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
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( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Stocks |
2024 |
2023 |
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Raw materials and consumables |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Director's loan account |
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Prepayments |
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Other debtors |
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The amounts owed to the company at the year-end in respect of the director's loans is shown above. The loan was interest free, and it is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest if greater than £10,000.
Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Brian Belshaw Ltd
trading as Freedom Home Improvements
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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