REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FOR |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FOR |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
109 Coleman Road |
Leicester |
Leicestershire |
LE5 4LE |
BANKERS: |
59A Belgrave Road |
Leicester |
LE4 6AS |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2022 |
31/3/22 | 31/3/21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
1. | STATUTORY INFORMATION |
Briggs Industrial Footwear Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
GOING CONCERN |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover represents revenue earned from the sale of goods. |
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property | - | straight line over 50 years |
Plant and machinery | - | 20% on cost |
Fixtures and fittings | - | 20% on cost |
Motor vehicles | - | 20% on cost |
Office equipment | - | 20% on cost |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
FIXED ASSET REVALUATION |
The company has adopted the policy of revaluing tangible fixed assets using the revaluation model. Specifically freehold property within this category is carried at its revalued amount. Revaluation gains are recognised in other comprehensive income. Subsequent to the revaluation, the amount carried on the books is the asset's revalued amount, less subsequent accumulated depreciation and accumulated impairment losses. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Fair value changes in investment properties initially recognised in the profit and loss reserve are transferred to the non-distributable revaluation reserve. Investment property revaluation is determined by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. |
STOCKS |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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 other 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. |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
DERIVATIVES |
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
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. |
Employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2021 |
Additions |
At 31st March 2022 |
DEPRECIATION |
At 1st April 2021 |
Charge for year |
At 31st March 2022 |
NET BOOK VALUE |
At 31st March 2022 |
At 31st March 2021 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2021 |
Additions |
At 31st March 2022 |
DEPRECIATION |
At 1st April 2021 |
Charge for year |
At 31st March 2022 |
NET BOOK VALUE |
At 31st March 2022 |
At 31st March 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 690,000 (2021 - £ 690,000 ) which is not depreciated. |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st March 2022 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2017 | 266,421 | - | - |
Cost | 1,770,061 | 102,583 | 128,892 |
2,036,482 | 102,583 | 128,892 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2017 | - | - | 266,421 |
Cost | 113,295 | 305,184 | 2,420,015 |
113,295 | 305,184 | 2,686,436 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
31/3/22 | 31/3/21 |
£ | £ |
Cost | 1,770,061 | 1,770,061 |
Aggregate depreciation | 170,950 | 147,543 |
Value of land in freehold land and buildings | 690,000 | 690,000 |
Land and buildings were valued on an fair value basis on 7th April 2017 by Spencers Druce Naylor Parkes (RICS) . |
The directors have considered the value of the freehold property taking account of current use and |
condition of the property and local market conditions prevailing at the balance sheet date. In their |
opinion the cost shown within the financial statements is a materially true and fair value. |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2021 |
and 31st March 2022 |
NET BOOK VALUE |
At 31st March 2022 |
At 31st March 2021 |
Fair value at 31st March 2022 is represented by: |
£ |
Valuation in 2017 | 14,851 |
Cost | 209,411 |
224,262 |
If investment property had not been revalued it would have been included at the following historical cost: |
31/3/22 | 31/3/21 |
£ | £ |
Cost | 209,411 | 209,411 |
Investment property was valued on an fair value basis on 7th April 2017 by Spencers Druce Naylor Parkes (RICS) . |
The directors have considered the value of the investment property taking account of current use and |
condition of the property and local market conditions prevailing at the balance sheet date. In their |
opinion the cost shown within the financial statements is a materially true and fair value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free, and repayable on demand. |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free, and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/22 | 31/3/21 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 740,646 | 681,128 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/22 | 31/3/21 |
£ | £ |
Bank overdrafts |
Bank loans |
HSBC UK Bank PLC hold a general pledge, negative pledge, fixed and floating charge covering all the property or undertaking of the company, including: |
Second Legal Charge dated 24 July 2020 over Freehold Property known as S D I Displays James House, 430 Thurmaston Boulevard, Leicester, LE4 9LN |
General Letter of Pledge dated 05 August 2020 |
Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 24 July 2020 |
BRIGGS INDUSTRIAL FOOTWEAR LIMITED (REGISTERED NUMBER: 00391587) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
10. | FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/22 | 31/3/21 |
value: | £ | £ |
Ordinary | £1 | 408,441 | 408,441 |
12. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st April 2021 | 2,920,830 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Freehold property revaluation | - | - | (2,853 | ) | (2,853 | ) |
At 31st March 2022 | 3,016,145 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf |
14. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company has a bank facility in place with HSBC, comprising of: |
- Overdraft facility of up to £1,000,000 |
- Commercial mortgage loan facility of £914,090 |
- Bank guarantee in favour of HMRC for £95,000 |
15. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Superhouse Limited, an Indian registered company with registered office at 150 Feet Road, Jajmau, Kanpur, 208 010 India. |