Bartell Cottage Furnishings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02842112 (England and Wales)

Unaudited Financial Statements

for the period

1 January 2022 to 31 March 2023

for

BARTELL COTTAGE FURNISHINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J Mitchell

U Mitchell

Secretary:

E A Gore

Registered office:

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Registered number:

02842112 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Bankers:

National Westminister Bank Plc

Newton Heath Branch

1035 Oldham Road

Newton Heath

Manchester

M4 2EH

Fixed assets

Intangible assets

5

39,218

67,232

Tangible assets

6

253,501

245,008

292,719

312,240

Current assets

Stocks

239,000

250,000

Debtors

7

635,493

529,635

Cash at bank

170,511

218,824

1,045,004

998,459

Creditors

Amounts falling due within one year

8

453,607

424,571

Net current assets

591,397

573,888

Total assets less current liabilities

884,116

886,128

Creditors

Amounts falling due after more than one year

9

(148,246

)

(207,890

)

Provisions for liabilities

(47,000

)

(40,000

)

Net assets

688,870

638,238

Capital and reserves

Called up share capital

11

50

50

Capital redemption reserve

50

50

Retained earnings

688,770

638,138

Shareholders' funds

688,870

638,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2023 and were signed on its behalf by:

J Mitchell - Director

1.	Statutory information

Bartell Cottage Furnishings 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.

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

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises completed sales and the value of work performed net of VAT and trade discounts which is recognised based on the stage of completion of the work.

Goodwill

Goodwill relates to the cost of investment transferred following the hive up of the trade, assets and liabilities of a subsidiary undertaking and is being amortised over its estimated useful life of ten years.

The useful economic life is based upon having an exclusive contract to supply a leading producer of blinds products. Where factors change in relation to the contract that may indicate that the residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

15% straight line

Plant and machinery

-

15% on reducing balance, 10% straight line, 7% on cost and 5% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance and 8.33% on cost

Computer equipment

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow

moving stocks.

Work in progress is calculated at the net sales value of the work done after provision for any losses.

Taxation

Taxation for the period 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 period 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4.	Employees and directors

The average number of employees during the period was 27 (2021 - 28 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2022

and 31 March 2023

224,107

Amortisation

At 1 January 2022

156,875

Charge for period

28,014

At 31 March 2023

184,889

Net book value

At 31 March 2023

39,218

At 31 December 2021

67,232

The goodwill arose when the trade, assets and liabilities of Cottage Contract Furnishers Limited were transferred.

6.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2022

542,102

Additions

45,375

At 31 March 2023

587,477

Depreciation

At 1 January 2022

297,094

Charge for period

36,882

At 31 March 2023

333,976

Net book value

At 31 March 2023

253,501

At 31 December 2021

245,008

Included within the net book value of tangible fixed assets is £141,688 (2021 - £125,972) in respect of assets held under finance lease agreements. Depreciation for the year on these assets is £20,815 (2021 - £35,456).

7.

Debtors: amounts falling due within one year

2023

2021

£

£

Trade debtors

276,572

297,791

Other debtors

358,921

231,844

635,493

529,635

8.

Creditors: amounts falling due within one year

2023

2021

£

£

Bank loans and overdrafts

48,000

48,000

Hire purchase contracts

38,147

34,173

Trade creditors

214,952

162,972

Taxation and social security

128,355

148,423

Other creditors

24,153

31,003

453,607

424,571

9.

Creditors: amounts falling due after more than one year

2023

2021

£

£

Bank loans

100,000

160,000

Hire purchase contracts

48,246

47,890

148,246

207,890

10.	Secured debts

The following secured debts are included within creditors:

2023

2021

£

£

Bank loans

148,000

208,000

Hire purchase contracts

86,393

82,063

234,393

290,063

The hire purchase creditors are secured on the assets to which they relate.

Bank loans are secured by a fixed and floating charge over the company's assets.

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2021

value:

£

£

50

Ordinary

£1

50

50

12.	Directors' advances, credits and guarantees

At the year end there was £12,878 (2021 - £16,637) due to the director. The above loan is interest free and repayable on demand.