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COMPANY REGISTRATION NUMBER: SC699004
The Broughton Market Limited
Unaudited Financial Statements
31 March 2024
The Broughton Market Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
11
The Broughton Market Limited
Director's Report
Year ended 31 March 2024
The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was food retailing.
Director
The director who served the company during the year was as follows:
Mrs Y Crombie
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 February 2025 and signed on behalf of the board by:
Mrs Y Crombie
Director
Registered office:
23 Duddingston View
Edinburgh
EH15 3LX
The Broughton Market Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
1,822,555
1,404,133
Cost of sales
1,255,055
1,029,508
-------------
-------------
Gross profit
567,500
374,625
Administrative expenses
468,567
300,527
----------
----------
Operating profit
98,933
74,098
----------
----------
Profit before taxation
5
98,933
74,098
Tax on profit
( 1,740)
10,222
----------
---------
Profit for the financial year and total comprehensive income
100,673
63,876
----------
---------
Dividends paid and payable
( 30,000)
( 25,000)
Retained earnings/(losses) at the start of the year
31,997
( 6,879)
----------
---------
Retained earnings at the end of the year
102,670
31,997
----------
---------
All the activities of the company are from continuing operations.
The Broughton Market Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
195,976
196,331
Current assets
Stocks
49,061
43,591
Debtors
7
20,027
46,131
Cash at bank and in hand
55,319
50,174
----------
----------
124,407
139,896
Creditors: amounts falling due within one year
8
38,220
62,997
----------
----------
Net current assets
86,187
76,899
----------
----------
Total assets less current liabilities
282,163
273,230
Creditors: amounts falling due after more than one year
9
170,011
230,011
Provisions
8,482
10,222
----------
----------
Net assets
103,670
32,997
----------
----------
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
102,670
31,997
----------
---------
Shareholders funds
103,670
32,997
----------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Broughton Market Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mrs Y Crombie
Director
Company registration number: SC699004
The Broughton Market Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 23 Duddingston View, Edinburgh, EH15 3LX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
12% straight line
Fixtures and fittings
-
12% straight line
Motor vehicles
-
12% straight line
Equipment
-
12% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 8 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
32,466
28,451
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
53,467
172,828
1,323
227,618
Additions
5,025
16,836
10,250
32,111
---------
----------
---------
-------
----------
At 31 March 2024
58,492
189,664
10,250
1,323
259,729
---------
----------
---------
-------
----------
Depreciation
At 1 April 2023
7,341
23,764
182
31,287
Charge for the year
7,312
23,708
1,281
165
32,466
---------
----------
---------
-------
----------
At 31 March 2024
14,653
47,472
1,281
347
63,753
---------
----------
---------
-------
----------
Carrying amount
At 31 March 2024
43,839
142,192
8,969
976
195,976
---------
----------
---------
-------
----------
At 31 March 2023
46,126
149,064
1,141
196,331
---------
----------
---------
-------
----------
7. Debtors
2024
2023
£
£
Other debtors
20,027
46,131
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
34,620
56,997
Other creditors
3,600
6,000
---------
---------
38,220
62,997
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
170,011
230,011
----------
----------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. Related party transactions
At 31 March 2024 the company owed J Crombie £170,011, (2022: £230,111) J Crombie is the husband of Y Crombie.
The Broughton Market Limited
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
The Broughton Market Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Broughton Market Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Broughton Market Limited for the year ended 31 March 2024, as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of The Broughton Market Limited. Our work has been undertaken solely to prepare for your approval the financial statements of The Broughton Market Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Broughton Market Limited and its director for our work or for this report.
It is your duty to ensure that The Broughton Market Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Broughton Market Limited. You consider that The Broughton Market Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Broughton Market Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GIBSON McKERRELL BURROWS LIMITED Chartered Accountants
28 Rutland Square Edinburgh EH1 2BW
24 February 2025