Company registration number 03667725 (England and Wales)
Brook Miller Mobility Limited
Unaudited
Financial Statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Brook Miller Mobility Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
Brook Miller Mobility Limited
Statement of financial position
as at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
4
653,589
672,633
Current assets
Stocks
1,640,735
1,465,425
Debtors
6
559,113
303,444
Cash at bank and in hand
3,471
239,560
2,203,319
2,008,429
Creditors: amounts falling due within one year
7
(1,617,162)
(1,503,209)
Net current assets
586,157
505,220
Total assets less current liabilities
1,239,747
1,177,854
Creditors: amounts falling due after more than one year
8
(539,558)
(503,250)
Net assets
700,189
674,604
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
699,889
674,304
Total equity
700,189
674,604
Brook Miller Mobility Limited
Statement of financial position (continued)
as at 31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 16 October 2023 and are signed on its behalf by:
A Westbrook
Director
Company Registration No. 03667725
Brook Miller Mobility Limited
Notes to the financial statements
for the year ended 31 March 2023
- 3 -
1
Accounting policies
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover
Turnover represents the fair value of consideration received for goods and services net of VAT and trade discounts provided in the normal course of business. Turnover is recognised on supply of goods and services to the customer.
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
Freehold property is not depreciated as the directors are of the opinion that the value of the property is in excess of its carrying value.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 and those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Brook Miller Mobility Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis over the term of the lease.
Government grants
Government grants are recognised at the fair value of the asset received and are recognised over the same period in which related costs are incurred.
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 (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
34
36
Brook Miller Mobility Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
793,472
216,485
45,750
23,565
1,079,272
Depreciation and impairment
At 1 April 2022
210,644
168,157
5,719
22,119
406,639
Depreciation charged in the year
7,248
11,436
360
19,044
At 31 March 2023
210,644
175,405
17,155
22,479
425,683
Carrying amount
At 31 March 2023
582,828
41,080
28,595
1,086
653,589
At 31 March 2022
582,828
48,328
40,031
1,446
672,633
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1
Amortisation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
1
At 31 March 2022
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
205,176
99,617
Corporation tax recoverable
80,799
91,246
Other debtors
199,549
71,823
Prepayments and accrued income
73,589
40,758
559,113
303,444
Brook Miller Mobility Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdraft
236,242
44,000
Obligations under finance leases
100,092
70,449
Other borrowings
103,793
62,500
Trade creditors
866,356
790,117
Other taxation and social security
20,880
22,062
Accruals and deferred income
289,799
514,081
1,617,162
1,503,209
The bank loan and overdraft are secured by a debenture and a legal charge over the assets of the company.
Obligations under finance leases are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
99,000
143,000
Obligations under finance leases
195,034
172,750
Other creditors
245,524
187,500
539,558
503,250
The bank loan is secured by a debenture and a legal charge over the assets of the company.
Obligations under finance leases are secured on the assets to which they relate.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100 A shares of £1 each
100
100
100 B shares of £1 each
100
100
300
300
10
Company information
Brook Miller Mobility Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1A, Elland Lane, Elland, Halifax, HX5 9DZ.