BRADSHAW_FARNHAM_LEA_LIMI - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Bradshaw Farnham Lea Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 The Crescent, West Kirby, Wirral, CH48 4HN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover represents amounts receivable for services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The residual value of freehold property comprising land and buildings is reviewed annually.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The average monthly number of persons (including directors) employed by the company during the year was:

Details of the company's wholly owned subsidiaries at 31 December 2022 are as follows:

BFL Estate Agents Limited

BFL Auctions Limited

All the wholly owned subsidiaries are registered at the same address as the company.

Other debtors falling due within one year includes accrued income of £38,595 (2021 £38,595)

Bank borrowings are secured on the assets of the company.

During the year the company entered into the following transactions with related parties:

Home Legal Services Limited

R Farnham and P Lea, directors, are shareholders and directors of Home Legal Services Limited. During the year the company continued to provide a loan to Home Legal Services Limited. At the balance sheet date £787,683. (2021 £1,002,683) is included in other debtors.

Home Legal Services 2 Limited

R Farnham and P Lea, directors, are shareholder and directors of Home Legal Services 2 Limited. At the beginning of the year the company was owed £175,000 by Home Legal Services 2 Limited. The loan was repaid during the year. At the balance sheet date £nil (2021 £175,000) is included in other debtors.

Home Legal Services Liverpool LLP

R Farnham and P Lea, directors, are members of Home Legal Services Liverpool LLP. During the year the company continued to provide a loan to Home Legal Services Liverpool LLP of £304,690. At the balance sheet date £304,690 (2021 £304,690) is included in other debtors.

Advances or credits have been granted by the company to its directors as follows: