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Company registration number: 01301344
Tyson H. Burridge Limited
Unaudited financial statements
For the year ended
31 March 2023
Tyson H. Burridge Limited
Contents
Statement of financial position
Notes to the financial statements
Tyson H. Burridge Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 3,120,884 3,021,310
Investments 4 95,082 101,581
________ ________
3,215,966 3,122,891
Current assets
Stocks 110,511 111,444
Debtors 5 1,469,042 1,935,784
Cash at bank and in hand 1,995,716 1,613,961
________ ________
3,575,269 3,661,189
Creditors: amounts falling due
within one year 6 ( 751,076) ( 1,069,772)
________ ________
Net current assets 2,824,193 2,591,417
________ ________
Total assets less current liabilities 6,040,159 5,714,308
Provisions for liabilities
Deferred taxation ( 234,360) ( 185,528)
________ ________
Net assets 5,805,799 5,528,780
________ ________
Capital and reserves
Called up share capital 33,334 33,334
Capital redemption reserve 236,666 236,666
Profit and loss account 5,535,799 5,258,780
________ ________
Shareholders funds 5,805,799 5,528,780
________ ________
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr A T Burridge
Director
Company registration number: 01301344
Tyson H. Burridge Limited
Notes to the financial statements
Year ended 31 March 2023
1. Accounting policies
Company information
The company is a private company limited by shares, registered in England and Wales, registration number 01301344 . The address of the registered office is Tyson H. Burridge Limited, Old Coach Works, Prospect Garage, Distington, CA14 5XJ.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover consists of the sales value, excluding VAT, of all work done in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% on written down value
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 3-10 years straight line
Motor vehicles - 4-10 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the statement of comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 50 (2022: 49 ).
3. Tangible assets
Freehold property Long leasehold property Investment property Plant and machinery Motor vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 April 2022 1,201,103 345,648 426,157 407,852 4,108,966 6,489,726
Additions 123,046 - - 111,424 364,000 598,470
Disposals - - - ( 4,390) ( 230,108) ( 234,498)
________ ________ ________ ________ ________ ________
At 31 March 2023 1,324,149 345,648 426,157 514,886 4,242,858 6,853,698
________ ________ ________ ________ ________ ________
Depreciation
At 1 April 2022 233,242 43,423 - 367,078 2,824,673 3,468,416
Charge for the year 20,355 5,294 - 34,315 356,871 416,835
Disposals - - - ( 1,915) ( 150,522) ( 152,437)
________ ________ ________ ________ ________ ________
At 31 March 2023 253,597 48,717 - 399,478 3,031,022 3,732,814
________ ________ ________ ________ ________ ________
Carrying amount
At 31 March 2023 1,070,552 296,931 426,157 115,408 1,211,836 3,120,884
________ ________ ________ ________ ________ ________
At 31 March 2022 967,861 302,225 426,157 40,774 1,284,293 3,021,310
________ ________ ________ ________ ________ ________
The investment property was valued at 31 March 2023 by Mr A T Burridge , a director. The basis of valuation used was market value and it was considered that at 31 March 2023 the market value of investment property was identical to cost.
4. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2022 101,581 101,581
Additions 62,740 62,740
Disposals ( 78,151) ( 78,151)
Fair value adjustment 8,912 8,912
________ ________
At 31 March 2023 95,082 95,082
________ ________
Impairment
At 1 April 2022 and 31 March 2023 - -
________ ________
Carrying amount
At 31 March 2023 95,082 95,082
________ ________
At 31 March 2022 101,581 101,581
________ ________
5. Debtors
2023 2022
£ £
Trade debtors 1,171,609 1,195,707
Other debtors 297,433 740,077
________ ________
1,469,042 1,935,784
________ ________
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 102,077 176,077
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 458,511 731,740
Taxation and social security 158,705 204,350
Other creditors 133,860 133,682
________ ________
751,076 1,069,772
________ ________
7. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023 2022
£ £
Tangible assets 350,885 129,412
________ ________
8. Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £9,931 (2022 - £10,075) were due to the fund. They are included in other creditors.
9. Directors advances, credits and guarantees
During the year the company made advances to Mr A T Burridge , a director, totalling £20,003 (2022 - £nil). No repayments were made by 31 March 2023 and so the balance outstanding at the year end, 31 March 2023, was £20,003 (2022 - £nil). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2% per annum. Loans are repayable on demand. No advances (2022 - £nil) were made during the year to Nelant Enterprises Limited. Mr N A Robinson, a director, is also a director of Nelant Enterprises Limited. No repayments were made by 31 March 2023 and so the balance outstanding at the year end, 31 March 2023, was £20,000 (2022 - £20,000).