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Registration number: 05573239

Burwoods Domestic Appliances Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Burwoods Domestic Appliances Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Burwoods Domestic Appliances Ltd

Company Information

Directors

Mr Mark Frederick Burwood

Mrs Amanda Jane Burwood

Company secretary

Mrs Amanda Jane Burwood

Registered office

10 South Street
Bridport
Dorset
DT6 3NJ

Accountants

M W Burrough & Co
Chartered Accountants10 South Street
Bridport
Dorset
DT6 3NJ

 

Burwoods Domestic Appliances Ltd

(Registration number: 05573239)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,700

8,550

Tangible assets

5

19,964

26,460

Investment property

6

599,000

599,000

Other financial assets

7

1,628

1,628

 

626,292

635,638

Current assets

 

Stocks

8

208,013

208,432

Debtors

9

45,824

47,164

Cash at bank and in hand

 

250,375

216,578

 

504,212

472,174

Creditors: Amounts falling due within one year

10

(141,678)

(139,047)

Net current assets

 

362,534

333,127

Total assets less current liabilities

 

988,826

968,765

Provisions for liabilities

(49,517)

(38,867)

Net assets

 

939,309

929,898

Capital and reserves

 

Called up share capital

11

(2,111)

100

Other reserves

133,615

144,265

Retained earnings

807,805

785,533

Shareholders' funds

 

939,309

929,898

For the financial year ending 31 December 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 and 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 11 March 2025 and signed on its behalf by:
 

.........................................
Mr Mark Frederick Burwood
Director

 

Burwoods Domestic Appliances Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 January 2024

(2,111)

144,265

785,533

927,687

Profit for the year

-

-

82,822

82,822

Total comprehensive income

-

-

82,822

82,822

Dividends

-

-

(71,200)

(71,200)

Other movements on reserves

-

(10,650)

10,650

-

At 31 December 2024

(2,111)

133,615

807,805

939,309

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 January 2023

100

55,975

796,671

852,746

Profit for the year

-

-

142,352

142,352

Total comprehensive income

-

-

142,352

142,352

Dividends

-

-

(65,200)

(65,200)

Transfers re fair values

-

109,000

(109,000)

-

Other movements on reserves

-

(20,710)

20,710

-

At 31 December 2023

100

144,265

785,533

929,898

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 South Street
Bridport
Dorset
DT6 3NJ
United Kingdom

The principal place of business is:
Unit 84
St Michaels Trading Estate
Bridport
Dorset
DT6 3RR

These financial statements were authorised for issue by the Board on 11 March 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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.

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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

Plant and machinery

15% reducing balance

Fixtures,fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

57,000

57,000

At 31 December 2024

57,000

57,000

Amortisation

At 1 January 2024

48,450

48,450

Amortisation charge

2,850

2,850

At 31 December 2024

51,300

51,300

Carrying amount

At 31 December 2024

5,700

5,700

At 31 December 2023

8,550

8,550

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

14,035

391

50,264

64,690

At 31 December 2024

14,035

391

50,264

64,690

Depreciation

At 1 January 2024

11,721

370

26,139

38,230

Charge for the year

462

3

6,031

6,496

At 31 December 2024

12,183

373

32,170

44,726

Carrying amount

At 31 December 2024

1,852

18

18,094

19,964

At 31 December 2023

2,314

21

24,125

26,460

6

Investment properties

2024
£

At 1 January

599,000

At 31 December

599,000

There has been no valuation of investment property by an independent valuer.

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

1,628

1,628

At 31 December 2024

1,628

1,628

Impairment

Carrying amount

At 31 December 2024

1,628

1,628

8

Stocks

2024
£

2023
£

Raw materials and consumables

208,013

208,432

9

Debtors

Current

2024
£

2023
£

Trade debtors

2,720

4,273

Other debtors

43,104

42,891

 

45,824

47,164

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

55,661

61,691

Taxation and social security

75,896

63,406

Accruals and deferred income

2,700

2,700

Other creditors

7,421

11,250

141,678

139,047

 

Burwoods Domestic Appliances Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100