REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
J.Bradshaw & Sons Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
J.Bradshaw & Sons Limited |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J.Bradshaw & Sons Limited |
Company Information |
for the year ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
202 High Street |
LINCOLN |
LN5 7AP |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Abridged Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Abridged Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
J.Bradshaw & Sons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Intangible assets |
Computer software is being amortised at 25% on reducing balance. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation net of depreciation. No depreciation has been provided on freehold property as it is valued in the financial statements at an amount equivalent to the likely disposal proceeds. |
Depreciation on other tangible assets is provided at the following annual rates to write off the asset over it's estimated useful life or, if held under a finance lease, over the lease term whichever is shorter. |
Plant and machinery - 33% on cost, 30% on reducing balance and 15% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - Various rates which consider the age of the vehicle when purchased and estimated residual value. Depreciation is phased to account for strong values in three years after purchase with a forecast period of seven years ownership. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
Amortisation for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Revaluation adjustments | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Cost or valuation at 31 July 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 385,508 |
Cost | 4,636,397 |
5,021,905 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 114,492 | - |
Aggregate depreciation | 29,039 | - |
Value of land in freehold land and buildings | 500,000 | - |
Freehold land and buildings were valued on an open market basis on 18 November 2024 by the directors . |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 August 2023 | 513,000 |
Additions | 383,861 |
Reclassification/transfer | (95,000 | ) |
At 31 July 2024 | 801,861 |
DEPRECIATION |
At 1 August 2023 | 38,323 |
Charge for year | 31,643 |
Reclassification/transfer | (28,240 | ) |
At 31 July 2024 | 41,726 |
NET BOOK VALUE |
At 31 July 2024 | 760,135 |
At 31 July 2023 | 474,677 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 576,377 | 542,565 |
Invoice discounting | 367,576 | - |
The borrowings are secured on the assets to which they relate. |
7. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation reserve | 385,508 |
At 31 July 2024 |
J.Bradshaw & Sons Limited (Registered number: 00787046) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The maximum balance outstanding during the year was £106,382 (2023: £130,010). The loan is unsecured and interest is charged on the overdrawn balance at a rate of 2.25%. |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included in loans is an amount owing to J.C.M Glassford (Holdings) Limited of £143,104 (2023 £nil), a company in which the director Mr TC Bradshaw has a controlling interest. |