Registered number
06408480
BRETTON REED SMITH LTD
Report and Accounts
31 October 2024
BRETTON REED SMITH LTD
Registered number: 06408480
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 131,000 131,000
Tangible assets 4 731 1,505
131,731 132,505
Current assets
Stocks 3,493 4,300
Debtors 5 255,333 268,515
Cash at bank and in hand 82,282 110,529
341,108 383,344
Creditors: amounts falling due within one year 6 (64,926) (102,455)
Net current assets 276,182 280,889
Total assets less current liabilities 407,913 413,394
Provisions for liabilities (139) (286)
Net assets 407,774 413,108
Capital and reserves
Called up share capital 13 13
Profit and loss account 407,761 413,095
Shareholders' funds 407,774 413,108
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Shaw
Director
Approved by the board on 19 November 2024
BRETTON REED SMITH LTD
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% straight line
Fixtures & Fittings 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 131,000
At 31 October 2024 131,000
Amortisation
At 31 October 2024 -
Net book value
At 31 October 2024 131,000
At 31 October 2023 131,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Computer equipment Fixtures & fittings Total
£ £ £
Cost
At 1 November 2023 4,318 623 4,941
At 31 October 2024 4,318 623 4,941
Depreciation
At 1 November 2023 2,896 540 3,436
Charge for the year 733 41 774
At 31 October 2024 3,629 581 4,210
Net book value
At 31 October 2024 689 42 731
At 31 October 2023 1,422 83 1,505
5 Debtors 2024 2023
£ £
Trade debtors 73,936 65,259
Other debtors 181,397 203,256
255,333 268,515
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 660 -
Corporation tax 21,129 13,654
Other taxes and social security costs 26,167 24,253
Other creditors 16,970 64,548
64,926 102,455
7 Other information
BRETTON REED SMITH LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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