Company registration number 03901145 (England and Wales)
EDWARDS BROTHERS ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
EDWARDS BROTHERS ENTERPRISES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
EDWARDS BROTHERS ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
603
711
Investment property
5
1,780,000
1,635,000
1,780,603
1,635,711
Current assets
Trade and other receivables
6
18,209
41,544
Cash and cash equivalents
125,499
118,101
143,708
159,645
Current liabilities
7
(56,075)
(60,019)
Net current assets
87,633
99,626
Total assets less current liabilities
1,868,236
1,735,337
Provisions for liabilities
(108,716)
(72,466)
Net assets
1,759,520
1,662,871
Equity
Called up share capital
21,488
21,488
Retained earnings
8
1,738,032
1,641,383
Total equity
1,759,520
1,662,871
EDWARDS BROTHERS ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 March 2025 and are signed on its behalf by:
Mr N A Cuff
Director
Company registration number 03901145 (England and Wales)
EDWARDS BROTHERS ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Retained earnings
Total
Notes
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
21,488
701,600
723,088
Effect of change in accounting policy
-
1,626,846
1,626,846
As restated
21,488
2,328,446
2,349,934
Year ended 30 June 2023:
Loss and total comprehensive income
-
(590,235)
(590,235)
Dividends
-
(96,828)
(96,828)
Balance at 30 June 2023
21,488
1,641,383
1,662,871
Year ended 30 June 2024:
Profit and total comprehensive income
-
154,699
154,699
Dividends
-
(58,050)
(58,050)
Balance at 30 June 2024
21,488
1,738,032
1,759,520
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Edwards Brothers Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 The Clarendon Centre, Salisbury Business Park, Dairy Meadow Lane, Salisbury, Wiltshire, SP1 2TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for rent services provided in the normal course of business.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
6,914
Depreciation and impairment
At 1 July 2023
6,203
Depreciation charged in the year
108
At 30 June 2024
6,311
Carrying amount
At 30 June 2024
603
At 30 June 2023
711
5
Investment property
2024
£
Fair value
At 1 July 2023
1,635,000
Revaluations
145,000
At 30 June 2024
1,780,000
The investment property comprises one commercial freehold building and 2 residential freehold buildings.
The commercial investment property was professionally revalued by Knights Frank in 2023.The original cost less depreciation (£nil) was £597,734.
The residential investment property valuation has been arrived at on the basis of a valuation carried out at the year end by the company directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the rental yield of the property The original cost less depreciation (£nil) was £2,953.
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
16,954
16,954
Other receivables
1,255
24,590
18,209
41,544
7
Current liabilities
2024
2023
£
£
Corporation tax
12,500
18,573
Other taxation and social security
1,056
940
Other payables
42,519
40,506
56,075
60,019
8
Retained earnings
2024
2023
as restated
£
£
At the beginning of the year
679,537
701,600
Prior year adjustment
961,846
1,626,846
As restated
1,641,383
2,328,446
Profit/(loss) for the year
154,699
(590,235)
Dividends declared and paid in the year
(58,050)
(96,828)
At the end of the year
1,738,032
1,641,383
Included within retained earnings are non-distributable profits, as set out below:
2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
961,846
1,626,846
Non distributable profits in the year
108,750
(665,000)
At the end of the year
1,070,596
961,846
Distributable profits
667,436
679,537
9
Prior period adjustment
EDWARDS BROTHERS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity except to reclassify amounts between reserves.
1 July
30 June
2022
2023
£
£
Analysis of the effect upon equity
Revaluation reserve
-
(961,846)
Retained earnings
-
961,846
-
-
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Revaluation Loss on investment properties
(665,000)
Profit as previously reported
74,765
Loss as adjusted
(590,235)
Notes to reconciliation
Revaluation of Investment properties
The prior year financial statements have been restated, in previous years the investment properties have been revalued through a separate fair value reserve and as a result the gain/ loss on revaluation has not been correctly reflected through the profit or loss account.
An adjustment has been made to reclassify the fair value reserve as non distributable retained earnings for a clearer understanding of the financial statements.
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