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Registration number: 02971706

Bathrooms Direct (Yorkshire) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Bathrooms Direct (Yorkshire) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Bathrooms Direct (Yorkshire) Limited

Company Information

Directors

Mr GR Chadwick

Mr B P Freeman

Mr R P Hirst

Company secretary

Mrs AH Chadwick

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bathrooms Direct (Yorkshire) Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bathrooms Direct (Yorkshire) Limited for the year ended 30 April 2024 as set out on pages 3 to 13 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/regulation.

This report is made solely to the Board of Directors of Bathrooms Direct (Yorkshire) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bathrooms Direct (Yorkshire) Limited and state those matters that we have agreed to state to the Board of Directors of Bathrooms Direct (Yorkshire) 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 Bathrooms Direct (Yorkshire) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bathrooms Direct (Yorkshire) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Bathrooms Direct (Yorkshire) Limited. You consider that Bathrooms Direct (Yorkshire) 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 accounts of Bathrooms Direct (Yorkshire) 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 accounts.

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

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

15 January 2025

 

Bathrooms Direct (Yorkshire) Limited

(Registration number: 02971706)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

64,006

30,553

Current assets

 

Stocks

6

435,000

542,000

Debtors

7

595,589

586,387

Cash at bank and in hand

 

7,110

46,508

 

1,037,699

1,174,895

Creditors: Amounts falling due within one year

8

(615,662)

(622,360)

Net current assets

 

422,037

552,535

Total assets less current liabilities

 

486,043

583,088

Creditors: Amounts falling due after more than one year

8

(182,051)

(177,031)

Provisions for liabilities

-

(5,805)

Net assets

 

303,992

400,252

Capital and reserves

 

Called up share capital

9

200

200

Capital redemption reserve

10,307

10,307

Retained earnings

293,485

389,745

Shareholders' funds

 

303,992

400,252

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

 

Bathrooms Direct (Yorkshire) Limited

(Registration number: 02971706)
Balance Sheet as at 30 April 2024

.........................................
Mr B P Freeman
Director

.........................................
Mr R P Hirst
Director

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

The principal place of business is:
Unit 4
Wakefield Road
Barnsley
Yorkshire
S71 1NU

These financial statements were authorised for issue by the Board on 15 January 2025.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

50% straight line

Furniture and fittings

25% straight line

Motor vehicles

25% reducing balance

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

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

20,000

20,000

At 30 April 2024

20,000

20,000

Amortisation

At 1 May 2023

20,000

20,000

At 30 April 2024

20,000

20,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

33,743

55,330

30,385

119,458

Additions

-

67,800

-

67,800

Disposals

-

(55,330)

-

(55,330)

At 30 April 2024

33,743

67,800

30,385

131,928

Depreciation

At 1 May 2023

32,760

25,760

30,385

88,905

Charge for the year

540

4,237

-

4,777

Eliminated on disposal

-

(25,760)

-

(25,760)

At 30 April 2024

33,300

4,237

30,385

67,922

Carrying amount

At 30 April 2024

443

63,563

-

64,006

At 30 April 2023

983

29,570

-

30,553

6

Stocks

2024
£

2023
£

Other inventories

435,000

542,000

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

573,234

573,234

Prepayments

 

7,407

6,267

Other debtors

 

14,948

6,886

   

595,589

586,387

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

49,353

12,076

Trade creditors

 

282,237

519,656

Taxation and social security

 

23,482

25,511

Accruals and deferred income

 

4,800

4,800

Other creditors

 

255,790

60,317

 

615,662

622,360

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,513 (2023 - £6,196).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

182,051

177,031

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,756 (2023 - £19,808).

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

100

100

100

100

200

200

200

200

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

140,295

157,223

Hire purchase contracts

41,756

19,808

182,051

177,031

Current loans and borrowings

2024
£

2023
£

Bank borrowings

38,840

5,880

Hire purchase contracts

10,513

6,196

49,353

12,076

 

Bathrooms Direct (Yorkshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

2,513

2,513

Repaid

(2,513)

(2,513)

At end of period

-

-

2023

Key management
£

Total
£

Advanced

2,513

2,513

At end of period

2,513

2,513

Terms of loans to related parties

Loans are unsecured and repayable on demand. Interest is charged on loans in excess of £10,000 at HMRC's offical rate.
 

Loans from related parties

2024

Key management
£

Total
£

At start of period

58,000

58,000

Advanced

195,578

195,578

At end of period

253,578

253,578

2023

Key management
£

Total
£

At start of period

58,000

58,000

At end of period

58,000

58,000

Terms of loans from related parties

Loans are unsecured, interest free and repayable on demand.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is Chadwick Bathrooms Limited, incorporated in England and Wales.