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Company registration number: 719614
John Bradshaw And Son Limited
Unaudited filleted financial statements
31 March 2024
John Bradshaw And Son Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
John Bradshaw And Son Limited
Directors and other information
Directors Mr Michael Andrews
Mr Davinder Bedi
Mr Nicholas Wilkinson
Company number 719614
Registered office Unit 4, Tallow Way
Irlam
Manchester
M44 6RJ
Business address Unit 4 Tallow Way
Irlam
Manchester
M44 6RJ
Accountants Bedi & Co
Chartered Accountants
14 Dunlin Rise
Tytherington
Macclesfield
SK10 2SP
Bankers Virgin Money Bank
48-50 Market Street
Manchester M1 1PW
John Bradshaw And Son Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 790,234 931,250
Investments 8 45,622 43,580
_______ _______
835,856 974,830
Current assets
Stocks 9 18,222 23,914
Debtors 10 478,233 631,872
Cash at bank and in hand 426,138 610,792
_______ _______
922,593 1,266,578
Creditors: amounts falling due
within one year 11 ( 1,352,887) ( 1,541,079)
_______ _______
Net current liabilities ( 430,294) ( 274,501)
_______ _______
Total assets less current liabilities 405,562 700,329
Creditors: amounts falling due
after more than one year 12 ( 52,668) ( 168,396)
Provisions for liabilities ( 194,038) ( 176,854)
_______ _______
Net assets 158,856 355,079
_______ _______
Capital and reserves
Called up share capital 14 12,500 12,500
Capital redemption reserve 13,000 13,000
Profit and loss account 133,356 329,579
_______ _______
Shareholders funds 158,856 355,079
_______ _______
For the year ending 31 March 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr Michael Andrews
Director
Company registration number: 719614
John Bradshaw And Son Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 12,500 13,000 940,674 966,174
Profit for the year 410,405 410,405
_______ _______ _______ _______
Total comprehensive income for the year - - 410,405 410,405
Dividends paid and payable ( 1,021,500) ( 1,021,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 1,021,500) ( 1,021,500)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 12,500 13,000 329,579 355,079
Profit for the year 203,777 203,777
_______ _______ _______ _______
Total comprehensive income for the year - - 203,777 203,777
Dividends paid and payable ( 400,000) ( 400,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 400,000) ( 400,000)
_______ _______ _______ _______
At 31 March 2024 12,500 13,000 133,356 158,856
_______ _______ _______ _______
John Bradshaw And Son Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 4, Tallow Way, Irlam, Manchester, M44 6RJ.
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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 20 % straight line
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 62 (2023: 66 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 133,208 120,712
Company contributions to pension schemes in respect of qualifying services 20,338 19,309
_______ _______
153,546 140,021
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 400,000 1,021,500
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 622,104 128,066 1,550,757 2,300,927
Additions 68,913 1,949 29,228 100,090
Disposals ( 302,053) - ( 24,689) ( 326,742)
_______ _______ _______ _______
At 31 March 2024 388,964 130,015 1,555,296 2,074,275
_______ _______ _______ _______
Depreciation
At 1 April 2023 420,911 121,024 827,742 1,369,677
Charge for the year 54,549 2,480 182,237 239,266
Disposals ( 300,214) - ( 24,688) ( 324,902)
_______ _______ _______ _______
At 31 March 2024 175,246 123,504 985,291 1,284,041
_______ _______ _______ _______
Carrying amount
At 31 March 2024 213,718 6,511 570,005 790,234
_______ _______ _______ _______
At 31 March 2023 201,193 7,042 723,015 931,250
_______ _______ _______ _______
8. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2023 43,580 43,580
Additions 2,042 2,042
_______ _______
At 31 March 2024 45,622 45,622
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 45,622 45,622
_______ _______
At 31 March 2023 43,580 43,580
_______ _______
9. Stocks
2024 2023
£ £
Finished goods 18,222 23,914
_______ _______
10. Debtors
2024 2023
£ £
Trade debtors 429,474 458,662
Amounts owed by related company 18,197 19,659
Other debtors 30,562 153,551
_______ _______
478,233 631,872
_______ _______
11. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 24,653
Trade creditors 139,938 369,070
Amounts owed to holding company - 71,445
Corporation tax 148,405 77,377
Social security and other taxes 157,785 102,905
Other creditors 906,759 895,629
_______ _______
1,352,887 1,541,079
_______ _______
Other creditors includes hire purchase liabilities of £164,668 (2023 £215,609)
12. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 52,668 168,396
_______ _______
13. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 77,324 (2023: £ 73,472 ).
14. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 12,500 12,500 12,500 12,500
_______ _______ _______ _______
15. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024 2023
£ £
Tangible assets - 62,501
_______ _______
16. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 339,827 284,904
Later than 1 year and not later than 5 years 1,165,472 365,530
_______ _______
1,505,299 650,434
_______ _______
17. Charge on assets
The bank loans in the holding company,Bradshaw Assets Limited, are secured on the assets of the holding company and by a debenture on the assets of John Bradshaw & Son Limited,
18. 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 Michael Andrews ( 81) ( 65) - ( 146)
Mr Nicholas Wilkinson ( 94) - 28 ( 66)
_______ _______ _______ _______
( 175) ( 65) 28 ( 212)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Michael Andrews ( 340) - 259 ( 81)
Mr Nicholas Wilkinson ( 117) - 23 ( 94)
_______ _______ _______ _______
( 457) - 282 ( 175)
_______ _______ _______ _______
19. Related party transactions
The management charge of £58,712 (2023 £57,682) was paid to NRCH Ltd which is registered in Cyprus and 100% owned by Mr Bedi,a director of this Company. Various expenses incurred by the Company on behalf of Bradshaws of Leicester Limited have been recharged. The Company received a management charge from Bradshaws of Leicester Limited of £53,785 (2023 £51,420).At 31 March 2024 the Company was owed £18,197 (2023 £19,659) from Bradshaws of Leicester Limited and owed £0(2023 £71,445) to Bradshaw Assets Limited.Mr Andrews and Mr Bedi own 51% of Bradshaws of Leicester Limited.The Company paid rent to Bradshaw Assets Limited of £178,904(2023 £95,505).The bank loans of Bradshaw Assets Limited,amounting to £3,153,045(2023 £1,112,145) are secured by a debenture on the assets of the company.