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REGISTERED NUMBER: 03830350 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

BURNELL'S LIMITED

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,421 3,282
2,421 3,282

CURRENT ASSETS
Stocks 39,478 41,653
Debtors 6 102,831 100,567
Cash at bank and in hand 2,157 3,394
144,466 145,614
CREDITORS
Amounts falling due within one year 7 (51,751 ) (44,654 )
NET CURRENT ASSETS 92,715 100,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,136

104,242

CREDITORS
Amounts falling due after more than one
year

8

(34,998

)

(40,284

)

PROVISIONS FOR LIABILITIES (397 ) (546 )
NET ASSETS 59,741 63,412

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,641 63,312
59,741 63,412

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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.

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





S Ellershaw - Director


BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

BURNELL'S LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03830350

Registered office: C/O DPC
Stone House
55 Stone Road Business Park
Stoke-On-Trent
Staffordshire
ST4 6SR

The principal activity of the company continued to be that of a retailing card and gift shop.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is accounted for on a cash basis exclusive of Value Added Tax.

Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:

Goodwill - Fully amortised

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - straight line over the life of the lease
Plant and machinery etc - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.


BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Employee benefits
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 60,000
AMORTISATION
At 1 September 2023
and 31 August 2024 60,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold and
property fittings Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 16,143 77,843 93,986
DEPRECIATION
At 1 September 2023 15,887 74,817 90,704
Charge for year 256 605 861
At 31 August 2024 16,143 75,422 91,565
NET BOOK VALUE
At 31 August 2024 - 2,421 2,421
At 31 August 2023 256 3,026 3,282

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Amounts owed by group undertakings 77,449 77,449
Other debtors 281 1,111
Directors' current accounts 22,883 19,820
Prepayments and accrued income 2,218 2,187
102,831 100,567

Amounts owed from group undertakings are unsecured, interest free and are repayable on demand.

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 15,385 12,893
Trade creditors 17,119 15,227
Tax 4,149 3,277
Social security and other taxes 177 -
VAT 12,307 10,827
Other creditors 439 440
Accruals and deferred income 2,175 1,990
51,751 44,654

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 1-2 years 5,556 5,556
Bank loans - 2-5 years 16,667 16,667
Bank loans payable more than
5 years by instalments 5,275 10,561
Directors' loan accounts 7,500 7,500
34,998 40,284

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 5,275 10,561
5,275 10,561

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
K Masters
Balance outstanding at start of year 10,080 10,549
Amounts advanced 11,463 10,131
Amounts repaid (10,100 ) (10,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,443 10,080

BURNELL'S LIMITED (REGISTERED NUMBER: 03830350)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S Ellershaw
Balance outstanding at start of year 9,740 10,070
Amounts advanced 11,451 9,770
Amounts repaid (9,750 ) (10,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,441 9,740

By virtue of the outstanding loan accounts, a liability to taxation exists under Section 455 of CTA 2010 in the sum of £7,723. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made.

10. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly-owned subsidiary of 2 Jayne's Limited, a company incorporated in England and Wales.