Company registration number 08531442 (England and Wales)
BALL BROTHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BALL BROTHERS LIMITED
CONTENTS
Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
BALL BROTHERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and applicable law).
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards, comprising FRS 102 Section 1A have been followed, subject to any material departures disclosed separately in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BALL BROTHERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,554,549
1,667,633
Current assets
Debtors
7
1,277,017
748,109
Cash at bank and in hand
166,013
328,901
1,443,030
1,077,010
Creditors: amounts falling due within one year
8
(1,727,697)
(1,204,649)
Net current liabilities
(284,667)
(127,639)
Total assets less current liabilities
1,269,882
1,539,994
Creditors: amounts falling due after more than one year
9
(238,521)
(256,265)
Net assets
1,031,361
1,283,729
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
1,031,359
1,283,727
Total equity
1,031,361
1,283,729
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 March 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 accounts, and that the members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 of the Companies Act 2006.
The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” as amended by Section 1A “Small Entities”.
BALL BROTHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of Directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
E Ball
W A Ball
Director
Director
Company registration number 08531442 (England and Wales)
The notes on pages 5 to 12 form part of these financial statements.
BALL BROTHERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
2
1,352,375
1,352,377
Year ended 31 March 2023:
Profit and total comprehensive income (as restated)
-
167,352
167,352
Dividends
-
(236,000)
(236,000)
Balance at 31 March 2023 (as restated)
2
1,283,727
1,283,729
Year ended 31 March 2024:
Profit and total comprehensive income
-
176,551
176,551
Dividends
-
(428,919)
(428,919)
Balance at 31 March 2024
2
1,031,359
1,031,361
The notes on pages 5 to 12 form part of these financial statements.
BALL BROTHERS LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
General information
Ball Brothers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clacton Pier, 1 North Sea, Clacton on Sea, CO15 1QX.
The principal activity of the Company during the year was the rental of amusement rides, equipment and storage units.
2
Significant accounting policies
2.1
Basis of preparation
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”) as amended by Section 1A "Small Entities", 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. The principal accounting policies adopted are set out below.
FRS 102 allows certain disclosure exemptions for qualifying entities, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's shareholders.
The Company has taken advantage of the following exemptions:
from the requirement to prepare a statement of cash flows as required by paragraph 3.17(d) of FRS 102;
from the requirement to present certain financial instrument disclosures, as required by sections 11 and 12 of FRS 102;
from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv) of FRS 102;
from the requirement to prepare certain financial instrument disclosures providing equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated as required by paragraphs 11.39 to 11.48(a) of FRS102; and
from the requirement to disclose the key management personnel compensation in total as required by paragraph 33.7 of FRS 102.
These financial statements for the year ended 31 March 2024 are the first financial statements of Ball Brothers Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
2.2
Going concern
At the date of signing these financial statements, the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.true
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 6 -
2.3
Turnover
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover from operational sales is recognised at the point of sale as this is the point where the significant benefits and risks of ownership are transferred.
Income from rentals is recognised over the term of the rental agreement.
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.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost 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:
Plant and equipment
10% reducing balance basis
Fixtures and fittings
10% reducing balance basis
Motor vehicles
25% reducing balance basis
Assets under construction
Not depreciated until assets are available for use
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.
Assets held under finance leases are depreciated over the term of the lease.
2.5
Impairment of fixed 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 7 -
2.6
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.
2.7
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such on the Balance Sheet. Finance costs and gains or losses relating to financial liabilities are included in the Profit and Loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
The Company has chosen to adopt the sections 11 and 12 of FRS 102 in respect of financial instruments.
2.8
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.9
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank and shareholder loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.10
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.
2.11
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.
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 8 -
2.11
Taxation (continued)
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.
2.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to Profit or Loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Profit or Loss account.
3
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the Directors are 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.
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Prior year adjustment
In the preparation of these financial statements, the Directors have identified an error relating to prior periods. In the prior periods, fixed assets and stock items valued at a total of £332,872 had been introduced into the business by the Directors, however, the posting of these amounts was reflected in the financial statements as a current asset in the prior periods.
The prior year has therefore been restated to correctly classify the assets by reflecting the additional fixed assets and the associated accumulated deprecation within tangible fixed assets. The costs relating to the stock items and depreciation expense have been reflected in brought forward retained earnings. Current assets have been reduced by the corresponding amount.
Impact on Profit and Loss account:
As previously stated
Adjustment
As restated
Year ended 31 March 2023
£
£
£
Administrative expenses
(276,952)
(15,501)
(292,453)
Profit for the financial year
182,853
(15,501)
167,352
Impact on Balance sheet:
As previously stated
Adjustment
As restated
As at 31 March 2023
£
£
£
Tangible fixed assets
1,443,249
224,384
1,667,633
Current assets: Debtors
1,055,362
(307,253)
748,109
Creditors: amounts falling due within one year
(1,179,030)
(25,619)
(1,204,649)
Net assets
1,392,217
(108,488)
1,283,729
Retained earnings
1,392,215
(108,488)
1,283,727
5
Employees
The average monthly number of persons (including Directors) employed by the Company during the year was:
2024
2023
Number
Number
Total
2
2
The Company has no employees other than the Directors. The Directors did not receive any remuneration during the year (2023: £Nil).
For details of transaction with Directors see note 12.
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
6
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 (as restated)
84,872
2,227,125
53,069
15,591
2,380,657
Additions
60,200
60,200
Disposals
(20,000)
(1,154)
(21,154)
At 31 March 2024
84,872
2,207,125
51,915
75,791
2,419,703
Depreciation and impairment
At 1 April 2023 (as restated)
655,932
46,017
11,075
713,024
Depreciation charged in the year
150,003
1,544
9,257
160,804
Eliminated in respect of disposals
(7,824)
(850)
(8,674)
At 31 March 2024
798,111
46,711
20,332
865,154
Carrying amount
At 31 March 2024
84,872
1,409,014
5,204
55,459
1,554,549
At 31 March 2023 (as restated)
84,872
1,571,193
7,052
4,516
1,667,633
7
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Other debtors
8,697
613,412
Prepayments and accrued income
134,696
134,697
143,393
748,109
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,133,624
Total debtors
1,277,017
748,109
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Other loans
72,326
144,920
Obligations under finance leases
10
14,107
12,559
Trade creditors
1,135,198
647,094
Corporation tax
185,103
154,384
Other taxation and social security
69,995
10,731
Other creditors
238,513
25,619
Accruals and deferred income
12,455
209,342
1,727,697
1,204,649
At the balance sheet date, the total amount owed to the Directors by the Company was £3,671 (2023 as restated: £25,619) and is included within other creditors.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
203,045
253,983
Obligations under finance leases
35,476
2,282
238,521
256,265
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
17,836
12,560
In two to five years
46,928
5,424
64,764
17,984
Less: future finance charges
(15,181)
(3,143)
49,583
14,841
Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the assets. The average lease term is 3 and 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
BALL BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
12
Related party transactions
During the year, turnover and recharged costs of £489,315 (2023: £424,180), administrative expenses of £5,395 (2023: £18,919) and loan interest receivable £28,411 (2023: £28,552) was transacted with The Clacton Pier Company Limited, a company with common Directors.
At the balance sheet date, other debtors included £638,526 (2023: £613,212), trade creditors £487,620 (2023: £647,094), accruals £423,104 (2023: £201,885), and other loan creditors £236,550 (2023: £nil) in relation to The Clacton Pier Company Limited, a company with common Directors. Interest is charged at a variable rate on the loan in other debtors of £633,623, and this equated to an effective rate of 4.66% (2023: 6.97%) in the year under review.
During the year, turnover and recharged costs of £217 (2023: £nil), cost of sales of £73,534 (2023: £64,856), and administrative expenses of £88 (2023: £nil) was transacted with W Ball & Sons Amusements, an unincorporated partnership, a company with common key management personnel.
At the balance sheet date, trade creditors included £9,658 (2023: £6,759) in relation to W Ball & Sons Amusements, an unincorporated partnership, a company with common key management personnel.
At the balance sheet date, other debtors included £503,595 (2023: £nil) in relation to Pump Hill Park Limited, a company with common Directors.
Transactions with Directors
During the year dividends of £428,919 (2023: £236,000) were paid to the Directors. In addition, the Company paid costs of the Directors totalling £509 (2023: £799) and the Directors were also advanced monies by the Company totalling £498,872 (2023: £511,700). They repaid £478,919 (2023: £336,000).
At the balance sheet date, the total amounts owed to the Directors by the Company was £3,671 (2023 as restated: £25,619) and is included within other creditors. Interest was charged at a rate of 2.25% and totalled £1,486 (2023: £704).
13
Ultimate controlling party
The Company has no ultimate controlling party.
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