Silverfin false false 31/07/2024 01/08/2023 31/07/2024 A M Willcocks 20/03/2015 A C Willcocks 19/10/2020 G Willcocks 05/06/2023 J R Willcocks 20/03/2015 L J Willcocks 20/03/2015 07 February 2025 The principal activity of the Company during the year was that of the retail of furniture, lighting and similar in a specialised store. 09500650 2024-07-31 09500650 bus:Director1 2024-07-31 09500650 bus:Director2 2024-07-31 09500650 bus:Director3 2024-07-31 09500650 bus:Director4 2024-07-31 09500650 bus:Director5 2024-07-31 09500650 2023-07-31 09500650 core:CurrentFinancialInstruments 2024-07-31 09500650 core:CurrentFinancialInstruments 2023-07-31 09500650 core:Non-currentFinancialInstruments 2024-07-31 09500650 core:Non-currentFinancialInstruments 2023-07-31 09500650 core:ShareCapital 2024-07-31 09500650 core:ShareCapital 2023-07-31 09500650 core:RetainedEarningsAccumulatedLosses 2024-07-31 09500650 core:RetainedEarningsAccumulatedLosses 2023-07-31 09500650 2022-07-31 09500650 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-07-31 09500650 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-07-31 09500650 core:LeaseholdImprovements 2023-07-31 09500650 core:PlantMachinery 2023-07-31 09500650 core:Vehicles 2023-07-31 09500650 core:FurnitureFittings 2023-07-31 09500650 core:OfficeEquipment 2023-07-31 09500650 core:LeaseholdImprovements 2024-07-31 09500650 core:PlantMachinery 2024-07-31 09500650 core:Vehicles 2024-07-31 09500650 core:FurnitureFittings 2024-07-31 09500650 core:OfficeEquipment 2024-07-31 09500650 core:WithinOneYear 2024-07-31 09500650 core:WithinOneYear 2023-07-31 09500650 core:BetweenOneFiveYears 2024-07-31 09500650 core:BetweenOneFiveYears 2023-07-31 09500650 core:MoreThanFiveYears 2024-07-31 09500650 core:MoreThanFiveYears 2023-07-31 09500650 2023-08-01 2024-07-31 09500650 bus:FilletedAccounts 2023-08-01 2024-07-31 09500650 bus:SmallEntities 2023-08-01 2024-07-31 09500650 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09500650 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09500650 bus:Director1 2023-08-01 2024-07-31 09500650 bus:Director2 2023-08-01 2024-07-31 09500650 bus:Director3 2023-08-01 2024-07-31 09500650 bus:Director4 2023-08-01 2024-07-31 09500650 bus:Director5 2023-08-01 2024-07-31 09500650 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-08-01 2024-07-31 09500650 core:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 09500650 core:LeaseholdImprovements core:TopRangeValue 2023-08-01 2024-07-31 09500650 core:PlantMachinery 2023-08-01 2024-07-31 09500650 core:Vehicles core:TopRangeValue 2023-08-01 2024-07-31 09500650 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 09500650 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 09500650 2022-08-01 2023-07-31 09500650 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-08-01 2024-07-31 09500650 core:LeaseholdImprovements 2023-08-01 2024-07-31 09500650 core:Vehicles 2023-08-01 2024-07-31 09500650 core:FurnitureFittings 2023-08-01 2024-07-31 09500650 core:OfficeEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 09500650 (England and Wales)

BURBECK INTERIORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

BURBECK INTERIORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

BURBECK INTERIORS LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
BURBECK INTERIORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
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
BURBECK INTERIORS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
BURBECK INTERIORS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 26,250 0
Tangible assets 5 1,034,059 783,281
1,060,309 783,281
Current assets
Stocks 66,091 0
Debtors 6 353,511 119,507
Cash at bank and in hand 165,111 284,628
584,713 404,135
Creditors: amounts falling due within one year 7 ( 1,174,353) ( 893,524)
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 ( 86,043) ( 108,725)
Provision for liabilities 9 ( 259,429) ( 183,450)
Net assets 125,197 1,717
Capital and reserves
Called-up share capital 3 3
Profit and loss account 125,194 1,714
Total shareholders' funds 125,197 1,717

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 09500650) were approved and authorised for issue by the Board of Directors on 07 February 2025. They were signed on its behalf by:

A M Willcocks
Director
BURBECK INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
BURBECK INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Share-based payment

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

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.

Taxation

Current tax
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.

Defined contribution pension plan

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 4 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 17 % reducing balance
Vehicles 3 years straight line
Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 29

3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for key employees.

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
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 0 0 0 0
Granted during the period 1,320 0.0001 0 0
Expired during the period ( 660) 0.0001 0 0
Outstanding at the end of the period 660 0.0001 0 0
Exercisable at the end of the period 0 0 0 0

The options are not deemed to have a material cost at the date of grant and therefore no share based payment charge is recognised in these accounts.

4. Intangible assets

Website costs Total
£ £
Cost
At 01 August 2023 0 0
Additions 26,250 26,250
At 31 July 2024 26,250 26,250
Accumulated amortisation
At 01 August 2023 0 0
At 31 July 2024 0 0
Net book value
At 31 July 2024 26,250 26,250
At 31 July 2023 0 0

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 August 2023 34,933 1,376,283 120,454 5,838 27,509 1,565,017
Additions 16,304 414,954 74,351 29,584 4,032 539,225
Disposals 0 ( 206,552) 0 0 0 ( 206,552)
At 31 July 2024 51,237 1,584,685 194,805 35,422 31,541 1,897,690
Accumulated depreciation
At 01 August 2023 13,791 667,021 78,299 4,273 18,352 781,736
Charge for the financial year 4,269 127,720 25,898 7,544 5,304 170,735
Disposals 0 ( 88,840) 0 0 0 ( 88,840)
At 31 July 2024 18,060 705,901 104,197 11,817 23,656 863,631
Net book value
At 31 July 2024 33,177 878,784 90,608 23,605 7,885 1,034,059
At 31 July 2023 21,142 709,262 42,155 1,565 9,157 783,281

6. Debtors

2024 2023
£ £
Trade debtors 228,146 41,190
Amounts owed by directors 48 542
Prepayments 100,409 56,917
Other debtors 24,908 20,858
353,511 119,507

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 39,720 39,720
Trade creditors 263,706 326,387
Amounts owed to directors 3,513 776
Other loans 120,000 0
Accruals 453,251 310,119
Corporation tax 71,340 1,917
Other taxation and social security 156,904 138,934
Obligations under finance leases and hire purchase contracts 50,506 20,790
Other creditors 15,413 54,881
1,174,353 893,524

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 33,100 72,820
Obligations under finance leases and hire purchase contracts 48,754 35,905
Other creditors 4,189 0
86,043 108,725

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 183,450) ( 72,333)
Charged to the Statement of Income and Retained Earnings ( 75,979) ( 111,117)
At the end of financial year ( 259,429) ( 183,450)

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 134,116 134,116
between one and five years 580,556 670,579
after five years 0 44,092
714,672 848,787

11. Related party transactions

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.