Company registration number 09213484 (England and Wales)
BROOMHEADS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
BROOMHEADS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Company Registration No. 09213484 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
BROOMHEADS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BROOMHEADS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
160,000
619,000
Investments
5
2
2
160,002
619,002
Current assets
Debtors
6
24,172
Cash at bank and in hand
68
2,630
68
26,802
Creditors: amounts falling due within one year
7
(91,586)
(357,913)
Net current liabilities
(91,518)
(331,111)
Total assets less current liabilities
68,484
287,891
Creditors: amounts falling due after more than one year
8
(222,665)
Net assets
68,484
65,226
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
68,482
65,224
Total equity
68,484
65,226
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 January 2023 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.
BROOMHEADS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2023 and are signed on its behalf by:
Mrs J L Derbyshire
Director
Company Registration No. 09213484
BROOMHEADS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Broomheads Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Olympic Court, Whitehills Business Park, Blackpool, Lancashire, FY4 5GU.
2.1
Accounting convention
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.
2.2
Turnover
Turnover represents rents receivable.
2.3
Tangible fixed assets
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:
Land and buildings Freehold
see below
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No depreciation is provided on freehold land and buildings, as the directors are of the opinion that any charge would be rendered immaterial once the residual values are taken into account.
2.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BROOMHEADS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BROOMHEADS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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.
BROOMHEADS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022
619,000
Disposals
(459,000)
At 31 January 2023
160,000
Depreciation and impairment
At 1 February 2022 and 31 January 2023
Carrying amount
At 31 January 2023
160,000
At 31 January 2022
619,000
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
Fixed asset investments not carried at market value
Investments in subsidiary undertakings are recognised at their initial cost.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
24,172
BROOMHEADS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
26,826
Amounts owed to group undertakings
8,511
Taxation and social security
4,141
5,819
Other creditors
78,934
325,268
91,586
357,913
The bank loan is secured by a fixed charge over the company's properties.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
222,665
The bank loan is secured by a fixed charge over the company's properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
103,433
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of £1 each
1
1
1
1
Ordinary B share of £1 each
1
1
1
1
2
2
2
2
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
8,511
-
BROOMHEADS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
10
Related party transactions
(Continued)
- 8 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
24,172
2023-01-312022-02-01false09 August 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMrs J L DerbyshireMr S J Broomhead092134842022-02-012023-01-31092134842023-01-31092134842022-01-3109213484core:LandBuildings2023-01-3109213484core:LandBuildings2022-01-3109213484core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3109213484core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3109213484core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3109213484core:Non-currentFinancialInstrumentscore:AfterOneYear2022-01-3109213484core:CurrentFinancialInstruments2023-01-3109213484core:CurrentFinancialInstruments2022-01-3109213484core:ShareCapital2023-01-3109213484core:ShareCapital2022-01-3109213484core:RetainedEarningsAccumulatedLosses2023-01-3109213484core:RetainedEarningsAccumulatedLosses2022-01-3109213484core:ShareCapitalOrdinaryShares2023-01-3109213484core:ShareCapitalOrdinaryShares2022-01-3109213484bus:Director12022-02-012023-01-3109213484core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-012023-01-31092134842021-02-012022-01-3109213484core:LandBuildings2022-01-3109213484core:LandBuildings2022-02-012023-01-3109213484core:Non-currentFinancialInstruments2023-01-3109213484core:Non-currentFinancialInstruments2022-01-3109213484bus:PrivateLimitedCompanyLtd2022-02-012023-01-3109213484bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3109213484bus:FRS1022022-02-012023-01-3109213484bus:AuditExemptWithAccountantsReport2022-02-012023-01-3109213484bus:Director22022-02-012023-01-3109213484bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP