Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-08-01falseNo description of principal activity2false 03804340 2023-08-01 2024-07-31 03804340 2022-08-01 2023-07-31 03804340 2024-07-31 03804340 2023-07-31 03804340 c:Director2 2023-08-01 2024-07-31 03804340 d:MotorVehicles 2023-08-01 2024-07-31 03804340 d:MotorVehicles 2024-07-31 03804340 d:MotorVehicles 2023-07-31 03804340 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03804340 d:FurnitureFittings 2023-08-01 2024-07-31 03804340 d:FurnitureFittings 2024-07-31 03804340 d:FurnitureFittings 2023-07-31 03804340 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03804340 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03804340 d:CurrentFinancialInstruments 2024-07-31 03804340 d:CurrentFinancialInstruments 2023-07-31 03804340 d:Non-currentFinancialInstruments 2024-07-31 03804340 d:Non-currentFinancialInstruments 2023-07-31 03804340 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 03804340 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03804340 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 03804340 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03804340 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 03804340 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 03804340 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 03804340 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 03804340 d:ShareCapital 2024-07-31 03804340 d:ShareCapital 2023-07-31 03804340 d:RetainedEarningsAccumulatedLosses 2024-07-31 03804340 d:RetainedEarningsAccumulatedLosses 2023-07-31 03804340 c:FRS102 2023-08-01 2024-07-31 03804340 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 03804340 c:FullAccounts 2023-08-01 2024-07-31 03804340 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03804340 2 2023-08-01 2024-07-31 03804340 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 03804340 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03804340 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 03804340









BRADLEYS PAINTING & DECORATING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
BRADLEYS PAINTING & DECORATING LTD
REGISTERED NUMBER: 03804340

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
212
283

  
212
283

Current assets
  

Stocks
 5 
100,921
102,559

Debtors: amounts falling due within one year
 6 
16,204
37,190

Cash at bank and in hand
 7 
86,596
183,651

  
203,721
323,400

Creditors: amounts falling due within one year
 8 
(65,366)
(80,858)

Net current assets
  
 
 
138,355
 
 
242,542

Total assets less current liabilities
  
138,567
242,825

Creditors: amounts falling due after more than one year
 9 
(49,744)
(76,355)

Provisions for liabilities
  

Deferred tax
 11 
(41)
(53)

  
 
 
(41)
 
 
(53)

Net assets
  
88,782
166,417


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
88,682
166,317

  
88,782
166,417


Page 1

 
BRADLEYS PAINTING & DECORATING LTD
REGISTERED NUMBER: 03804340
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.




................................................
F M Howard
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The legal form of the entity is a private company limited by shares, registered in England and Wales and the principal place of business is situated at 3 Hammer Lane, Hemel Hempstead, Hertfordshire, HP2 4EU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 August 2023
5,351
2,341
7,692



At 31 July 2024

5,351
2,341
7,692



Depreciation


At 1 August 2023
5,282
2,127
7,409


Charge for the year on owned assets
17
54
71



At 31 July 2024

5,299
2,181
7,480



Net book value



At 31 July 2024
52
160
212



At 31 July 2023
69
214
283


5.


Stocks

2024
2023
£
£

Raw materials and consumables
1,260
900

Work in progress (goods to be sold)
99,661
101,659

100,921
102,559



6.


Debtors

2024
2023
£
£


Trade debtors
6,350
27,170

Other debtors
3,306
6,161

Prepayments and accrued income
6,548
3,859

16,204
37,190


Page 7

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
86,596
183,651

86,596
183,651



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
26,806
27,000

Trade creditors
12,591
16,244

Corporation tax
13,907
26,321

Other taxation and social security
5,749
6,686

Other creditors
1,903
892

Accruals and deferred income
4,410
3,715

65,366
80,858


Page 8

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
49,744
76,355

49,744
76,355


The following liabilities were secured:

2024
2023
£
£



Bank loans
49,742
76,355

49,742
76,355

Details of security provided:

The bank loan is secured by way of fixed and floating charge over all the assets or undertaking of the company and contains negative pledge.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:



The amounts repayable by instalment is part of a six year term loan that has a one year repayment holiday and interest free for the first 12 months. Thereafter, the amount is repayable by monthly instalments over the remining term and carries an interest rate of Bank of England's base rate plus a 2.28% markup.

Page 9

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
26,806
27,000


26,806
27,000

Amounts falling due 1-2 years

Bank loans
27,000
27,000


27,000
27,000

Amounts falling due 2-5 years

Bank loans
22,744
49,355


22,744
49,355


76,550
103,355



11.


Deferred taxation




2024


£






At beginning of year
(54)


Utilised in year
13



At end of year
(41)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(40)
(54)

(40)
(54)

Page 10

 
BRADLEYS PAINTING & DECORATING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Transactions with directors

The director’s provided interest free loans to the company that is repayable on demand. The amount outstanding as at the balance sheet date is £1,906 (£891 during 2023) and is included within creditors amounts falling due within one year. 

 
Page 11