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No description of principal activities is disclosed
2022-03-01
Sage Accounts Production 21.0 - FRS102_2021
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2023-02-28
Company registration number:
03504719
Braich Limited
Unaudited abridged financial statements
28 February 2023
Braich Limited
Contents
Directors and other information
Director's report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Braich Limited
Directors and other information
|
|
|
|
Director |
Mr S S Braich |
|
|
|
|
|
|
|
Secretary |
Mrs J K Braich |
|
|
|
|
|
|
|
Company number |
03504719 |
|
|
|
|
|
|
|
Registered office |
8 Main Street |
|
|
Bilton |
|
|
Rugby |
|
|
CV22 7NB |
|
|
|
|
|
|
|
Accountants |
McColm Cardew |
|
|
8 Main Street |
|
|
Bilton |
|
|
Rugby |
|
|
CV22 7NB |
|
|
|
Braich Limited
Director's report
Year ended 28 February 2023
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2023.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
30 October 2023
and signed on behalf of the board by:
Mr S S Braich
Director
Braich Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Braich Limited
Year ended 28 February 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28 February 2023 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
McColm Cardew
Chartered Certified Accountants
8 Main Street
Bilton
Rugby
CV22 7NB
30 October 2023
Braich Limited
Abridged statement of comprehensive income
Year ended 28 February 2023
|
|
|
|
2023 |
2022 |
|
|
|
|
Note |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
765,604 |
899,450 |
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
550,014) |
(
569,525) |
|
|
|
|
|
|
_______ |
_______ |
|
|
Operating profit |
|
|
|
215,590 |
329,925 |
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
|
|
- |
58 |
|
|
|
|
|
|
_______ |
_______ |
|
|
Profit before taxation |
|
5 |
|
215,590 |
329,983 |
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
|
|
(
42,365) |
(
59,577) |
|
|
|
|
|
|
_______ |
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
173,225 |
270,406 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Braich Limited
Abridged statement of financial position
28 February 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
- |
|
|
|
- |
|
|
Tangible assets |
|
7 |
160,834 |
|
|
|
185,266 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
160,834 |
|
|
|
185,266 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
151,200 |
|
|
|
119,550 |
|
|
Debtors |
|
|
505,841 |
|
|
|
416,033 |
|
|
Cash at bank and in hand |
|
|
197,486 |
|
|
|
322,982 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
854,527 |
|
|
|
858,565 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
486,020) |
|
|
|
(
517,102) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
368,507 |
|
|
|
341,463 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
529,341 |
|
|
|
526,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
9 |
|
|
(
30,394) |
|
|
|
(
35,007) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
498,947 |
|
|
|
491,722 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
200 |
|
|
|
200 |
Profit and loss account |
|
|
|
|
498,747 |
|
|
|
491,522 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
498,947 |
|
|
|
491,722 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2023
, and are signed on behalf of the board by:
Mr S S Braich
Director
Company registration number:
03504719
Braich Limited
Statement of changes in equity
Year ended 28 February 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 March 2021 |
|
200 |
|
388,116 |
388,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
270,406 |
270,406 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
270,406 |
270,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
167,000) |
(
167,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
167,000) |
(
167,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2022 and 1 March 2022 |
|
200 |
|
491,522 |
491,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
173,225 |
173,225 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
173,225 |
173,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
166,000) |
(
166,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
166,000) |
(
166,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
|
200 |
|
498,747 |
498,947 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Braich Limited
Notes to the financial statements
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 8 Main Street, Bilton, Rugby, CV22 7NB.
2.
Statement of compliance
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'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
|
|
|
|
|
|
Short leasehold property |
- |
15 % |
reducing balance |
|
Plant and machinery |
- |
15 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2022:
20
).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
29,107 |
32,924 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Intangible assets
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 March 2022 and 28 February 2023 |
753,997 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 March 2022 and 28 February 2023 |
753,997 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 February 2023 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
At 28 February 2022 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2022 |
401,431 |
|
|
|
|
|
|
|
Additions |
5,000 |
|
|
|
|
|
|
|
Disposals |
(
7,695) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 28 February 2023 |
398,736 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2022 |
216,165 |
|
|
|
|
|
|
|
Charge for the year |
29,107 |
|
|
|
|
|
|
|
Disposals |
(
7,370) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 28 February 2023 |
237,902 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 February 2023 |
160,834 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 28 February 2022 |
185,266 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
The bank loan and overdraft are secured by a fixed and floating charge in favour of Lloyds TSB. The company has a fixed and floating charge in favour of AAH Pharmaceuticals Limited ranking behind that of Lloyds TSB in respect of the former company's provision of a guarantee to the company's bankers. The total creditors secured are £89,609 (2022 £144,634) due in under one year. The AAH Pharmaceuticals Limited monies secured are included in trade creditors.
9.
Provisions
|
|
Deferred tax (note 10) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 March 2022 |
35,007 |
35,007 |
|
|
|
|
Additions |
(
4,613) |
(
4,613) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 28 February 2023 |
30,394 |
30,394 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 9) |
|
30,394 |
35,007 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
30,394 |
35,007 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr S S Braich |
19,159 |
- |
(
19,653) |
(
494) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr S S Braich |
- |
19,159 |
- |
19,159 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
12.
Controlling party
The ultimate controlling party is
Mr S Braich.