ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
Unaudited
Information for filing with the registrar
For the Year Ended
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Bradstowe Limited
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Bradstowe Limited for the Year Ended 5 April 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bradstowe Limited for the year ended 5 April 2019 which comprise the Balance Sheet and the related notes 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/en/ members/regulations-standards-and-guidance/.
This report is made solely to the director of Bradstowe Limited in accordance with the terms of our engagement letter dated 26 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Bradstowe Limited and state those matters that we have agreed to state to the director of Bradstowe Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bradstowe Limited and its director for our work or for this report.
It is your duty to ensure that Bradstowe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bradstowe Limited. You consider that Bradstowe Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
37 St Margaret's Street
Kent
CT1 2TU
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Bradstowe Limited
Registered number: 04744471
Balance Sheet
As at
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 3 to 8 form part of these financial statements.
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
Bradstowe Limited is a private company, limited by shares, domiciled in England and Wales, registration number 4744471. The registered office is 133 High Street, Broadstairs, Kent, CT10 1NG. This is also the place of business, with a second office situated at 4, Sinclair House, Hastings Street, Bloomsbury, London, WC1H 9PZ. The company's principal activity is that of operating as a Chartered Surveyor, including a residential letting agency.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
2.Accounting policies (continued)
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 06 April 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
The bank loan is secured by a debenture including a fixed equitable charge over leasehold and freehold property and a fixed and floating charge over other company assets.
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Bradstowe Limited
Notes to the Financial Statements
For the Year Ended 5 April 2019
Included within other creditors due within one year is a loan from J Parkin, the director, amounting to £70,373 (2018 - £4,139). No interest has been charged on the loan.
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