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REGISTERED NUMBER: 01749855 (England and Wales)





















Unaudited Financial Statements for the Year Ended 30 September 2024

for

B & P Buswell Limited

B & P Buswell Limited (Registered number: 01749855)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


B & P Buswell Limited (Registered number: 01749855)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 336,817 270,629

CURRENT ASSETS
Stocks 5 460,115 159,201
Debtors 6 372,391 368,513
Cash at bank and in hand 296,997 245,038
1,129,503 772,752
CREDITORS
Amounts falling due within one year 7 923,351 548,025
NET CURRENT ASSETS 206,152 224,727
TOTAL ASSETS LESS CURRENT LIABILITIES 542,969 495,356

CREDITORS
Amounts falling due after more than one
year

8

(51,750

)

(70,684

)

PROVISIONS FOR LIABILITIES (39,844 ) (25,820 )
NET ASSETS 451,375 398,852

CAPITAL AND RESERVES
Called up share capital 13,000 13,000
Revaluation reserve 9 99,286 99,286
Retained earnings 339,089 286,566
SHAREHOLDERS' FUNDS 451,375 398,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

B & P Buswell Limited (Registered number: 01749855)

Balance Sheet - continued
30 September 2024


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 30 January 2025 and were signed on its behalf by:





I P Buswell - Director


B & P Buswell Limited (Registered number: 01749855)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

B & P Buswell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01749855

Registered office: Compton Barn
Compton
Paignton
Devon
TQ3 1TA

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 as modified by the revaluation of certain assets.

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 £1.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

B & P Buswell Limited (Registered number: 01749855)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Bank loans; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

B & P Buswell Limited (Registered number: 01749855)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 183,915 331,814 515,729
Additions 10,706 107,726 118,432
Disposals - (34,365 ) (34,365 )
At 30 September 2024 194,621 405,175 599,796
DEPRECIATION
At 1 October 2023 16,565 228,535 245,100
Charge for year 616 48,022 48,638
Eliminated on disposal - (30,759 ) (30,759 )
At 30 September 2024 17,181 245,798 262,979
NET BOOK VALUE
At 30 September 2024 177,440 159,377 336,817
At 30 September 2023 167,350 103,279 270,629

Cost or valuation at 30 September 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1998 29,286 - 29,286
Valuation in 2003 25,000 - 25,000
Valuation in 2007 45,000 - 45,000
Cost 95,335 405,175 500,510
194,621 405,175 599,796

B & P Buswell Limited (Registered number: 01749855)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 95,335 84,629
Aggregate depreciation 15,097 10,725

Value of land in freehold land and buildings 30,000 30,000

Freehold land and buildings were valued on an open market basis on 30 September 2024 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 October 2023 107,755
Additions 21,054
At 30 September 2024 128,809
DEPRECIATION
At 1 October 2023 50,197
Charge for year 19,653
At 30 September 2024 69,850
NET BOOK VALUE
At 30 September 2024 58,959
At 30 September 2023 57,558

5. STOCKS
30.9.24 30.9.23
£    £   
Stocks 13,351 13,351
Work-in-progress 446,764 145,850
460,115 159,201

B & P Buswell Limited (Registered number: 01749855)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 293,689 291,015
Other debtors 78,702 77,498
372,391 368,513

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 9,748 9,748
Hire purchase contracts 27,626 20,588
Payments on account 598,503 192,873
Trade creditors 137,620 128,756
Taxation and social security 129,717 174,607
Other creditors 20,137 21,453
923,351 548,025

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 7,623 17,699
Hire purchase contracts 44,127 52,985
51,750 70,684

9. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 99,286

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
I P Buswell
Balance outstanding at start of year 42,803 42,803
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,803 42,803