REGISTERED NUMBER: 00432907 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

BRADDICKS FURNISHERS (BIDEFORD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Braddick

J J Braddick

SECRETARY:

J J Braddick

REGISTERED OFFICE:

28-31 Mill Street

Bideford

North Devon

EX39 2JN

REGISTERED NUMBER:

00432907 (England and Wales)

ACCOUNTANTS:

Gravita Western Limited

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

FIXED ASSETS

Tangible assets

5

1,006,538

1,050,954

Investments

6

1,500

218,000

Investment property

7

1,380,777

1,380,777

2,388,815

2,649,731

CURRENT ASSETS

Stocks

176,138

201,313

Debtors

8

674,734

825,280

Cash at bank and in hand

179,174

1,485,231

1,030,046

2,511,824

CREDITORS

Amounts falling due within one year

9

(962,496

)

(1,048,232

)

NET CURRENT ASSETS

67,550

1,463,592

TOTAL ASSETS LESS CURRENT LIABILITIES

2,456,365

4,113,323

PROVISIONS FOR LIABILITIES

11

(466,994

)

(319,213

)

NET ASSETS

1,989,371

3,794,110

CAPITAL AND RESERVES

Called up share capital

4,128

6,192

Revaluation reserve

12

795,027

795,027

Capital redemption reserve

12

10,664

8,600

Retained earnings

12

1,179,552

2,984,291

SHAREHOLDERS' FUNDS

1,989,371

3,794,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 13 October 2025 and were signed on its behalf by:

J J Braddick - Director

1.	COMPANY INFORMATION

Braddicks Furnishers (Bideford) 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

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.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods falling within the company's ordinary activities.

Tangible fixed assets

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

Freehold property

-

3% on cost

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Cash and cash equivalents

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

Retirement benefits

The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 13 to the financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 18 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2024

1,116,222

99,203

217,754

1,433,179

Additions

-

284

-

284

At 31 March 2025

1,116,222

99,487

217,754

1,433,463

DEPRECIATION

At 1 April 2024

118,669

84,875

178,681

382,225

Charge for year

33,487

1,445

9,768

44,700

At 31 March 2025

152,156

86,320

188,449

426,925

NET BOOK VALUE

At 31 March 2025

964,066

13,167

29,305

1,006,538

At 31 March 2024

997,553

14,328

39,073

1,050,954

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2009

76,860

-

-

76,860

Valuation in 2022

315,608

-

-

315,608

Cost

723,754

99,487

217,754

1,040,995

1,116,222

99,487

217,754

1,433,463

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

2025

2024

£

£

Cost

723,754

723,754

Aggregate depreciation

367,345

367,345

Freehold properties were valued on an open market basis on 26 August 2022 by Underwood Wright Chartered Surveyors .

6.	FIXED ASSET INVESTMENTS

2025

2024

£

£

Shares in group undertakings

1,500

1,500

Other investments not loans

-

216,500

1,500

218,000

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

1,500

NET BOOK VALUE

At 31 March 2025

1,500

At 31 March 2024

1,500

Investments (neither listed nor unlisted) were as follows:

2025

2024

£

£

Other investments

-

216,500

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,380,777

NET BOOK VALUE

At 31 March 2025

1,380,777

At 31 March 2024

1,380,777

Fair value at 31 March 2025 is represented by:

£

Valuation in 2009

153,747

Valuation in 2022

200,461

Cost

1,026,569

1,380,777

If the investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

1,026,569

1,026,569

The investment properties were valued on an open market basis on 26 August 2022 by Underwood Wright Chartered Surveyors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

44,317

98,766

Other debtors

501,094

496,388

Other debtor - rent owed

2,250

2,250

Directors' current accounts

125,854

191,276

Prepayments

1,219

36,600

674,734

825,280

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

98,798

122,245

Tax

22,539

77,610

Social security and other taxes

8,423

7,062

VAT

33,436

38,750

Amounts owed to group undertakings

563,734

600,533

Accruals and deferred income

235,566

202,032

962,496

1,048,232

10.	SECURED DEBTS

Hire purchase liabilities are secured over the asset to which the liability relates.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

16,994

19,213

Retirement benefits

450,000

300,000

466,994

319,213

Deferred

Retirement

tax

benefits

£

£

Balance at 1 April 2024

19,213

300,000

Provided during year

(2,219

)

-

Retirement benefits

-

150,000

Balance at 31 March 2025

16,994

450,000

Retirement benefit schemes

2025

2024

£

£

Charge to profit and loss in respect of defined benefit schemes

150,000

300,000

The company provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year as a constructive obligation existed at 31 March 2025. This obligation was satisfied within 9 months of the year end by the company entering into pension contracts with the employees. The number of directors to whom pension benefits are accruing under these pension agreements is 2 (2024: 2l).

The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employees which is over 12 years from the year end date.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability. The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.

12.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2024

2,984,291

795,027

8,600

3,787,918

Profit for the year

565,573

565,573

Dividends

(265,244

)

(265,244

)

SoCIE line item with acc967/32

(2,105,068

)

-

2,064

(2,103,004

)

At 31 March 2025

1,179,552

795,027

10,664

1,985,243

Gains and losses on investment properties are now shown within the profit or loss for the year and deferred tax recognised as per the requirements of FRS 102. We have disclosed the cumulative effect of these net unrealised gains as a separate component of shareholders' funds, the Investment property revaluation reserve to clearly distinguish between distributable and non-distributable reserves.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

S G Braddick

Balance outstanding at start of year

68,670

58,390

Amounts advanced

62,691

68,780

Amounts repaid

(131,361

)

(58,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

68,670

J J Braddick

Balance outstanding at start of year

63,663

49,371

Amounts advanced

73,242

72,792

Amounts repaid

(69,000

)

(58,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

67,905

63,663

B J Braddick

Balance outstanding at start of year

58,943

45,959

Amounts advanced

68,005

71,484

Amounts repaid

(69,000

)

(58,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

57,948

58,943

14.	RELATED PARTY DISCLOSURES

A partnership in which JJ Braddick and BJ Braddick are partners had transactions with the company during the year. Included within other debtors is a loan due from the related party amounting to £386,976 (2024 - £386,976), which is interest free and repayable on demand.

A company in which JJ Braddick and BJ Braddick are directors had transactions with the company during the year. Included within other debtors is a loan due from the related party amounting to £50,931 (2024 - £50,931), which is interest free and repayable on demand.

Remuneration of key management personnel

The aggregated compensation of key management personnel (including directors) was £150,000 (2024 - £310,500).