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Registration number: NI652520

B & R Annett Limited

Filleted Financial Statements

for the Year Ended 30 April 2023

 

B & R Annett Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

B & R Annett Limited

Company Information

Directors

Mr Brian Annett

Mrs Ruth Elaine Causey

Registered office

39 Carricknadariff Road
Annahilt
Hillsborough
Down
BT26 6NJ

 

B & R Annett Limited

(Registration number: NI652520)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

495

618

Current assets

 

Stocks

5

1,032,058

1,033,707

Debtors

6

8,172

358

Cash at bank and in hand

 

197,736

258,622

 

1,237,966

1,292,687

Creditors: Amounts falling due within one year

7

(1,021,015)

(1,131,325)

Net current assets

 

216,951

161,362

Total assets less current liabilities

 

217,446

161,980

Creditors: Amounts falling due after more than one year

7

(22,298)

(31,099)

Net assets

 

195,148

130,881

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

195,048

130,781

Shareholders' funds

 

195,148

130,881

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

B & R Annett Limited

(Registration number: NI652520)
Balance Sheet as at 30 April 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2023 and signed on its behalf by:
 

.........................................
Mr Brian Annett
Director

   
     
 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
39 Carricknadariff Road
Annahilt
Hillsborough
Down
BT26 6NJ

These financial statements were authorised for issue by the Board on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements have been rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing Balance Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

966

966

At 30 April 2023

966

966

Depreciation

At 1 May 2022

348

348

Charge for the year

123

123

At 30 April 2023

471

471

Carrying amount

At 30 April 2023

495

495

At 30 April 2022

618

618

5

Stocks

2023
£

2022
£

Closing Stock/Work In Progress

1,032,058

1,033,707

6

Debtors

Current

2023
£

2022
£

Other debtors

8,172

358

 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,000

10,000

Trade creditors

 

39,502

33,010

Taxation and social security

 

-

2,296

Income tax liability

 

15,331

30,437

Other creditors

 

956,182

1,055,582

 

1,021,015

1,131,325

Due after one year

 

Loans and borrowings

8

22,298

31,099

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,298

31,099

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

B & R Annett Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr Brian Annett

-

-

-

Director's loan account

527,491

(49,700)

477,791

 

527,491

(49,700)

477,791

     

Mrs Ruth Elaine Causey

-

-

-

Director's loan account

527,491

(49,700)

477,791

 

527,491

(49,700)

477,791

     

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

Mr Brian Annett

Director's loan account

328,643

198,848

527,491

 

328,643

198,848

527,491

     

Mrs Ruth Elaine Causey

Director's loan account

328,643

198,848

527,491

 

328,643

198,848

527,491

     

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100