REGISTERED NUMBER: 05885141 (England and Wales)

Fairhead Bradford Accountants Limited

Unaudited Financial Statements for the Year Ended 31 August 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

N S Toon

S J Dickerson

Secretary:

N S Toon

Registered office:

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

Registered number:

05885141 (England and Wales)

Fixed assets

Intangible assets

4

193,347

216,191

Tangible assets

5

19,886

23,845

213,233

240,036

Current assets

Stocks

500

1,000

Debtors

6

294,861

244,760

Cash at bank and in hand

375,162

375,626

670,523

621,386

Creditors

Amounts falling due within one year

7

195,682

207,541

Net current assets

474,841

413,845

Total assets less current liabilities

688,074

653,881

Creditors

Amounts falling due after more than one year

8

(7,500

)

(36,750

)

Provisions for liabilities

(4,972

)

(5,961

)

Net assets

675,602

611,170

Capital and reserves

Called up share capital

100

100

Capital redemption reserve

50

50

Retained earnings

675,452

611,020

675,602

611,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:

S J Dickerson - Director

N S Toon - Director

1.	Statutory information

Fairhead Bradford Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents fee income at invoice value less trade discounts allowed and excluding value added tax.

Fee income represents revenue earned under a wide variety of contracts to provide services.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for the performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements.

Revenue is generally recognised as earned as contract activity progresses so that for incomplete contracts, it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed.

Revenue not billed to clients is included in other debtors.

Goodwill

Goodwill has arisen on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. The goodwill is being amortised on a straight line basis over 10 to 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

33% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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. Debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 14 (2023 - 12 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 September 2023

403,206

Additions

3,353

At 31 August 2024

406,559

Amortisation

At 1 September 2023

187,015

Amortisation for year

26,197

At 31 August 2024

213,212

Net book value

At 31 August 2024

193,347

At 31 August 2023

216,191

5.	Tangible fixed assets

Office

Computer

equipment

equipment

Totals

£

£

£

Cost

At 1 September 2023

38,283

41,334

79,617

Additions

628

5,375

6,003

Disposals

(661

)

(3,714

)

(4,375

)

At 31 August 2024

38,250

42,995

81,245

Depreciation

At 1 September 2023

32,386

23,386

55,772

Charge for year

2,361

7,601

9,962

Eliminated on disposal

(661

)

(3,714

)

(4,375

)

At 31 August 2024

34,086

27,273

61,359

Net book value

At 31 August 2024

4,164

15,722

19,886

At 31 August 2023

5,897

17,948

23,845

6.

Debtors: amounts falling due within one year

31/8/24

31/8/23

£

£

Trade debtors

153,668

168,579

Amounts owed by group undertakings

54,008

-

Other debtors

87,185

76,181

294,861

244,760

7.

Creditors: amounts falling due within one year

31/8/24

31/8/23

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

44,628

55,045

Amounts owed to group undertakings

-

6,344

Taxation and social security

129,394

111,117

Other creditors

11,660

25,035

195,682

207,541

8.

Creditors: amounts falling due after more than one year

31/8/24

31/8/23

£

£

Bank loans

7,500

17,500

Trade creditors

-

19,250

7,500

36,750

9.	Related party disclosures

One of the premises that the company occupies is owned by a family member of a director of the company. The company occupies it on a rent free basis.

10.	Ultimate controlling party

Fairhead Bradford Holdings Limited is the company's parent and ultimate holding company. Fairhead Bradford Holdings Limited is incorporated in England & Wales and copies of its financial statements can be obtained from the company's registered office situated at 5 Queen Street, Great Yarmouth, Norfolk, NR30 2QP