Bradshaws of Leicester Limited 31/03/2022 iXBRL

BRADSHAWS OF LEICESTER LIMITED - Company Information

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Company registration number: 10144531

Bradshaws of Leicester Limited

Unaudited filleted financial statements

31 March 2022

Bradshaws of Leicester Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Bradshaws of Leicester Limited

Directors and other information


	Directors	Mr Mark Herrington
		Mr Michael Andrews
		Mr Davinder Bedi


	Company number	10144531


	Registered office	Marshall Stevens Way
		Trafford Park
		Manchester
		M17 1PP


	Business address	Unit2/C,6 Vitruvius Way
		Meridian Business Park
		Leicester
		LE19 1WA


	Accountants	NRCH Limited
		12 Hellados Avenue
		Paphos 8020
		Cyprus




	Bankers	Virgin Money Bank
		48-50 Market Street
		Manchester M1 1PW

Bradshaws of Leicester Limited

Statement of financial position

31 March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Intangible assets	6	2,902		8,704
Tangible assets	7	106,979		108,586
Investments	8	2,465		2,465
		_______		_______
			112,346		119,755

Current assets
Stocks		4,453		6,396
Debtors	9	145,442		72,048
Cash at bank and in hand		365,845		244,058
		_______		_______
		515,740		322,502
Creditors: amounts falling due
within one year	10	( 385,392)		( 297,328)
		_______		_______
Net current assets			130,348		25,174
			_______		_______
Total assets less current liabilities			242,694		144,929

Creditors: amounts falling due
after more than one year	11		( 10,417)		( 22,917)

Provisions for liabilities			( 20,326)		( 20,631)

			_______		_______
Net assets			211,951		101,381
			_______		_______

Capital and reserves
Called up share capital	12		1,000		1,000
Profit and loss account			210,951		100,381
			_______		_______
Shareholders funds			211,951		101,381
			_______		_______

For the year ending 31 March 2022 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.

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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 04 August 2022 , and are signed on behalf of the board by:

Mr Mark Herrington

Director

Company registration number: 10144531

Bradshaws of Leicester Limited

Statement of changes in equity

Year ended 31 March 2022

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2020	1,000	( 39,017)	( 38,017)

Profit for the year		139,398	139,398
	_______	_______	_______
Total comprehensive income for the year	-	139,398	139,398

	_______	_______	_______
At 31 March 2021 and 1 April 2021	1,000	100,381	101,381

Profit for the year		140,570	140,570
	_______	_______	_______
Total comprehensive income for the year	-	140,570	140,570

Dividends paid and payable		( 30,000)	( 30,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 30,000)	( 30,000)

	_______	_______	_______
At 31 March 2022	1,000	210,951	211,951
	_______	_______	_______

Bradshaws of Leicester Limited

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Centrepoint, Marshall Stevens Way, Trafford Park, Manchester, M17 1PP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Plant and machinery	-	15 %	straight line
Fittings fixtures and equipment	-	15 %	straight line
Motor vehicles	-	15%-33% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2021: 20 ).

5. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2022	2021
	£	£
Remuneration	56,141	47,371
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	29,011	29,011
	_______	_______
Amortisation
At 1 April 2021	20,307	20,307
Charge for the year	5,802	5,802
	_______	_______
At 31 March 2022	26,109	26,109
	_______	_______
Carrying amount
At 31 March 2022	2,902	2,902
	_______	_______
At 31 March 2021	8,704	8,704
	_______	_______

7. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2021	154,151	3,436	45,200	202,787
Additions	24,040	1,300	4,500	29,840
Disposals	-	-	( 12,000)	( 12,000)
	_______	_______	_______	_______
At 31 March 2022	178,191	4,736	37,700	220,627
	_______	_______	_______	_______
Depreciation
At 1 April 2021	56,805	2,047	35,349	94,201
Charge for the year	23,027	573	7,846	31,446
Disposals	-	-	( 11,999)	( 11,999)
	_______	_______	_______	_______
At 31 March 2022	79,832	2,620	31,196	113,648
	_______	_______	_______	_______
Carrying amount
At 31 March 2022	98,359	2,116	6,504	106,979
	_______	_______	_______	_______
At 31 March 2021	97,346	1,389	9,851	108,586
	_______	_______	_______	_______

8. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	2,465	2,465
	_______	_______
Impairment
At 1 April 2021 and 31 March 2022	-	-
	_______	_______
Carrying amount
At 31 March 2022	2,465	2,465
	_______	_______
At 31 March 2021	2,465	2,465
	_______	_______

9. Debtors

	2022	2021
	£	£
Trade debtors	104,869	50,788
Other debtors	40,573	21,260
	_______	_______
	145,442	72,048
	_______	_______

10. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	103,146	30,004
Amounts owed to group undertakings and undertakings in which the company has a participating interest	41,229	26,426
Corporation tax	33,071	10,975
Social security and other taxes	47,302	43,090
Other creditors	160,644	186,833
	_______	_______
	385,392	297,328
	_______	_______

Other creditors includes lease purchase liabilities of £12,500(2020 £12,500)

11. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Lease purchase liabilities due after one year but less than five	10,417	22,917
	_______	_______

12. Called up share capital

Issued, called up and fully paid

	2022		2021
	No	£	No	£
Ordinary shares shares of £ 1.00 each	1,000	1,000	1,000	1,000
	_______	_______	_______	_______

13. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2022	2021
	£	£
Tangible assets	25,000	-
	_______	_______

14. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	40,386	68,704
Later than 1 year and not later than 5 years	-	105,386
	_______	_______
	40,386	174,090
	_______	_______

15. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2022
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Mark Herrington	( 2,935)	( 546)	-	( 3,481)
		_______	_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Mark Herrington	( 73,872)	-	70,937	( 2,935)
		_______	_______	_______	_______

16. Related party transactions

Various expenses incurred by John Bradshaw & Son Limited on behalf of the Company have been recharged. As at 31 March 2022 the company owed John Bradshaw & Son Limited £41,229(2021 £26,426) A management charge of £49,440(2021 £43,500) was paid to John Bradshaw & Son Limited.The lease purchase agreement for the purchase of the shredder is guaranteed by John Bradshaw & Son Limited.