Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31truetruetrue2021-01-01Repair of electrical equipmentfalse45truetrue 00362699 2021-01-01 2021-12-31 00362699 2020-01-01 2020-12-31 00362699 2021-12-31 00362699 2020-12-31 00362699 c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 00362699 d:Director2 2021-01-01 2021-12-31 00362699 d:Director3 2021-01-01 2021-12-31 00362699 c:Buildings 2021-01-01 2021-12-31 00362699 c:Buildings 2020-12-31 00362699 c:Buildings c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00362699 c:PlantMachinery 2021-01-01 2021-12-31 00362699 c:PlantMachinery 2020-12-31 00362699 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00362699 c:MotorVehicles 2021-01-01 2021-12-31 00362699 c:MotorVehicles 2020-12-31 00362699 c:MotorVehicles c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00362699 c:FurnitureFittings 2021-01-01 2021-12-31 00362699 c:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 00362699 c:OtherPropertyPlantEquipment 2020-12-31 00362699 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00362699 c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00362699 c:CurrentFinancialInstruments 2021-12-31 00362699 c:CurrentFinancialInstruments 2020-12-31 00362699 c:Non-currentFinancialInstruments 2021-12-31 00362699 c:Non-currentFinancialInstruments 2020-12-31 00362699 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 00362699 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-31 00362699 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 00362699 c:Non-currentFinancialInstruments c:AfterOneYear 2020-12-31 00362699 c:ShareCapital 2021-12-31 00362699 c:ShareCapital 2020-12-31 00362699 c:RevaluationReserve 2021-12-31 00362699 c:RevaluationReserve 2020-12-31 00362699 c:RetainedEarningsAccumulatedLosses 2021-12-31 00362699 c:RetainedEarningsAccumulatedLosses 2020-12-31 00362699 d:FRS102 2021-01-01 2021-12-31 00362699 d:Audited 2021-01-01 2021-12-31 00362699 d:FullAccounts 2021-01-01 2021-12-31 00362699 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00362699 c:Buildings c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 00362699 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 00362699 c:MotorVehicles c:PriorPeriodIncreaseDecrease 2021-01-01 2021-12-31 00362699 c:OtherPropertyPlantEquipment c:PriorPeriodErrorIncreaseDecrease 2021-01-01 2021-12-31 00362699 c:WithinOneYear 2021-12-31 00362699 c:WithinOneYear 2020-12-31 00362699 c:BetweenOneFiveYears 2021-12-31 00362699 c:BetweenOneFiveYears 2020-12-31 00362699 c:MoreThanFiveYears 2021-12-31 00362699 c:MoreThanFiveYears 2020-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2021-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2020-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2021-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2020-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2021-12-31 00362699 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2020-12-31 00362699 c:HirePurchaseContracts c:WithinOneYear 2021-12-31 00362699 c:HirePurchaseContracts c:WithinOneYear 2020-12-31 00362699 c:HirePurchaseContracts c:BetweenOneFiveYears 2021-12-31 00362699 c:HirePurchaseContracts c:BetweenOneFiveYears 2020-12-31 00362699 d:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 00362699 c:AcceleratedTaxDepreciationDeferredTax 2021-12-31 00362699 c:AcceleratedTaxDepreciationDeferredTax 2020-12-31 00362699 c:TaxLossesCarry-forwardsDeferredTax 2021-12-31 00362699 c:TaxLossesCarry-forwardsDeferredTax 2020-12-31 00362699 c:RetirementBenefitObligationsDeferredTax 2021-12-31 00362699 c:RetirementBenefitObligationsDeferredTax 2020-12-31 00362699 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2021-12-31 00362699 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 00362699









BROWNING'S ELECTRIC COMPANY LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
BROWNING'S ELECTRIC COMPANY LIMITED
REGISTERED NUMBER: 00362699

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,125,979
1,560,359

Current assets
  

Stocks
 6 
435,258
279,049

Debtors: amounts falling due within one year
 7 
3,548,023
3,836,822

Cash at bank and in hand
  
2,898,323
2,144,530

  
6,881,604
6,260,401

Creditors: amounts falling due within one year
 8 
(1,694,553)
(1,508,491)

Net current assets
  
 
 
5,187,051
 
 
4,751,910

Total assets less current liabilities
  
7,313,030
6,312,269

Creditors: amounts falling due after more than one year
 9 
-
(3,375)

Provisions for liabilities
  

Deferred tax
 11 
(212,831)
(105,155)

Net assets excluding pension liability
  
7,100,199
6,203,739

Pension liability
  
(3,484,000)
(3,613,000)

Net assets
  
3,616,199
2,590,739


Capital and reserves
  

Called up share capital 
  
29,200
29,200

Revaluation reserve
  
1,559,151
1,049,031

Profit and loss account
  
2,027,848
1,512,508

  
3,616,199
2,590,739

Page 1

 
BROWNING'S ELECTRIC COMPANY LIMITED
REGISTERED NUMBER: 00362699
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2022.


B E Kemp
L T Galea
Director
Director

The notes on pages 3 to 17 form part of these financial statements.

Page 2

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.
General information

Browning's Electric Company Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is 11 Thames Road, Barking, Essex IG11 0HG.


2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BEC (London) Limited as at 31 December 2021 and these financial statements may be obtained from the company's registered office.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised on delivery. 

Page 3

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following annual basis:

Freehold land and buildings
-
2% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
20% and 25% straight line
Fixtures and fittings
-
15% - 20% reducing balance
Leasehold improvements
-
over the period of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5
Revaluation of tangible fixed assets

Individual freehold land and buildings are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence, undertaken by directors in the current year.
Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.7
Debtors

Short term debtors are measured at transaction price, less any impairment. 

Page 4

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.9
Creditors

Short term creditors are measured at the transaction price.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Pensions

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit or loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 6

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
Revaluation of tangible fixed assets
The directors have assessed the market value of the property. The valuation was based upon market values as at the balance sheet date on an 'open market value' basis. See note 6 for further information.
Defined benefit pension scheme 
The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 13 for further information.
Work in progress
Work in progress consists of labour, materials and overhead costs of ongoing projects at the balance sheet date. Management estimate the value of materials and overheads based upon a percentage of the value of labour work at that time. The percentages used are based upon the managements knowledge and experience of the industry taking into account current pricing factors. The value of work in progress is £288,412 (2020 - £157,040) and is included within note 7.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 5).

Page 8

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Fixtures, fittings and motor vehicles
Leasehold improvements
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
1,400,000
559,679
628,828
74,691
2,663,198


Additions
-
3,160
2,423
-
5,583


Revaluations
600,000
-
-
-
600,000



At 31 December 2021

2,000,000
562,839
631,251
74,691
3,268,781



Depreciation


At 1 January 2021
16,080
516,223
495,845
74,691
1,102,839


Charge for the year on owned assets
8,040
9,112
46,931
-
64,083


On revalued assets
(24,120)
-
-
-
(24,120)



At 31 December 2021

-
525,335
542,776
74,691
1,142,802



Net book value



At 31 December 2021
2,000,000
37,504
88,475
-
2,125,979



At 31 December 2020
1,383,920
43,456
132,983
-
1,560,359

Page 9

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
45,031
70,487

Cost or valuation at 31 December 2021 is as follows:

Land and buildings
£


At cost
407,920
At valuation:

31 December 2021 based on open market value
1,592,080



2,000,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2021
2020
£
£



Cost
407,920
407,920

Accumulated depreciation
(128,654)
(122,541)

Net book value
279,266
285,379

The valuation was undertaken by an independent professional surveyor.

Page 10

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Stocks

2021
2020
£
£

Raw materials and consumables
182,656
122,009

Work in progress (goods to be sold)
252,602
157,040

435,258
279,049


Stock recognised in cost of sales during the year as an expense was £2,038,190 (2020 - £1,761,020).


7.


Debtors

2021
2020
£
£


Trade debtors
1,790,147
1,627,038

Amounts owed by group undertakings
923,164
1,349,877

Other debtors
94,797
99,735

Prepayments
77,955
73,702

Deferred taxation
661,960
686,470

3,548,023
3,836,822



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
606,036
532,718

Amounts owed to group undertakings
-
55,866

Corporation tax
285,505
234,589

Other taxation and social security
305,490
292,476

Obligations under finance lease and hire purchase contracts
3,174
24,873

Accruals
494,348
367,969

1,694,553
1,508,491


Page 11

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
-
3,375


Obligations falling due under hire purchase contracts amounting to £3,174 (2020 - £28,248) are secured upon the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
3,174
24,873

Between 1-5 years
-
3,375

3,174
28,248
Page 12

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Deferred taxation




2021


£






At beginning of year
581,315


Charged to profit or loss
(143,586)


Charged to other comprehensive income
11,400



At end of year
449,129

2021
2020
£
£


Accelerated capital allowances
(14,123)
(14,586)

Defined benefit scheme liability
661,960
686,470

Revalued tangible fixed assets
(198,708)
(90,569)

449,129
581,315

Comprising:

Asset - due within one year
661,960
686,470

Liability
(212,831)
(105,155)

449,129
581,315


Page 13

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Pension commitments



The Company operates a Defined Benefit Pension Scheme.

Defined Benefit
The amounts in the financial statements for the year ended 31 December 2021, relating to defined benefit pensions, are based on a full actuarial valuation.
The most recent full actuarial valuation was at 5 April 2019, which has been updated to 31 December 2021 by a qualified independent actuary.
The defined benefit scheme became a closed scheme on 5 April 2005 and an alternative money purchase scheme was operated for new members and to provide benefits in respect of future service for the current members of the defined benefit scheme. The company continues to fund the defined benefit scheme to meet the minimum funding requirements (currently 6.7% of pensionable salary) in respect of obligations to members for past service benefits earned to the date of closure. Company contributions to the money purchase scheme were 5% of pensionable salaries.



Reconciliation of present value of plan liabilities:


2021
2020
£
£



At the beginning of the year
7,471,000
7,406,000

Interest cost
105,000
148,000

Actuarial gains/losses
251,000
242,000

Benefits paid
(296,000)
(325,000)

At the end of the year
7,531,000
7,471,000

Page 14

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
12.Pension commitments (continued)


Reconciliation of present value of plan assets:


2021
2020
£
£


At the beginning of the year
3,858,000
3,838,000

Interest income
54,000
77,000

Actuarial gains/losses
191,000
28,000

Contributions
240,000
240,000

Benefits paid
(296,000)
(325,000)

At the end of the year
4,047,000
3,858,000


Composition of plan assets:


2021
2020
£
£


Equities
2,298,000
1,401,000

Fixed interest
933,000
1,443,000

Other
561,000
797,000

Cash
255,000
217,000

Total plan assets
4,047,000
3,858,000

None of the fair value of the assets shown above include any direct investments in the group's own financial instruments or any property occupied by, or used by, the group.
Amounts recognised in the balance sheet as a Defined Benefit Liability:

2021
2020
£
£


Penion asset/liability
4,047,000
3,858,000

Pension asset/liability
(7,531,000)
(7,471,000)

Net pension scheme liability
(3,484,000)
(3,613,000)


The amounts recognised in profit or loss are as follows:

2021
2020
£
£


Interest on obligation
51,000
71,000

Page 15

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
12.Pension commitments (continued)


No amounts (2020 -£NIL) were included in the cost of assets.



The Company expects to contribute £240,000 to its Defined Benefit Pension Scheme in 2022.




Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2021
2020
%
%
Discount rate


1.9

1.40
 
Future salary increases


3.7

2.90
 
Future pension increases


3.7

2.90
 
Inflation assumption


3.7

2.90
 
Mortality rates



 
- for a male aged 65 now


21.6

21.5
 
- at 65 for a male aged 45 now


23.5

23.4
 





Page 16

 
BROWNING'S ELECTRIC COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£

Land and buildings


Not later than 1 year
110,986
122,542

Later than 1 year and not later than 5 years
177,833
257,986

Later than 5 years
-
30,833

288,819
411,361

2021
2020

£
£

Other


Not later than 1 year
33,899
19,891

Later than 1 year and not later than 5 years
48,472
28,402

82,371
48,293


14.Guarantees

Brownings Electic Company Limited has joint and several liability for the bank borrowings of BEC (London) Limited, the parent company. At 31 December 2021 the amounts guaranteed amounted to £Nil (2020 - £Nil).


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 1 July 2022 by Stuart Moon (Senior Statutory Auditor) on behalf of Barnes Roffe LLP.


16.


Controlling party

The ultimate parent undertaking is BEC (London) Limited, a company incorporated in England and Wales.
The consolidated financial statements of BEC (London) Limited, the largest group of undertakings for which accounts are drawn up, are available to the public at the company's registered office. 

 
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