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Registration number: 11234085

Bracey's Accountants (Tax & VAT) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Bracey's Accountants (Tax & VAT) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Bracey's Accountants (Tax & VAT) Limited

(Registration number: 11234085)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,321

1,617

Current assets

 

Debtors

5

48,606

23,475

Cash at bank and in hand

 

45,755

15,924

 

94,361

39,399

Creditors: Amounts falling due within one year

6

(76,450)

(27,776)

Net current assets

 

17,911

11,623

Total assets less current liabilities

 

20,232

13,240

Provisions for liabilities

(580)

(307)

Net assets

 

19,652

12,933

Capital and reserves

 

Called up share capital

200

200

Retained earnings

19,452

12,733

Shareholders' funds

 

19,652

12,933

For the financial year ending 31 January 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 31 January 2025 and signed on its behalf by:
 

Mr P Bracey
Director

Mr J Allwood
Director

 
     
 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
England

These financial statements were authorised for issue by the Board on 31 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Specifically the company deals with contracts for the provision of professional services and in arriving at a value for these contracts the company uses an estimation of the work undertaken, with reference to costs incurred to date that will be recovered. The resultant value will be amounts recoverable on contracts, which is included within debtors.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Fixtures, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price. 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. Any adjustment is made through the profit and 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 at the transaction price.

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.

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.

 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 3 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

1,962

1,962

Additions

1,303

1,303

At 31 January 2024

3,265

3,265

Depreciation

At 1 February 2023

345

345

Charge for the year

599

599

At 31 January 2024

944

944

Carrying amount

At 31 January 2024

2,321

2,321

At 31 January 2023

1,617

1,617

 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

22,635

17,423

Amounts owed by related parties

9

10,305

257

Prepayments

 

2,250

3,467

Other debtors

 

13,416

2,328

   

48,606

23,475

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,389

1,221

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,849

793

Taxation and social security

 

50,896

23,630

Accruals and deferred income

 

21,405

1,372

Other creditors

 

911

760

 

76,450

27,776

 

Bracey's Accountants (Tax & VAT) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary T Shares of £1 each

-

-

100

100

Ordinary V Shares of £1 each

-

-

100

100

Ordinary A Shares of £1 each

200

200

-

-

 

200

200

200

200

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 630.26 (2023 - 875.00) per each Ordinary T Share

63,026

87,500

 

 

9

Related party transactions

Summary of transactions with other related parties

At the balance sheet date £10,305 (2023 - £257) was owed by and £1,848 (2023 - £793) was owed to fellow group companies.