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 2017 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.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

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 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 3 (2016 - 8).

Details of the company's wholly owned subsidiaries at 31 December 2017 are as follows:

BFL Estate Agents Limited

BFL Auctions Limited

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

At 31 December 2016 the company's wholly owned subsidiaries also included:-

BFL Property Management Limited, which was disposed of in March 2017.

At 31 December 2016 the company also held a 51% share in BFL Mortgage Services Limited (Dissolved February 2017), whose registered office was 7 Pensby Road, Heswall, Wirral, Merseyside, CH60 7RA.

Bank borrowings are secured on the assets of the company.

Home Legal Services Limited

R Farnham and P Lea, directors, are shareholders and directors of Home Legal Services Limited. During the year the company loaned Home Legal Services Limited £1,065,128, which 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 made funds available to the LLP. At the balance sheet date the £111,568 is included in debtors.

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