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Company registration number: 03715746
Bawden & Associates Limited
Unaudited filleted financial statements
28 February 2024
Bawden & Associates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bawden & Associates Limited
Directors and other information
Directors Mr P C Bawden (Resigned 1 February 2024)
Mr S Geary
Secretary Ms J Flynn
Company number 03715746
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Bawden & Associates Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Bawden & Associates Limited
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bawden & Associates Limited for the year ended 28 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Bawden & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Bawden & Associates Limited and state those matters that we have agreed to state to the board of directors of Bawden & Associates Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bawden & Associates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bawden & Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bawden & Associates Limited. You consider that Bawden & Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bawden & Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
20 November 2024
Bawden & Associates Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 14,759 19,682
_________ _________
14,760 19,683
Current assets
Debtors 7 413,395 651,571
Cash at bank and in hand 2,921 24,182
_________ _________
416,316 675,753
Creditors: amounts falling due
within one year 8 ( 324,900) ( 622,361)
_________ _________
Net current assets 91,416 53,392
_________ _________
Total assets less current liabilities 106,176 73,075
Provisions for liabilities ( 2,620) ( 3,520)
_________ _________
Net assets 103,556 69,555
_________ _________
Capital and reserves
Called up share capital 120 120
Profit and loss account 103,436 69,435
_________ _________
Shareholders funds 103,556 69,555
_________ _________
For the year ending 28 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 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.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr S Geary
Director
Company registration number: 03715746
Bawden & Associates Limited
Notes to the financial statements
Year ended 28 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 Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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 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
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over thecompanies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 4 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 and 28 February 2024 12,000 12,000
_________ _________
Amortisation
At 1 March 2023 and 28 February 2024 11,999 11,999
_________ _________
Carrying amount
At 28 February 2024 1 1
_________ _________
At 28 February 2023 1 1
_________ _________
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2023 and 28 February 2024 158,879 158,879
_________ _________
Depreciation
At 1 March 2023 139,197 139,197
Charge for the year 4,923 4,923
_________ _________
At 28 February 2024 144,120 144,120
_________ _________
Carrying amount
At 28 February 2024 14,759 14,759
_________ _________
At 28 February 2023 19,682 19,682
_________ _________
7. Debtors
2024 2023
£ £
Trade debtors 364,777 478,743
Other debtors 48,618 172,828
_________ _________
413,395 651,571
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 35,043 32,320
Trade creditors 207,810 499,595
Corporation tax 10,735 6,325
Social security and other taxes 11,166 10,818
Other creditors 60,146 73,303
_________ _________
324,900 622,361
_________ _________
9. 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 Amounts repaid Balance o/standing
£ £ £ £
Mr P C Bawden ( 8,737) - 8,737 -
Mr S Geary 175 ( 175) - -
_________ _________ _________ _________
( 8,562) ( 175) 8,737 -
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P C Bawden ( 17,937) 9,200 - ( 8,737)
Mr S Geary 175 - - 175
_________ _________ _________ _________
( 17,762) 9,200 - ( 8,562)
_________ _________ _________ _________