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Unaudited Financial Statements for the Year Ended 31 May 2020 |
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Bromleigh House Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2020 |
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for |
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Bromleigh House Ltd |
Bromleigh House Ltd (Registered number: 05234233) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Bromleigh House Ltd |
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Company Information |
for the Year Ended 31 May 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Bromleigh House Ltd (Registered number: 05234233) |
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Balance Sheet |
31 May 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Bromleigh House Ltd (Registered number: 05234233) |
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Balance Sheet - continued |
31 May 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Bromleigh House Ltd (Registered number: 05234233) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2020 |
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1. | STATUTORY INFORMATION |
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Bromleigh House Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have considered the potential impact of COVID 19 and in their opinion the company has sufficient working capital facilities in place to be able to continue to trade for the foreseeable future and therefore the financial statements have been prepared on a going concern basis. |
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Turnover |
Turnover is measured at the fair value and is recognised in respect of the magazines sold in the year by reference to the date on which magazines go on sale. |
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Tangible fixed assets |
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Freehold property | - |
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Website and software | - |
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Fixtures and fittings | - |
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Fixed assets are stated at their cost prices, less accumulated depreciation. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Stock is valued on a first in first out basis and is calculated with reference to magazines which have been printed, but which have not yet gone on sale. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
Bromleigh House Ltd (Registered number: 05234233) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Website | Fixtures |
Freehold | and | and |
property | software | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2019 |
and 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Bromleigh House Ltd (Registered number: 05234233) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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8. | OTHER FINANCIAL COMMITMENTS |
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The company has total financial commitments payable under non-cancellable operating leases of £2,348 |
(2019 - £2,348). |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2020 and 31 May 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The balance due from the directors are included within other debtors and amounts due to the directors are included within other creditors. |
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The loans are repayable on demand and interest is not being charged. |
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10. | RELATED PARTY DISCLOSURES |
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Companies in which the directors are shareholders: |
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The company undertakes transactions at normal market rates with two other companies in which the directors are shareholders |
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Balances owed to the related parties at the balance sheet date - £314,831 (2019 - £498,207) |
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The loans are unsecured, repayable on demand and interest free |