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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:
Mr S S Braich
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.