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Registration number: 06566293

B W Fabrications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

B W Fabrications Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

B W Fabrications Limited

(Registration number: 06566293)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

163,223

112,357

Current assets

 

Stocks

6

22,809

30,677

Debtors

7

344,558

360,700

Cash at bank and in hand

 

227,791

254,362

 

595,158

645,739

Creditors: Amounts falling due within one year

8

(473,490)

(464,031)

Net current assets

 

121,668

181,708

Total assets less current liabilities

 

284,891

294,065

Creditors: Amounts falling due after more than one year

8

(153,960)

(183,686)

Provisions for liabilities

(27,527)

(23,973)

Net assets

 

103,404

86,406

Capital and reserves

 

Called up share capital

2

2

Retained earnings

103,402

86,404

Shareholders' funds

 

103,404

86,406

 

B W Fabrications Limited

(Registration number: 06566293)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 August 2023
 

R G Burns
Director

   
     
 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
England
BS1 6NL
 

These financial statements were authorised for issue by the director on 24 August 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).

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. The financial statements are prepared in Pounds Sterling, which is the functional currency of the group, and are rounded to the nearest pound.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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 W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are recognised on a systematic basis over the period that the related benefit is recognised.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

10% Straight line

Plant and machinery

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Motor vehicles

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 14 (2022 - 13).

 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 April 2022

169,469

At 31 March 2023

169,469

Amortisation

At 1 April 2022

169,469

At 31 March 2023

169,469

Carrying amount

At 31 March 2023

-

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

15,956

38,874

103,201

145,567

303,598

Additions

-

1,131

59,238

34,430

94,799

Disposals

-

-

(4,337)

-

(4,337)

At 31 March 2023

15,956

40,005

158,102

179,997

394,060

Depreciation

At 1 April 2022

14,474

27,428

64,399

84,940

191,241

Charge for the year

258

3,142

20,971

15,225

39,596

At 31 March 2023

14,732

30,570

85,370

100,165

230,837

Carrying amount

At 31 March 2023

1,224

9,435

72,732

79,832

163,223

At 31 March 2022

1,482

11,446

38,802

60,627

112,357

 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Work in progress

6,383

15,921

Finished goods and goods for resale

16,426

14,756

22,809

30,677

7

Debtors

Current

2023
£

2022
£

Trade debtors

319,406

349,230

Prepayments and accrued income

24,946

11,470

Other debtors

206

-

 

344,558

360,700

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

45,000

45,000

HP & finance lease liabilities

 

22,929

23,277

Trade creditors

 

186,488

227,866

Amounts owed to related parties

10

16,304

10,080

Amounts owed to parent company

 

8,000

4,000

Social security and other taxes

 

26,166

10,745

Other creditors

 

2,198

681

Accruals and deferred income

 

139,047

142,382

Corporation tax liability

27,358

-

 

473,490

464,031

Due after one year

 

Loans and borrowings

101,250

146,250

HP and finance lease liabilities

 

52,710

37,436

 

153,960

183,686

Obligations under finance lease contracts of £75,639 (2022 - £60,713) are secured on the assets to which they relate.

 

B W Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £322,583 (2022 - £362,083).

Amounts disclosed in the balance sheet

Included in the balance sheet is a pension liability of £806 (2022 - £636).

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

10,080

10,080

Advanced

6,224

6,224

At end of period

16,304

16,304

2022

Key management
£

Total
£

At start of period

3,431

3,431

Advanced

6,649

6,649

At end of period

10,080

10,080

Terms of loans from related parties

The loan from the director is interest free and repayable on demand.
 
The company has taken advantage of the exemption under FRS 102 1A to not disclose related party transactions with wholly owned members of the group.

11

Parent company and ultimate controlling party

The company's immediate parent is BWF Services Ltd, a company incorporated in England and Wales.

 The ultimate controlling party is R G Burns.