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REGISTERED NUMBER: 00432907 (England and Wales)









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: S G Braddick
B J Braddick
J J Braddick





SECRETARY: J J Braddick





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





REGISTERED NUMBER: 00432907 (England and Wales)





ACCOUNTANTS: Gravita Western Limited
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 1,050,954 1,093,982
Investments 6 218,000 218,000
Investment property 7 1,380,777 1,879,777
2,649,731 3,191,759

CURRENT ASSETS
Stocks 201,313 200,592
Debtors 8 825,280 867,446
Cash at bank and in hand 1,485,231 861,110
2,511,824 1,929,148
CREDITORS
Amounts falling due within one year 9 (1,048,232 ) (1,005,697 )
NET CURRENT ASSETS 1,463,592 923,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,113,323

4,115,210

PROVISIONS FOR LIABILITIES (319,213 ) (20,939 )
NET ASSETS 3,794,110 4,094,271

CAPITAL AND RESERVES
Called up share capital 6,192 6,192
Revaluation reserve 11 795,027 808,999
Capital redemption reserve 11 8,600 8,600
Retained earnings 11 2,984,291 3,270,480
SHAREHOLDERS' FUNDS 3,794,110 4,094,271

BRADDICKS FURNISHERS (BIDEFORD) LIMITED (REGISTERED NUMBER: 00432907)

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 (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

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 falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 18 (2023 - 19 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 1,116,222 94,594 217,754 1,428,570
Additions - 4,609 - 4,609
At 31 March 2024 1,116,222 99,203 217,754 1,433,179
DEPRECIATION
At 1 April 2023 85,182 83,749 165,657 334,588
Charge for year 33,487 1,126 13,024 47,637
At 31 March 2024 118,669 84,875 178,681 382,225
NET BOOK VALUE
At 31 March 2024 997,553 14,328 39,073 1,050,954
At 31 March 2023 1,031,040 10,845 52,097 1,093,982

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 35,236
Transfer to ownership (35,236 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 22,876
Charge for year 3,090
Transfer to ownership (25,966 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 12,360

6. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Shares in group undertakings 1,500 1,500
Other investments not loans 216,500 216,500
218,000 218,000

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 1,500
NET BOOK VALUE
At 31 March 2024 1,500
At 31 March 2023 1,500

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 1,879,777
Disposals (499,000 )
At 31 March 2024 1,380,777
NET BOOK VALUE
At 31 March 2024 1,380,777
At 31 March 2023 1,879,777

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 98,766 173,428
Other debtors 496,388 503,527
Other debtor - rent owed 2,250 2,250
Directors' current accounts 191,276 153,721
Prepayments 36,600 34,520
825,280 867,446

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 3,278
Trade creditors 122,245 158,081
Tax 77,610 79,179
Social security and other taxes 7,062 7,148
VAT 38,750 51,077
Amounts owed to group undertakings 600,533 499,573
Accruals and deferred income 202,032 207,361
1,048,232 1,005,697

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 3,270,480 808,999 8,600 4,088,079
Deficit for the year (110,689 ) (110,689 )
Dividends (175,500 ) (175,500 )
Transfer - (13,972 ) - (13,972 )
At 31 March 2024 2,984,291 795,027 8,600 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
£    £   
S G Braddick
Balance outstanding at start of year 58,390 54,304
Amounts advanced 68,780 59,086
Amounts repaid (58,500 ) (55,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68,670 58,390

J J Braddick
Balance outstanding at start of year 49,371 45,140
Amounts advanced 72,792 59,231
Amounts repaid (58,500 ) (55,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 63,663 49,371

B J Braddick
Balance outstanding at start of year 45,959 48,055
Amounts advanced 71,484 52,904
Amounts repaid (58,500 ) (55,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 58,943 45,959

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.