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REGISTERED NUMBER: 01474968












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BUTLER REYNOLDS LIMITED

BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BUTLER REYNOLDS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: Mr N Long
Mrs H E A Tormey





SECRETARY: Mrs H E A Tormey





REGISTERED OFFICE: Unit 4 Wetherby Road
Osmaston Park Trading Estate
Derby
Derbyshire
DE24 8HL





REGISTERED NUMBER: 01474968





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 209,536 207,983

CURRENT ASSETS
Stocks 1,847,407 1,623,523
Debtors 5 916,313 961,832
Cash at bank and in hand 1,483,772 2,286,395
4,247,492 4,871,750
CREDITORS
Amounts falling due within one year 6 (2,819,853 ) (3,708,531 )
NET CURRENT ASSETS 1,427,639 1,163,219
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,637,175

1,371,202

CREDITORS
Amounts falling due after more than one
year

7

(37,596

)

(14,364

)

PROVISIONS FOR LIABILITIES 9 (52,107 ) (39,293 )
NET ASSETS 1,547,472 1,317,545

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 1,497,472 1,267,545
SHAREHOLDERS' FUNDS 1,547,472 1,317,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

BALANCE SHEET - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:




Mr N Long - Director



Mrs H E A Tormey - Director


BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Butler Reynolds Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Unit 4 Wetherby Road, Osmaston Park Industrial Estate, Derby, Derbyshire, DE24 8HL and the registered number is 01474968.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The following criteria must also be met before revenue is recognised:

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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.

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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating 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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 88,650 57,918 246,307 392,875
Additions 1,000 879 99,725 101,604
Disposals - - (65,212 ) (65,212 )
At 31 March 2023 89,650 58,797 280,820 429,267
DEPRECIATION
At 1 April 2022 37,837 42,887 104,168 184,892
Charge for year 9,827 5,885 52,279 67,991
Eliminated on disposal - - (33,152 ) (33,152 )
At 31 March 2023 47,664 48,772 123,295 219,731
NET BOOK VALUE
At 31 March 2023 41,986 10,025 157,525 209,536
At 31 March 2022 50,813 15,031 142,139 207,983

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 747,255 799,555
Amounts owed by group undertakings 124,987 124,987
Prepayments 44,071 37,290
916,313 961,832

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 95,236 84,808
Hire purchase contracts (see note 8) 22,715 33,933
Trade creditors 1,944,871 2,613,528
Amounts owed to group undertakings 114,943 48,871
Tax 110,267 107,993
Social security and other taxes 8,179 7,219
VAT 224,386 453,642
Other creditors 1,480 1,173
Accrued expenses 297,776 357,364
2,819,853 3,708,531

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 37,596 14,364

BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 22,715 33,933
Between one and five years 37,596 14,364
60,311 48,297

Non-cancellable operating leases
2023 2022
£    £   
Within one year 41,000 41,000
Between one and five years 156,000 164,000
In more than five years 2,167 38,167
199,167 243,167

Obligations under hire purchase contracts are secured on the assets concerned.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 52,107 39,293

Deferred
tax
£   
Balance at 1 April 2022 39,293
Charge to Statement of Income and Retained Earnings during year 12,814
Balance at 31 March 2023 52,107

10. PARENT COMPANY

The ultimate parent company and controlling party is BR Holdings Limited, a company registered in England and Wales. The principal place of business is Unit 4 Wetherby Road, Osmaston Park Trading Estate, Derby, Derbyshire, DE24 8HL.