Company registration number 04360185 (England and Wales)
BROUGHTON DESIGNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
BROUGHTON DESIGNS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BROUGHTON DESIGNS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr H Priddy
(Appointed 17 October 2024)
Ms J Priddy
(Appointed 10 April 2024)
Ms C Priddy
(Appointed 17 October 2024)
Company number
04360185
Registered office
Hinton Manor
Catherington
Waterlooville
PO8 0QW
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
BROUGHTON DESIGNS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
14,882,500
15,317,000
Current assets
Debtors
4
1,293,414
1,561,959
Cash at bank and in hand
949,990
470,423
2,243,404
2,032,382
Creditors: amounts falling due within one year
5
(1,130,139)
(1,054,499)
Net current assets
1,113,265
977,883
Total assets less current liabilities
15,995,765
16,294,883
Creditors: amounts falling due after more than one year
6
(2,469,191)
(2,648,865)
Provisions for liabilities
7
(2,464,992)
(2,573,617)
Net assets
11,061,582
11,072,401
Capital and reserves
Called up share capital
2
2
Revaluation reserve
8
8,264,085
8,589,960
Profit and loss reserves
2,797,495
2,482,439
Total equity
11,061,582
11,072,401
BROUGHTON DESIGNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr H Priddy
Director
Company Registration No. 04360185
The notes on pages 4 to 8 form part of these financial statements
BROUGHTON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Broughton Designs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hinton Manor, Catherington, Waterlooville, PO8 0QW.
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
Turnover
Turnover shown in the profit and loss account is representative of rents received in the period.
1.3
Investment properties
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.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 balance sheet 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.
BROUGHTON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors 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 creditors, bank loans and loans from fellow group companies, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
BROUGHTON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account, 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.
1.8
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 fixed 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.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
BROUGHTON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
3
Investment property
2024
£
Fair value
At 1 September 2023
15,317,000
Revaluations
(434,500)
At 31 August 2024
14,882,500
The investment property has been revalued by the directors during the year.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,643
13,841
Other debtors
1,272,771
1,548,118
1,293,414
1,561,959
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
178,180
145,424
Other taxation and social security
105,019
92,545
Other creditors
846,940
816,530
1,130,139
1,054,499
The aggregate amount of creditors for which security has been given amounted to £168,308 (2023 - £135,493).
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
2,469,191
2,648,865
The aggregate amount of creditors for which security has been given amounted to £2,459,981 (2023 - £2,629,843).
BROUGHTON DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,464,992
2,573,617
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
8,589,960
8,557,710
Other movements
(325,875)
32,250
At the end of the year
8,264,085
8,589,960