Company No:
Contents
DIRECTORS | A M Willcocks |
A C Willcocks | |
G Willcocks | |
J R Willcocks | |
L J Willcocks |
SECRETARY | A M Willcocks |
REGISTERED OFFICE | Stonecross |
Trumpington High Street | |
Cambridge | |
CB2 9SU | |
United Kingdom |
COMPANY NUMBER | 09500650 (England and Wales) |
ACCOUNTANT | Evelyn Partners (East) LLP |
Stonecross | |
Trumpington High Street | |
Cambridge | |
CB2 9SU |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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1,060,309 | 783,281 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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584,713 | 404,135 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (589,640) | (489,389) | ||
Total assets less current liabilities | 470,669 | 293,892 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Burbeck Interiors Limited (registered number:
A M Willcocks
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Burbeck Interiors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonecross, Trumpington High Street, Cambridge, CB2 9SU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Burbeck Interiors Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
Turnover from a contract to provide services is recognised in the period in which the services are provided.
Turnover arising from long-term contracts is recognised by the percentage completion method. The stage of completion is assessed regularly and determined by the directors with the support of the design and architecture teams.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds
Website costs |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The options do not have any time vesting conditions attached to them and instead only vest and become exercisable on an exit event.
Details of the share options outstanding during the financial year are as follows:
2024 | 2023 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Expired during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Website costs | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated amortisation | |||
At 01 August 2023 |
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At 31 July 2024 |
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Net book value | |||
At 31 July 2024 |
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At 31 July 2023 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 August 2023 |
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Additions |
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Disposals |
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At 31 July 2024 |
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Accumulated depreciation | |||||||||||
At 01 August 2023 |
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Charge for the financial year |
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Disposals |
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At 31 July 2024 |
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Net book value | |||||||||||
At 31 July 2024 |
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At 31 July 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to directors |
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Other loans |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Director's loans | 47 | 542 |
As at the year-end, the above balances were owed to the Company by 1 of its directors. These amounts are unsecured, repayable on demand and interest free.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Burbeck Group Limited | 124,189 | 0 | |
Burbeck Project Management Limited | 1,395 | 51,935 |
As at the year-end, the Company owed the above amounts to companies under common control in respect of loans received.
The loan with Burbeck Project Management Limited is unsecured, repayable on demand and bears no interest.
The loan with Burbeck Group Limited is unsecured, repayable in installments of £10,000 per month and bears interest at a fixed rate of 5% per annum.