Registered number
09025916
Best Brothers Inc. Limited
Filleted Accounts
31 March 2024
Best Brothers Inc. Limited
Registered number: 09025916
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 92,863 112,314
Current assets
Stocks 636,849 554,126
Debtors 3 (3,612) 12,837
Prepayments 4 27,611 27,509
Cash at bank and in hand (123,054) (197,609)
537,794 396,863
Creditors: amounts falling due within one year 5 10,608 37,657
Net current assets 548,402 434,520
Total assets less current liabilities 641,265 546,834
Creditors: amounts falling due after more than one year 6 (252,275) (226,545)
Net assets 388,990 320,289
Capital and reserves
Called up share capital 10 10
Profit and loss account 388,980 320,279
Shareholders' funds 388,990 320,289
Average Number of Employees During Period: 2 2
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Brandon Best
Director
Approved by the board on 5 March 2025
Best Brothers Inc. Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 161,868
Additions 3,765
At 31 March 2024 165,633
Depreciation
At 1 April 2023 49,554
Charge for the year 23,216
At 31 March 2024 72,770
Net book value
At 31 March 2024 92,863
At 31 March 2023 112,314
3 Debtors 2024 2023
£ £
Trade debtors (3,612) 9,332
Other debtors - 3,505
(3,612) 12,837
4 Investments held as current assets 2024 2023
£ £
Prepayments 27,611 27,509
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts (36,349) (3,903)
Taxation and social security costs 25,741 (34,322)
Other creditors - 568
(10,608) (37,657)
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,653 16,653
Obligations under finance lease and hire purchase contracts 112,399 209,892
Other creditors 123,223 -
252,275 226,545
7 Other information
Best Brothers Inc. Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Beatrice Court
Hinton Way
Great Shelford
Cambridge
CB22 5AD
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