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Registration number: 00513802

Bracon Direct Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Bracon Direct Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bracon Direct Limited

Company Information

Director

S P Lane

Registered office

Unit C
Swife Business Park
Broad Oak
Heathfield
East Sussex
TN21 8UP

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Bracon Direct Limited

(Registration number: 00513802)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

90,129

86,396

Current assets

 

Stocks

5

687,081

745,276

Debtors

6

813,944

727,159

Cash at bank and in hand

 

24,007

27,849

 

1,525,032

1,500,284

Creditors: Amounts falling due within one year

7

(885,703)

(789,735)

Net current assets

 

639,329

710,549

Total assets less current liabilities

 

729,458

796,945

Creditors: Amounts falling due after more than one year

7

(27,445)

(24,544)

Provisions for liabilities

(10,000)

(20,000)

Net assets

 

692,013

752,401

Capital and reserves

 

Called up share capital

20,020

20,020

Share premium reserve

5,005

5,005

Retained earnings

666,988

727,376

Shareholders' funds

 

692,013

752,401

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bracon Direct Limited

(Registration number: 00513802)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 20 March 2025
 

.........................................
S P Lane
Director

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit C
Swife Business Park
Broad Oak
Heathfield
East Sussex
TN21 8UP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold

10% straight line

Plant & equipment

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Dilapidations

The company is party to tenant repairing lease and provides for the expected costs of dilapidations, which will have to be made good in accordance with the terms of the lease.

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 27).

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

56,553

132,899

301,690

491,142

Additions

41,736

-

2,451

44,187

Disposals

-

-

(12,350)

(12,350)

At 30 June 2024

98,289

132,899

291,791

522,979

Depreciation

At 1 July 2023

36,532

104,214

264,003

404,749

Charge for the year

7,312

12,950

16,827

37,089

Eliminated on disposal

-

-

(8,988)

(8,988)

At 30 June 2024

43,844

117,164

271,842

432,850

Carrying amount

At 30 June 2024

54,445

15,735

19,949

90,129

At 30 June 2023

20,021

28,685

37,690

86,396

Included within the net book value of land and buildings above is £54,445 (2023 - £20,021) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

687,081

745,276

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

447,697

451,240

Amounts owed by group undertakings and undertakings in which the company has a participating interest

295,461

226,360

Prepayments

 

56,386

35,155

Other debtors

 

14,400

14,404

 

813,944

727,159

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

21,762

23,188

Trade creditors

 

412,268

374,446

Taxation and social security

 

89,653

54,582

Accruals and deferred income

 

66,386

8,615

Other creditors

 

295,634

328,904

 

885,703

789,735

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

27,445

24,544

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,125

20,000

Hire purchase contracts

16,320

4,544

27,445

24,544

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,623

10,000

Hire purchase contracts

12,139

13,188

21,762

23,188

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Bracon Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Not later than one year

58,560

50,506

Later than one year and not later than five years

106,360

124,579

164,920

175,085