Company registration number 08616499 (England and Wales)
BURTONS MANUFACTURING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
BURTONS MANUFACTURING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BURTONS MANUFACTURING COMPANY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
60,000
80,000
Tangible assets
5
489,366
438,454
549,366
518,454
Current assets
Stocks
1,073,281
771,153
Debtors
6
268,512
517,711
Cash at bank and in hand
136,089
122
1,477,882
1,288,986
Creditors: amounts falling due within one year
7
(1,348,504)
(1,322,520)
Net current assets/(liabilities)
129,378
(33,534)
Total assets less current liabilities
678,744
484,920
Creditors: amounts falling due after more than one year
8
(168,692)
(130,011)
Provisions for liabilities
(43,000)
(77,000)
Net assets
467,052
277,909
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
466,952
277,809
Total equity
467,052
277,909

The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
Mr D C Burton
Director
Company Registration No. 08616499
BURTONS MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
1
Accounting policies
Company information

Burtons Manufacturing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis which assumes the continued financial support of other group companies. This support includes unlimited cross guarantees provided by group companies in relation to bank borrowings.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods 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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
Intangible fixed assets - goodwill

Purchased goodwill and other intangible assets are initially recognised as assets at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Purchased goodwill and other intangible assets are considered to have a finite useful life and are amortised on a systematic basis over their expected life, which is 4.5 years.

1.6
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15-33% reducing balance and 10-33% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
BURTONS MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs in production and assembly.

 

In circumstances where the company orders stock and the obligation to pay does not crystallise until the stock has been delivered, the liability and stock are only recognised at the point of delivery.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.

1.9
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges so as to achieve a constant rate of interest on the remaining balance of the liability.

BURTONS MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grants under the Coronavirus Job Retention Scheme are recognised on a systematic basis over the periods in which the related costs are incurred.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2022
2021
Number
Number
Total
52
44
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021 and 31 October 2022
90,000
Amortisation and impairment
At 1 November 2021
10,000
Amortisation charged for the year
20,000
At 31 October 2022
30,000
Carrying amount
At 31 October 2022
60,000
At 31 October 2021
80,000
BURTONS MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021
1,298,099
Additions
204,504
Disposals
(12,089)
At 31 October 2022
1,490,514
Depreciation and impairment
At 1 November 2021
859,645
Depreciation charged in the year
150,783
Eliminated in respect of disposals
(9,280)
At 31 October 2022
1,001,148
Carrying amount
At 31 October 2022
489,366
At 31 October 2021
438,454
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
30,404
145,154
Amounts owed by group undertakings
212,815
170,562
Other debtors
25,293
201,995
268,512
517,711

Amounts owed by group undertakings are non interest bearing and have no fixed terms for repayment.

BURTONS MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
-
0
220,247
Trade creditors
207,406
62,705
Amounts owed to group undertakings
659,439
642,619
Taxation and social security
196,295
124,773
Other creditors
285,364
272,176
1,348,504
1,322,520

The obligations under hire purchase and finance leases included in Other creditors, amounting to £54,784 (2021 - £47,135), are secured on the assets to which they relate.

 

Amounts owed to group undertakings are non interest bearing and have no fixed terms for repayment.

8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
168,692
130,011

Other creditors are represented by obligations under hire purchase and finance leases, which are secured on the assets to which they relate.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Hill BA FCA
Statutory Auditor:
Dendy Neville Limited
10
Financial commitments, guarantees and contingent liabilities

The company has provided unlimited cross guarantees to the bank in respect of the borrowings of the parent company, Burtons of Maidstone Limited and its subsidiaries. As at 31 October 2022, the group's net indebtedness to the bank amounted to £674,000 (2021 - £549,000).

11
Parent company

The immediate and ultimate parent undertaking and controlling party is Burtons of Maidstone Limited, which prepares group financial statements. The registered office of Burtons of Maidstone Limited is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD.

2022-10-312021-11-01false13 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr D C BurtonMr M T BurtonMiss E E Burton086164992021-11-012022-10-31086164992022-10-31086164992021-10-3108616499core:NetGoodwill2022-10-3108616499core:NetGoodwill2021-10-3108616499core:OtherPropertyPlantEquipment2022-10-3108616499core:OtherPropertyPlantEquipment2021-10-3108616499core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3108616499core:CurrentFinancialInstrumentscore:WithinOneYear2021-10-3108616499core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3108616499core:Non-currentFinancialInstrumentscore:AfterOneYear2021-10-3108616499core:CurrentFinancialInstruments2022-10-3108616499core:CurrentFinancialInstruments2021-10-3108616499core:ShareCapital2022-10-3108616499core:ShareCapital2021-10-3108616499core:RetainedEarningsAccumulatedLosses2022-10-3108616499core:RetainedEarningsAccumulatedLosses2021-10-3108616499bus:Director12021-11-012022-10-3108616499core:Goodwill2021-11-012022-10-3108616499core:PlantMachinery2021-11-012022-10-3108616499core:ComputerEquipment2021-11-012022-10-3108616499core:MotorVehicles2021-11-012022-10-31086164992020-11-012021-10-3108616499core:NetGoodwill2021-10-3108616499core:NetGoodwill2021-11-012022-10-3108616499core:OtherPropertyPlantEquipment2021-10-3108616499core:OtherPropertyPlantEquipment2021-11-012022-10-3108616499core:WithinOneYear2022-10-3108616499core:WithinOneYear2021-10-3108616499core:Non-currentFinancialInstruments2022-10-3108616499core:Non-currentFinancialInstruments2021-10-3108616499bus:PrivateLimitedCompanyLtd2021-11-012022-10-3108616499bus:SmallCompaniesRegimeForAccounts2021-11-012022-10-3108616499bus:FRS1022021-11-012022-10-3108616499bus:Audited2021-11-012022-10-3108616499bus:Director22021-11-012022-10-3108616499bus:Director32021-11-012022-10-3108616499bus:FullAccounts2021-11-012022-10-31xbrli:purexbrli:sharesiso4217:GBP