REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Balance Sheet - continued |
31 MARCH 2024 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | COMPANY INFORMATION |
Braddicks Furnishers (Bideford) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover represents amounts chargeable in respect of the sale of goods falling within the company's ordinary activities. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
Cash and cash equivalents |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period. |
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. |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount. |
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 22 to the financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2009 | 76,860 | - | - | 76,860 |
Valuation in 2022 | 315,608 | - | - | 315,608 |
Cost | 723,754 | 99,203 | 217,754 | 1,040,711 |
1,116,222 | 99,203 | 217,754 | 1,433,179 |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
If the freehold properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 723,754 | 723,754 |
Aggregate depreciation | 367,345 | 367,345 |
Freehold properties were valued on an open market basis on 26 August 2022 by Underwood Wright Chartered Surveyors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 April 2023 |
Transfer to ownership | (35,236 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | (25,966 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Other investments | 216,500 | 216,500 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2009 | 153,747 |
Valuation in 2022 | 200,461 |
Cost | 1,026,569 |
1,380,777 |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,026,569 | 1,506,940 |
The investment properties were valued on an open market basis on 26 August 2022 by Underwood Wright Chartered Surveyors . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors | 496,388 | 503,527 |
Other debtor - rent owed | 2,250 | 2,250 |
Directors' current accounts | 191,276 | 153,721 |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 38,750 | 51,077 |
Amounts owed to group undertakings |
Accruals and deferred income |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | - | 3,278 |
Hire purchase liabilities are secured over the asset to which the liability relates. |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 4,088,079 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Transfer | - | (13,972 | ) | - | (13,972 | ) |
At 31 March 2024 | 3,787,918 |
Gains and losses on investment properties are now shown within the profit or loss for the year and deferred tax recognised as per the requirements of FRS 102. We have disclosed the cumulative effect of these net unrealised gains as a separate component of shareholders' funds, the Investment property revaluation reserve to clearly distinguish between distributable and non-distributable reserves. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | RELATED PARTY DISCLOSURES |
A partnership in which SG Braddick, JJ Braddick and BJ Braddick are partners had transactions with the company during the year. Included within other debtors is a loan due from the related party amounting to £386,976 (2023 - £386,976), which is interest free and repayable on demand. |
A company in which SG Braddick, JJ Braddick and BJ Braddick are directors had transactions with the company during the year. Included within other debtors is a loan due from the related party amounting to £50,931 (2023 - £50,931), which is interest free and repayable on demand. |