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REGISTERED NUMBER: 00894652 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

BRADDICKS FURNISHERS (SEAFIELD) LIMITED

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

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 (SEAFIELD) LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S G Braddick
B J Braddick
I R Braddick
J J Braddick





REGISTERED OFFICE: 28-31 Mill Street
Bideford
North Devon
EX39 2JJ





REGISTERED NUMBER: 00894652 (England and Wales)





ACCOUNTANTS: Gravita Western Limited
3 Southernhay West
Exeter
Devon
EX1 1JG

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 823 1,229
Tangible assets 6 164,269 190,596
165,092 191,825

CURRENT ASSETS
Debtors 7 673,619 533,156
Cash at bank and in hand 448,676 608,510
1,122,295 1,141,666
CREDITORS
Amounts falling due within one year 8 (259,399 ) (394,693 )
NET CURRENT ASSETS 862,896 746,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,027,988

938,798

PROVISIONS FOR LIABILITIES (41,266 ) (47,650 )
NET ASSETS 986,722 891,148

CAPITAL AND RESERVES
Called up share capital 700 700
Retained earnings 986,022 890,448
SHAREHOLDERS' FUNDS 986,722 891,148

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Balance Sheet - continued
31 MARCH 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





J J Braddick - Director


BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Braddicks Furnishers (Seafield) 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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 and services to customers falling within the company's ordinary activities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses.

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

Asset class Amortisation rate

Intangible fixed assets 33% reducing balance

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 22 ) .

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 3,285
AMORTISATION
At 1 April 2023 2,056
Amortisation for year 406
At 31 March 2024 2,462
NET BOOK VALUE
At 31 March 2024 823
At 31 March 2023 1,229

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 318,619 640,681 153,194 7,950 1,120,444
Additions - - 1,476 12,920 14,396
At 31 March 2024 318,619 640,681 154,670 20,870 1,134,840
DEPRECIATION
At 1 April 2023 318,619 457,116 147,481 6,632 929,848
Charge for year - 36,712 1,258 2,753 40,723
At 31 March 2024 318,619 493,828 148,739 9,385 970,571
NET BOOK VALUE
At 31 March 2024 - 146,853 5,931 11,485 164,269
At 31 March 2023 - 183,565 5,713 1,318 190,596

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 650,533 499,573
Other debtors 10,000 10,000
Tax - 10,856
Prepayments and accrued income 13,086 12,727
673,619 533,156

BRADDICKS FURNISHERS (SEAFIELD) LIMITED (REGISTERED NUMBER: 00894652)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,000 37,257
Tax 38,642 166,988
Social security and other taxes 7,062 3,005
VAT 15,285 8,305
Deposits in advance 108,981 125,000
Directors' current accounts 22,516 22,516
Accruals and deferred income 42,913 31,622
259,399 394,693

9. 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 £10,000 (2023 - £10,000) which is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Braddicks Furnishers (Bideford)Limited.