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COMPANY REGISTRATION NUMBER: 00314635
W.R.Bullen,Limited
Unaudited financial statements
31 October 2024
W.R.Bullen,Limited
Statement of financial position
31 October 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
45,080
59,517
Current assets
Stocks
577,273
528,261
Debtors
6
701,650
684,354
Cash at bank and in hand
63,082
44,693
-----------
-----------
1,342,005
1,257,308
Creditors: Amounts falling due within one year
7
( 162,056)
( 87,810)
-----------
-----------
Net current assets
1,179,949
1,169,498
-----------
-----------
Total assets less current liabilities
1,225,029
1,229,015
Creditors: Amounts falling due after more than one year
8
( 51,569)
( 85,841)
Provisions
Taxation including deferred tax
( 8,526)
( 8,946)
-----------
-----------
Net assets
1,164,934
1,134,228
-----------
-----------
Capital and reserves
Called up share capital
3,400
3,400
Profit and loss account
1,161,534
1,130,828
-----------
-----------
Shareholders funds
1,164,934
1,134,228
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W.R.Bullen,Limited
Statement of financial position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
M K Whittam
Director
Company registration number: 00314635
W.R.Bullen,Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 London Street, Norwich, Norfolk, NR2 1HU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehansive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 7 (2023: 8 ).
5. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
44,378
85,329
52,887
182,594
Additions
2,764
2,764
Disposals
( 3,390)
( 3,390)
-------
-------
-------
---------
At 31 October 2024
44,378
84,703
52,887
181,968
-------
-------
-------
---------
Depreciation
At 1 November 2023
37,486
58,774
26,817
123,077
Charge for the year
3,440
6,747
6,518
16,705
Disposals
( 2,894)
( 2,894)
-------
-------
-------
---------
At 31 October 2024
40,926
62,627
33,335
136,888
-------
-------
-------
---------
Carrying amount
At 31 October 2024
3,452
22,076
19,552
45,080
-------
-------
-------
---------
At 31 October 2023
6,892
26,555
26,070
59,517
-------
-------
-------
---------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
695,833
668,694
Other debtors
5,817
15,660
---------
---------
701,650
684,354
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,902
17,702
Trade creditors
65,402
37,397
Social security and other taxes
42,116
4,833
Other creditors
48,636
27,878
---------
-------
162,056
87,810
---------
-------
Included in creditors are hire purchase liabilities of £28,069 (2023: £7,111) which are secured by charges over assets held by the company and bank loans of £5,902 (2023: £17,702) which are secured by the company.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
51,569
57,772
Other creditors
28,069
-------
-------
51,569
85,841
-------
-------
Included within creditors: amounts falling due after more than one year is an amount of £23,779 (2023: £31,354) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included in creditors are hire purchase liabilities of £Nil (2023: £28,069) which are secured by charges over assets held by the company and bank loans of £51,569 (2023: £57,772) which are secured by the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
31,500
31,500
Later than 1 year and not later than 5 years
126,000
126,000
Later than 5 years
107,625
139,125
---------
---------
265,125
296,625
---------
---------