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Registered Number: 10141426
England and Wales

 

 

 

THE BROKEDOWN PALACE LTD.


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Directors I White
D O Connell
Registered Number 10141426
Registered Office 178 Shoreditch High Street
London
E1 6HU
Accountants Versa Tax Solutions Ltd
9 Corbets Tey Road
Upminster
RM14 2AP
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 April 2024
Directors
The directors who served the company throughout the year were as follows:
I White
D O Connell
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
D O Connell
Director
----------------------------------
I White
Director

Date approved: 25 January 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 April 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Versa Tax Solutions Ltd
30 April 2024



....................................................

Versa Tax Solutions Ltd

9 Corbets Tey Road
Upminster
RM14 2AP
25 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 24,899    26,612 
24,899    26,612 
Current assets      
Stocks 4 424,270    304,436 
Debtors 5 55,815    47,964 
Cash at bank and in hand 85,577    130,210 
565,662    482,610 
Creditors: amount falling due within one year 6 (273,692)   (299,128)
Net current assets 291,970    183,482 
 
Total assets less current liabilities 316,869    210,094 
Creditors: amount falling due after more than one year 7 (27,999)   (37,930)
Provisions for liabilities 8 (2,488)   (2,541)
Net assets 286,382    169,623 
 

Capital and reserves
     
Called up share capital 9 2    2 
Profit and loss account 286,380    169,621 
Shareholders' funds 286,382    169,623 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 January 2025 and were signed on its behalf by:


-------------------------------
D O Connell
Director
-------------------------------
I White
Director
4
General Information
The Brokedown Palace Ltd. is a private company, limited by shares, registered in England and Wales, registration number 10141426, registration address 178 Shoreditch High Street, London, E1 6HU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0 Reducing Balance
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 12 (2023 : 10).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 May 2023 15,930    26,379    11,981    54,290 
Additions   1,726    1,381    3,107 
Disposals      
At 30 April 2024 15,930    28,105    13,362    57,397 
Depreciation
At 01 May 2023   22,086    5,592    27,678 
Charge for year   2,089    2,731    4,820 
On disposals      
At 30 April 2024   24,175    8,323    32,498 
Net book values
Closing balance as at 30 April 2024 15,930    3,930    5,039    24,899 
Opening balance as at 01 May 2023 15,930    4,293    6,389    26,612 


4.

Stocks

2024
£
  2023
£
Stocks 424,270    304,436 
424,270    304,436 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 41,181    34,996 
PAYE & Social Security 4   
VAT 1,707   
42,892    34,996 

5.

Debtors: amounts falling due after one year

2024
£
  2023
£
Prepayments 12,923    12,968 
12,923    12,968 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 111,918    204,599 
Corporation Tax 59,299    18,101 
Accrued Expenses 9,525    9,525 
Other Creditors 2,034    2,034 
Directors' Current Accounts - Dee 53,294    26,002 
Directors' Current Accounts - Ian 37,622    26,002 
VAT   12,865 
273,692    299,128 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 27,999    37,930 
27,999    37,930 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 1,950    1,950 
Pension Provisions 538    591 
2,488    2,541 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

5