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Registration number: 01829077

Ian Bruce Associates Limited

Annual Report and Unaudited Financial Statements Year Ended 31 October 2024

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Chartered Accountants

 

Ian Bruce Associates Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Ian Bruce Associates Limited

Company Information

Directors

Mr I Bruce

Mrs H Bruce

Miss K Bruce

Mr J Bruce

Mrs M Davies

Mrs T Head

Company secretary

Mrs H Bruce

Registered office

14 Preston Road
Weymouth
Dorset
DT3 6PZ

Accountants

Edwards and Keeping Limited
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ian Bruce Associates Limitedfor the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ian Bruce Associates Limited for the year ended 31 October 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ian Bruce Associates Limited, as a body, in accordance with the terms of our engagement letter dated 9 July 2025. Our work has been undertaken solely to prepare for your approval the accounts of Ian Bruce Associates Limited and state those matters that we have agreed to state to the Board of Directors of Ian Bruce Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Bruce Associates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ian Bruce Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ian Bruce Associates Limited. You consider that Ian Bruce Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ian Bruce Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping Limited
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

21 July 2025

 

Ian Bruce Associates Limited

(Registration number: 01829077)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

194

228

Investment property

5

2,105,000

1,750,000

 

2,105,194

1,750,228

Current assets

 

Debtors

6

35

3,113

Cash at bank and in hand

 

21,360

32,759

 

21,395

35,872

Creditors: Amounts falling due within one year

7

(513,123)

(514,545)

Net current liabilities

 

(491,728)

(478,673)

Total assets less current liabilities

 

1,613,466

1,271,555

Provisions for liabilities
Deferred tax liabilities

(273,061)

(140,076)

Net assets

 

1,340,405

1,131,479

Capital and reserves

 

Called up share capital

2,100

2,100

Other reserves

1,085,930

863,915

Profit and loss account

252,375

265,464

Total equity

 

1,340,405

1,131,479

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:
 


Mr I Bruce
Director


Mrs H Bruce
Company secretary and director

 
     
 

Ian Bruce Associates Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Preston Road
Weymouth
Dorset
DT3 6PZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities of £491.728 (2023 - £478,673). The directors will continue to support the company in meeting its debts as and when they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ian Bruce Associates Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Ian Bruce Associates Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

2,388

2,388

At 31 October 2024

2,388

2,388

Depreciation

At 1 November 2023

2,160

2,160

Charge for the year

34

34

At 31 October 2024

2,194

2,194

Carrying amount

At 31 October 2024

194

194

At 31 October 2023

228

228

5

Investment properties

2024
£

At 1 November

1,750,000

Fair value adjustments

355,000

At 31 October

2,105,000

The investment properties class of fixed assets were adjusted on 31 October 2024 to fair value by the directors who are internal to the company. The basis of this valuation was open market value.

The class of asset has a current value of £2,105,000 (2023 - £1,750,000) and a carrying amount at historical cost of £746,009 (2023 - £746,009). The depreciation on this historical cost is nil (2023 - £nil).

There has been no valuation of investment property by an independent valuer.

 

Ian Bruce Associates Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

3,113

Other debtors

35

-

 

35

3,113

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,645

1,645

Taxation and social security

-

2,840

Accruals and deferred income

9,960

9,930

Other creditors

501,518

500,130

513,123

514,545

8

Related party transactions

Other transactions with directors

Two of the directors maintain an interest free loan, which is repayable on demand. At the balance sheet date, the amount due to the directors was £6,518 (2023 - £5,131).