3 3 Bracey's Accountants (Hemel Hempstead) Limited 09622169 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is accountancy services Digita Accounts Production Advanced 6.30.9574.0 true false 09622169 2023-07-01 2024-06-30 09622169 2024-06-30 09622169 core:CurrentFinancialInstruments 2024-06-30 09622169 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09622169 core:Non-currentFinancialInstruments 2024-06-30 09622169 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09622169 core:FurnitureFittingsToolsEquipment 2024-06-30 09622169 bus:SmallEntities 2023-07-01 2024-06-30 09622169 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09622169 bus:FilletedAccounts 2023-07-01 2024-06-30 09622169 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09622169 bus:RegisteredOffice 2023-07-01 2024-06-30 09622169 bus:Director1 2023-07-01 2024-06-30 09622169 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09622169 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 09622169 core:OfficeEquipment 2023-07-01 2024-06-30 09622169 1 2023-07-01 2024-06-30 09622169 countries:England 2023-07-01 2024-06-30 09622169 2023-06-30 09622169 core:FurnitureFittingsToolsEquipment 2023-06-30 09622169 2022-07-01 2023-06-30 09622169 2023-06-30 09622169 core:CurrentFinancialInstruments 2023-06-30 09622169 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09622169 core:Non-currentFinancialInstruments 2023-06-30 09622169 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09622169 core:FurnitureFittingsToolsEquipment 2023-06-30 xbrli:pure iso4217:GBP

Registration number: 09622169

Bracey's Accountants (Hemel Hempstead) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Bracey's Accountants (Hemel Hempstead) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Bracey's Accountants (Hemel Hempstead) Limited

(Registration number: 09622169)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,811

1,394

Current assets

 

Stocks

5

32,538

36,614

Debtors

6

25,853

26,157

Cash at bank and in hand

 

254

264

 

58,645

63,035

Creditors: Amounts falling due within one year

7

(52,688)

(47,066)

Net current assets

 

5,957

15,969

Total assets less current liabilities

 

7,768

17,363

Creditors: Amounts falling due after more than one year

7

(6,231)

(16,864)

Provisions for liabilities

(344)

(265)

Net assets

 

1,193

234

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,093

134

Shareholders' funds

 

1,193

234

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 March 2025
 

.........................................
Mr Graham Anthony Booth
Director

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Kings House
Home Park Estate
Station Road
Kings Langley
Hertfordshire
WD4 8LZ

These financial statements were authorised for issue by the director on 19 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

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 comprises the fair value of the consideration received or receivable for the 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.

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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

Office equipment

25% Reducing balance

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.

Stocks

The work in progress comprises time spent and where applicable, direct costs. At each reporting date, work in progress is assessed for impairment and if impaired, the carrying amount is reduced to its realisable value.

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

4,332

4,332

Additions

1,020

1,020

At 30 June 2024

5,352

5,352

Depreciation

At 1 July 2023

2,938

2,938

Charge for the year

603

603

At 30 June 2024

3,541

3,541

Carrying amount

At 30 June 2024

1,811

1,811

At 30 June 2023

1,394

1,394

5

Stocks

2024
£

2023
£

Work in progress

32,538

36,614

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,110

4,691

Prepayments

3,182

2,502

Other debtors

19,561

18,964

 

25,853

26,157

7

Creditors

Creditors: amounts falling due within one year

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

16,542

14,251

Trade creditors

 

5,550

6,310

Taxation and social security

 

21,731

20,487

Accruals and deferred income

 

-

99

Other creditors

 

8,865

5,919

 

52,688

47,066

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

6,231

16,864

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 366.00 (2023 - 351.00) per each Ordinary

36,600

35,100

 

 

10

Related party transactions

At the balance sheet date the company was owed £13,129, (2023 : £13,597) by Mr G Booth, the director of the company. No interest has been charged on this loan.

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr G Booth as Director and majority shareholder of the company.

 

Bracey's Accountants (Hemel Hempstead) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,231

16,864

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,634

10,634

Bank overdrafts

5,908

3,617

16,542

14,251