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Registration number: 01444879

Briton Engineering Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Briton Engineering Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Briton Engineering Developments Limited

Company Information

Directors

BC Thomas

SE Thomas

S Waddingham

C J Thomas

Company secretary

SE Thomas

Registered office

Units 1&2 Lee Mills
Scholes
Holmfirth
West Yorkshire
HD9 1RT

 

Briton Engineering Developments Limited

(Registration number: 01444879)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

19,306

19,096

Current assets

 

Stocks

5

481,568

330,951

Debtors

6

179,887

290,356

Cash at bank and in hand

 

580,491

511,376

 

1,241,946

1,132,683

Creditors: Amounts falling due within one year

7

(395,954)

(325,397)

Net current assets

 

845,992

807,286

Total assets less current liabilities

 

865,298

826,382

Provisions for liabilities

(3,668)

(3,628)

Net assets

 

861,630

822,754

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

861,530

822,654

Shareholders' funds

 

861,630

822,754

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Briton Engineering Developments Limited

(Registration number: 01444879)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 6 September 2022 and signed on its behalf by:
 

...................................................

BC Thomas
Director

 

Briton Engineering Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 1&2 Lee Mills
Scholes
Holmfirth
West Yorkshire
HD9 1RT

These financial statements were authorised for issue by the Board on 6 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Briton Engineering Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Briton Engineering Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2020 - 9).

 

Briton Engineering Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

14,251

31,883

44,277

90,411

Additions

175

5,272

-

5,447

At 31 December 2021

14,426

37,155

44,277

95,858

Depreciation

At 1 January 2021

5,130

28,416

37,769

71,315

Charge for the year

1,859

1,751

1,627

5,237

At 31 December 2021

6,989

30,167

39,396

76,552

Carrying amount

At 31 December 2021

7,437

6,988

4,881

19,306

At 31 December 2020

9,121

3,467

6,508

19,096

5

Stocks

2021
£

2020
£

Work in progress

339,528

224,695

Other inventories

142,040

106,256

481,568

330,951

6

Debtors

Note

2021
£

2020
£

Trade debtors

 

111,318

213,971

Amounts owed by group undertakings and undertakings in which the company has a participating interest

51,064

50,704

Prepayments

 

17,505

15,546

Other debtors

 

-

10,135

 

179,887

290,356

 

Briton Engineering Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

 

2021
£

2020
£

Due within one year

Trade creditors

30,240

31,469

Taxation and social security

43,921

10,960

Accruals and deferred income

8,710

4,358

Other creditors

313,083

278,610

395,954

325,397

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

£1 Ordinary of £1 each

100

100

100

100