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03527466







BRYEN & LANGLEY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023































img7574.png

BRYEN & LANGLEY LIMITED
 
COMPANY INFORMATION


Directors
A. Escudier 
P. McMahon 
D. Wrighton 
A. Macpherson 
M. A. Meere 




Company secretary
S. Routh



Registered number
03527466



Registered office
6 Lagoon Road

Orpington

Kent

BR5 3QX




Independent auditors
Creaseys Group Limited
Statutory Auditors

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





BRYEN & LANGLEY LIMITED

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of comprehensive income
 
 
9
Balance sheet
 
 
10
Statement of changes in equity
 
 
11
Notes to the financial statements
 
 
12 - 25


BRYEN & LANGLEY LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their strategic report or the year ended 31 March 2023.

Business review
 
The results for the year and financial position of the Company are as shown in the annexed financial  statements.
The Company’s turnover decreased by 38% in the year and the Company made every effort to decrease overhead costs where possible in response to this decrease. 
While trading has been difficult, the Directors remain confident of the Company’s financial position, following a share capital injection from Bryen and Langley Holdings Limited of £2.25m.
The business continues to remain focused on the construction services and is continuing to secure work on profitable contracts.

Principal risks and uncertainties
 
The directors consider the principal risks facing the group to be those associated with the construction business of the subsidiary companies. These are the rising cost base and the need to retain a skilled workforce, which have been considered in the business review above. The subsidiaries maintain strong relationships with customers and suppliers in order to help achieve their goals, whilst also implementing and maintaining strong procedures to monitor and mitigate the risks that the businesses face.

Financial key performance indicators
 
The Company’s key performance indicators include measuring gross profit margin and current assets ratio. 
    
2023   2022
Gross profit/(loss)  (£0.3m)   (£1.7m)
Gross profit/(loss) margin (1.35%)  (5.27%)
Net assets/(liabilities)        £0.5m                 (£0.7m)
 
The reported gross loss this year shows a notable improvement from the previous year as the costs in prior  year included recognition in full of losses anticipated on large loss making contracts. Management assessed these issues and addressed them going forwards by changing both their tender process and pricing strategy to mitigate against the increasing cost of materials and any potential future losses.
The indicators are monitored by management against budget and prior periods. The Company also reviews the success rate for tendered jobs and for retaining customers to ensure that valued long term relationships can be continued.

Page 1

BRYEN & LANGLEY LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators
 
The company continues to comply with the Health and Safety legislation and is continually reviewed. The Company has achieved SSip Acclaim Accreditation deemed to satisfy. We accredited the following British Standards ISO 9001, ISO 45001 and ISO 14001.


This report was approved by the board and signed on its behalf.



P. McMahon
Director

Date: 3 October 2023

Page 2

BRYEN & LANGLEY LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,019,677 (2022 - loss £1,383,610).

During the year the dividends distributed were £Nil (2022: £Nil). 

Directors

The directors who served during the year were:

A. Escudier 
P. McMahon 
D. Wrighton 
A. Macpherson 
M. A. Meere 

Future developments

The directors believe that the Company is well positioned in the market with strong customer links and ongoing contracts to deliver profitable results in the coming year. 

Page 3

BRYEN & LANGLEY LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCreaseys Group Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P. McMahon
Director

Date: 3 October 2023

Page 4

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED

Opinion


We have audited the financial statements of Bryen & Langley Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with site health and safety regulations, compliance with FRS102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws.  We discussed amongst the audit engagement team the identified laws and regulations, and remained alert to any indications of non-compliance.  
We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and supporting papers. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included, but were not limited to:
 
• identifying and reviewing the controls in place to prevent and detect fraud;
 
• enquiries of management as to whether they have knowledge of any actual, suspected or alleged fraud;
 
• discussion amongst the engagement team regarding the risk of fraud, such as opportunities and incentives
for fraudulent manipulation of the financial statements;
 
• understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
 
• challenging assumptions and judgements made by management in its significant accounting estimates and
revenue recognition policy;
 
• identifying and testing journal entries, with a focus on manual journals and journals which indicated large or unusual transactions (based on our understanding of the business); 
 
• assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the financial statement item. Specifically, we have assessed how the company complies with health and saftey standards. 
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations.  We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Page 7

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor)
  
for and on behalf of
Creaseys Group Limited
 
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

Date: 5 October 2023
Page 8

BRYEN & LANGLEY LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,456,312
33,024,321

Cost of sales
  
(20,733,288)
(34,764,346)

Gross loss
  
(276,976)
(1,740,025)

Administrative expenses
  
(1,655,943)
(1,662,008)

Other operating income
 5 
418,899
76,105

Operating loss
 6 
(1,514,020)
(3,325,928)

Interest receivable and similar income
 9 
6,569
18,932

Interest payable and expenses
 10 
(3,438)
(343)

Loss before tax
  
(1,510,889)
(3,307,339)

Tax on loss
 11 
491,212
1,923,729

Loss for the financial year
  
(1,019,677)
(1,383,610)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

BRYEN & LANGLEY LIMITED
REGISTERED NUMBER:03527466

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 12 
196,296
288,699

Current assets
  

Debtors: amounts falling due after more than one year
 13 
537,950
1,236,050

Debtors: amounts falling due within one year
 13 
3,902,026
8,204,427

Cash at bank and in hand
 14 
680,373
1,495,350

  
5,120,349
10,935,827

Creditors: amounts falling due within one year
 15 
(4,384,666)
(9,344,272)

Net current assets
  
 
 
735,683
 
 
1,591,555

Total assets less current liabilities
  
931,979
1,880,254

Creditors: amounts falling due after more than one year
 16 
(351,580)
(564,824)

Provisions for liabilities
  

Other provisions
 18 
(50,000)
(2,015,354)

  
 
 
(50,000)
 
 
(2,015,354)

Net assets/(liabilities)
  
530,399
(699,924)


Capital and reserves
  

Called up share capital 
 19 
2,310,000
60,000

Capital redemption reserve
 20 
25,000
25,000

Profit and loss account
 20 
(1,804,601)
(784,924)

  
530,399
(699,924)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P. McMahon
Director

Date: 3 October 2023

The notes on pages 12 to 25 form part of these financial statements.

Page 10

BRYEN & LANGLEY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
60,000
25,000
598,686
683,686


Comprehensive income for the year

Loss for the year
-
-
(1,383,610)
(1,383,610)



At 1 April 2022
60,000
25,000
(784,924)
(699,924)


Comprehensive income for the year

Loss for the year
-
-
(1,019,677)
(1,019,677)


Contributions by and distributions to owners

Shares issued during the year
2,250,000
-
-
2,250,000


At 31 March 2023
2,310,000
25,000
(1,804,601)
530,399


The notes on pages 12 to 25 form part of these financial statements.

Page 11

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Byren & Langley Limited ("the Company") is a private company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Monetary amounts in these financial statements are stated in Pounds and are rounded to the nearest £1, except where otherwise indicated. 

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Bryen and Langley (Holdings) Limited as at 31 March 2023 and these financial statements may be obtained from 6 Lagoon Road, Orpington, England, BR5 3QX.

Page 12

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Company has generated a loss this year of £1,019,677 (2022: £1,383,610), due to one major loss-making contract which has now been completed. However, the Company continues to supported by parent company Bryen and Langley (Holdings) Limited following the issue of £2.25m Ordinary Shares in the year to the parent company.
Following the completion of this significant loss-making contract in the year, the directors put in sufficient measures to ensure the Company returned to profitability including, but not limited to, being more selective in contracts tendered for.
The directors of the Company have taken into account all available information about the group’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.

 
2.4

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 comprises the value of construction work certified during the year and the invoiced value of goods and services supplied by the company, exclusive of the value added tax and trade discounts. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 13

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.9

Pensions

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 Statement of comprehensive income 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.

 
2.10

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the  Statement of comprehensive income 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.

 
2.11

 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.

Page 14

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenants' improvements
-
125
months on cost
Plant and machinery
-
15%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
and 10% on cost
Office & sundry equipment
-
25%
on cost

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 the Statement of comprehensive income.

  
2.12

 Stocks, work in progress and long term contracts

Stocks and work in progress are stated at the lower of cost and net realisable value after making  due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an   appropriate proportion of fixed and variable overheads. 
Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect  the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.13

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

 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. 

 
2.15

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition   of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements 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.

Revenue recognition relating to long term construction contracts
The Company makes judgements in relation to long term contracts and the corresponding costs associated with the contracts. This includes the measurement and recognition of WIP and accrued  income, in accordance to the stage of completion of a job. The Company has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they are consistent and appropriate. This includes reviewing the independent certification of work done, the progress of work against contracted timescales and costs incurred against the agreed overheads. In the event that a long term contract is loss making, the estimated loss is provided for in full at the balance sheet date based on historic results, budgeted costs to complete the contract and the directors knowledge of the industry.


4.


Turnover

The whole of the turnover is attributable to construction activities in the UK. 

All turnover arose within the United Kingdom.

Page 16

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Management charges receivable
418,899
69,450

Government grants receivable
-
6,655

418,899
76,105



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
92,402
74,924

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,000
19,250

Fees payable to the Company's auditor for non audit services
4,975
7,950

Other operating lease rentals
54,412
51,019

Defined contribution pension cost
104,086
120,661

Government grants received
-
(6,655)

Research and development expenditure
1,557,695
3,019,168

Page 17

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,873,159
3,610,191

Social security costs
364,162
398,354

Cost of defined contribution scheme
104,086
120,661

3,341,407
4,129,206


For disclosure purposes, a recharge is posted to recognise all wages and salaries costs as COS from administrative expenses.

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Construction
51
56



Administration
27
30

78
86


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
369,767
362,910

Company contributions to defined contribution pension schemes
14,345
14,331

384,112
377,241


During the year retirement benefits were accruing to 2 directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £127,941 (2022 - £127,682).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,173 (2022 - £7,166).

Key management personnel remuneration (excluding the directors) is disclosed separately in note 22.

Page 18

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
6,569
18,932


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,438
343


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(497,819)
(1,006,892)

Adjustments in respect of previous periods
-
(734,387)


Group taxation relief
(78,173)
(41,506)


Total current tax
(575,992)
(1,782,785)

Deferred tax


Origination and reversal of timing differences
84,780
(140,944)

Total deferred tax
84,780
(140,944)


Taxation on loss on ordinary activities
(491,212)
(1,923,729)
Page 19

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,510,889)
(3,307,339)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(287,069)
(628,394)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,232
8,441

Capital allowances for year in excess of depreciation
-
(82,834)

Utilisation of tax losses
78,173
1,307,984

Difference in deferred tax rate (25%)
20,347
-

Group relief
(78,173)
(41,506)

R&D tax claim
(228,722)
(2,487,420)

Total tax charge for the year
(491,212)
(1,923,729)


Factors that may affect future tax charges

The Company has estimated losses of £962,563 (2022: £1,374,000) available to carry forward against
future trading profits.
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill No. 2 2021. These include an increase in the corporation tax rate from 19% to 25% with effect from 1 April 2023. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Page 20

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets





Tenants improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
17,696
219,609
30,981
186,622
454,908


Disposals
-
-
(504)
(15,188)
(15,692)



At 31 March 2023

17,696
219,609
30,477
171,434
439,216



Depreciation


At 1 April 2022
708
55,428
27,037
83,036
166,209


Charge for the year on owned assets
1,699
52,778
924
37,001
92,402


Disposals
-
-
(504)
(15,187)
(15,691)



At 31 March 2023

2,407
108,206
27,457
104,850
242,920



Net book value



At 31 March 2023
15,289
111,403
3,020
66,584
196,296



At 31 March 2022
16,988
164,181
3,944
103,586
288,699

Page 21

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Debtors


2023
2022
£
£

Due after more than one year

Trade debtors
316,215
502,823

Amounts owed by group undertakings
-
426,712

Deferred tax asset
221,735
306,515

537,950
1,236,050

Due within one year

Trade debtors
1,758,820
3,091,943

Amounts owed by group undertakings
202,861
422,138

Amounts owed by companies under common control
21,334
284,211

Other debtors
595,154
1,446,685

Prepayments and accrued income
62,681
90,413

Amounts recoverable on long term contracts
1,261,176
2,869,037

4,439,976
9,440,477



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
680,373
1,495,350


Page 22

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,477,241
3,419,822

Amounts owed to group undertakings
10,574
564,286

Amounts owed to companies under common control
178,597
549,381

Other taxation and social security
383,507
830,590

Other creditors
69,183
47,229

Accruals and deferred income
2,265,564
3,932,964

4,384,666
9,344,272


On 23 September 2020, a guarantee was put in place with the Bank of Scotland PLC with related companies Bryen & Langley (Holdings) Limited, The Joinery Workshop (Orpington) Limited, Elmec (Southern) Limited and Andara Limited. Each Company has a fixed charge over any overdraft held within Bryen & Langley Limited, with an overdraft limit of £350,000. At 31 March 2023 there was no overdraft held within Bryen & Langley Limited and the Company had positive bank balances totalling £680,373 (2022: £1,495,350).  Loans are secured by a debenture over all the assets  of the Company and a legal charge over its assets with interest payable at LIBOR+3.5%.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Trade creditors
139,857
272,836

Amounts owed to group undertakings
-
11,281

Amounts owed to companies under common control
77,899
63,654

Other creditors
39,225
43,488

Accruals and deferred income
94,599
173,565

351,580
564,824


On 23 September 2020, a guarantee was put in place with the Bank of Scotland PLC with related companies Bryen & Langley (Holdings) Limited, The Joinery Workshop (Orpington) Limited, Elmec (Southern) Limited and Andara Limited. Each Company has a fixed charge over any overdraft held within Bryen & Langley Limited, with an overdraft limit of £350,000. At 31 March 2023 there was no overdraft held within Bryen & Langley Limited and the Company had positive bank balances totalling £680,373 (2022: £1,495,350).  Loans are secured by a debenture over all the assets  of the Company and a legal charge over its assets with interest payable at LIBOR+3.5%.

Page 23

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Deferred taxation




2023


£






At beginning of year
306,515


Charged to profit or loss
(84,780)



At end of year
221,735

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,097)
(44,964)

Tax losses carried forward
240,640
343,500

Pension surplus
7,192
7,979

221,735
306,515


18.


Provisions




Project provisions
Contract provisions
Total

£
£
£





At 1 April 2022
23,907
1,991,447
2,015,354


Charged to profit or loss
26,093
(1,991,447)
(1,965,354)



At 31 March 2023
50,000
-
50,000

Project provisions
These relate to expected costs of old projects which have not been invoiced. The timing of payment of these amounts is uncertain and therefore management consider it prudent to include them as a provision.
Contract provisions
In the prior year a provision was made in relation to onerous sales contracts. These contracts have all now been completed and so the provision has been released in full.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,310,000 (2022 - 60,000) Ordinary shares of £1.00 each
2,310,000
60,000

Page 24

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.Share capital (continued)


The Company  issued 2,250,000 (2022: Nil) Ordinary shares in the the year at par value, with full cash consideration received.


20.


Reserves

Capital redemption reserve 
The nominal value of shares repurchased and still held at the year end. 
Profit and loss 
The cumulative profit and loss, net of distribution to owners. 


21.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
129,025
133,871

Later than 1 year and not later than 5 years
223,204
55,229

352,229
189,100


22.


Related party transactions

At the year end, the Company owed companies under common control £256,496 (2022: £613,035) and £21,344 (2022: £284,211) was owed to the Company by companies under common control. During the period, purchases of £2,314,767 (2022: £5,555,814) were made from companies under common control and management charges totalling £58,999 (2022: £67,200) were charged to companies under common control.
Key Management Personnel
In the year the Company paid total compensation of £216,917 (2022: £230,114) to key management personnel (excluding directors' remuneration as this is disclosed seperately in note 8).


23.


Controlling party

The ultimate parent company is Bryen & Langley (Holdings) Limited by virtue of its shareholding. The registered office address of this company is 6 Lagoon Road, Orpington, England, BR5 3QX. The smallest and largest group that the company is consolidated to is Bryen & Langley (Holdings) Limited. 
The ultimate controlling parties are Alan Escudier, Paul McMahon and David Wrighton by virtue of their shareholding in Bryen & Langley (Holdings) Limited. 

 
Page 25