Company registration number 12669102 (England and Wales)
Bris-Co Ltd
Unaudited
Financial Statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Bris-Co Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
Bris-Co Ltd
Statement of Financial Position
as at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
247,888
124,031
Current assets
Stocks
142,724
56,349
Debtors
101,513
76,157
Cash at bank and in hand
38,688
211,456
282,925
343,962
Creditors: amounts falling due within one year
(152,467)
(187,552)
Net current assets
130,458
156,410
Total assets less current liabilities
378,346
280,441
Creditors: amounts falling due after more than one year
(12,657)
(19,260)
Provisions for liabilities
(47,099)
(23,566)
Net assets
318,590
237,615
Capital and reserves
Called up share capital
165
165
Share premium account
2,950
2,950
Profit and loss reserves
315,475
234,500
Total equity
318,590
237,615
Bris-Co Ltd
Statement of Financial Position (continued)
as at 31 March 2023
31 March 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 members have 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 26 October 2023 and are signed on its behalf by:
M G Cooper
Director
Company Registration No. 12669102
Bris-Co Ltd
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and equipment
15% Reducing balance
Fixtures and fittings
10% Reducing balance
Motor vehicles
25% Reducing balance
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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Bris-Co Ltd
Notes to the Financial Statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
19,258
11,793
112,500
143,551
Additions
4,249
266
191,967
196,482
Disposals
(28,300)
(28,300)
At 31 March 2023
23,507
12,059
276,167
311,733
Depreciation and impairment
At 1 April 2022
2,737
510
16,273
19,520
Depreciation charged in the year
2,834
1,168
49,070
53,072
Eliminated in respect of disposals
(8,747)
(8,747)
At 31 March 2023
5,571
1,678
56,596
63,845
Carrying amount
At 31 March 2023
17,936
10,381
219,571
247,888
At 31 March 2022
16,521
11,283
96,227
124,031
4
Company information
Bris-Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 West End Mills, Brick Street, Cleckheaton, West Yorkshire, BD19 5EH.