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10854048







BRYEN & LANGLEY (HOLDINGS) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023

































BRYEN & LANGLEY (HOLDINGS) LIMITED
 
COMPANY INFORMATION


Directors
A. Escudier 
D. Wrighton 
P. McMahon 




Company secretary
S. Routh



Registered number
10854048



Registered office
6 Lagoon Road

Orpington

Kent

BR5 3QX




Independent auditors
CLA Evelyn Partners Limited
Statutory Auditors

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





BRYEN & LANGLEY (HOLDINGS) LIMITED

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated balance sheet
 
 
10
Company balance sheet
 
 
11
Consolidated statement of changes in equity
 
 
12
Company statement of changes in equity
 
 
13
Consolidated Statement of cash flows
 
 
14
Consolidated analysis of net debt
 
 
15
Notes to the financial statements
 
 
16 - 32


BRYEN & LANGLEY (HOLDINGS) LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their strategic report for the year ended 31 March 2023.

Business review
 
The results for the year and financial position of the Group are as shown in the annexed financial statements.
The Group’s turnover decreased by 27% in the year and the Group made every effort to decrease overhead costs where possible in response to this decrease. 
While trading has been difficult for the subsidiaries, the Directors remain confident of the Group’s financial position, following a Share Capital injection from Bryen & Langley Holdings Limited of £2.6m.
During the year, the Company repaid all outstanding bank loans and as at 31 March 2023 hand no long-term external financing.
The business continues to remain focused on the construction services and is continuing to secure work on profitable contracts. 

Principal risks and uncertainties
 
The directors consider the principal risks facing the group to be the associated with the construction business of the subsidiary companies. These are the rising cost base and the need to retain a skilled workforce, which have been considered in the business review above. The subsidiaries maintain strong relationships with customers and suppliers in order to help achieve their goals, whilst also implementing and maintaining strong procedures to monitor and mitigate the risks that the businesses face. 

Financial key performance indicators
 
The Group’s key performance indicators include measuring gross profit margin and current assets ratio. 
  
             2023  2022
Gross profit/(loss)            £0.6m  £(1.5m)
Gross profit/(loss) margin          2.55%    (4.53%)
Net assets                                £1.1m           £2.7m 
 
The reported gross profit this year shows a notable improvement from the previous year as the costs in the previous year include recognition in full of losses anticipated on loss making contracts in Bryen & Langley Limited. Management have assessed these issues and addressed them going forwards by changing both their tender process and pricing strategy to mitigate against the increasing cost of materials and any potential future losses.
The indicators are monitored by management against budget and prior periods. The Group also reviews the success rate for tendered jobs and for retaining customers to ensure that valued long term relationships can be continued.

Page 1

BRYEN & LANGLEY (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators
 
The Group continues to comply with the Health and Safety legislation and is continually reviewed. The Group has achieved SSip Acclaim Accreditation deemed to satisfy. We accredited the following British Standards ISO 9001, ISO 45001 and ISO 14001.


This report was approved by the board and signed on its behalf.



P. McMahon
Director

Date: 6 November 2023

Page 2

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £736,681 (2022 - loss £354,600).

During the year the dividends distributed were £855,000 (2022: £210,000).

Directors

The directors who served during the year were:

A. Escudier 
D. Wrighton 
P. McMahon 

Future developments

The directors believe that the Group is well positioned in the market with strong customer links and ongoing contracts to deliver profitable results in the coming year. 
Research and development
The group research and development activities included the design and installation of specialised infrastructure.

Page 3

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsCLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P. McMahon
Director

Date: 6 November 2023

Page 4

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY (HOLDINGS) LIMITED

Opinion


We have audited the financial statements of Bryen & Langley (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY (HOLDINGS) LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY (HOLDINGS) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates, and considered the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with site health and safety regulations, compliance with FRS102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws.  We discussed amongst the audit engagement team the identified laws and regulations, and remained alert to any indications of non-compliance.   
We understood how the Group is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and supporting papers. We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included, but were not limited to:
 
identifying and reviewing the controls in place to prevent and detect fraud;
 
enquiries of management as to whether they have knowledge of any actual, suspected or alleged fraud;
 
discussion amongst the engagement team regarding the risk of fraud, such as opportunities and incentives for fraudulent manipulation of the financial statements; 
 
understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 
 
challenging assumptions and judgements made by management in its significant accounting estimates and revenue recognition policy;
 
identifying and testing journal entries, with a focus on manual journals and journals which indicated large or unusual transactions (based on our understanding of the business);
 
assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the financial statement item. Specifically, the compliance to health and safety laws and regulations. 
 
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations.  We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 


Page 7

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY (HOLDINGS) LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

Date: 15 November 2023
Page 8

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,591,602
33,530,180

Cost of sales
  
(23,963,695)
(35,049,769)

Gross profit/(loss)
  
627,907
(1,519,589)

Administrative expenses
  
(1,974,026)
(1,965,833)

Other operating income
 5 
153,492
202,720

Fair value movements
 16 
-
1,265,000

Operating loss
 6 
(1,192,627)
(2,017,702)

Interest receivable and similar income
 10 
15,038
20,382

Interest payable and similar expenses
 11 
(42,140)
(449)

Loss before taxation
  
(1,219,729)
(1,997,769)

Tax on loss
 12 
483,048
1,643,169

Loss for the financial year
  
(736,681)
(354,600)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(736,681)
(354,600)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 9

BRYEN & LANGLEY (HOLDINGS) LIMITED
REGISTERED NUMBER:10854048

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
278,492
412,568

Investment property
 16 
-
4,750,000

  
278,492
5,162,568

Current assets
  

Stocks
 17 
23,448
39,445

Debtors
 18 
5,275,802
8,462,353

Cash at bank and in hand
 19 
1,826,169
1,717,383

  
7,125,419
10,219,181

Creditors: amounts falling due within one year
 20 
(5,837,438)
(10,055,494)

Net current assets
  
 
 
1,287,981
 
 
163,687

Total assets less current liabilities
  
1,566,473
5,326,255

Creditors: amounts falling due after more than one year
 21 
(396,793)
(553,543)

Deferred taxation
 23 
-
(45,997)

Other provisions
 24 
(50,000)
(2,015,354)

  
 
 
(50,000)
 
 
(2,061,351)

Net assets
  
1,119,680
2,711,361


Capital and reserves
  

Called up share capital 
 25 
60,600
60,600

Fair value reserve
 26 
-
1,325,266

Profit and loss account
 26 
1,059,080
1,325,495

Equity attributable to owners of the parent Company
  
1,119,680
2,711,361


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

P. McMahon
Director
Date: 6 November 2023

The notes on pages 16 to 32 form part of these financial statements.

Page 10

BRYEN & LANGLEY (HOLDINGS) LIMITED
REGISTERED NUMBER:10854048

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
1,715,100
72,601

Investment property
 16 
-
4,750,000

  
1,715,100
4,822,601

Current assets
  

Debtors
 18 
253,991
500,600

Cash at bank and in hand
 19 
470,085
118,710

  
724,076
619,310

Creditors: amounts falling due within one year
 20 
(262,047)
(1,309,727)

Net current assets/(liabilities)
  
 
 
462,029
 
 
(690,417)

Total assets less current liabilities
  
2,177,129
4,132,184

  

Provisions for liabilities
  

Deferred taxation
 23 
(113,854)
(337,845)

  
 
 
(113,854)
 
 
(337,845)

Net assets
  
2,063,275
3,794,339


Capital and reserves
  

Called up share capital 
 25 
60,600
60,600

Fair value reserve
 26 
-
1,325,266

Profit and loss account
 26 
2,002,675
2,408,473

  
2,063,275
3,794,339


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent company is £689,523 (2022: profit of £1,207,699).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

P. McMahon
Director
Date: 6 November 2023

The notes on pages 16 to 32 form part of these financial statements.

Page 11

BRYEN & LANGLEY (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
60,600
300,616
2,914,745
3,275,961



Comprehensive income for the year
-
-
(354,600)
(354,600)

Dividends
-
-
(210,000)
(210,000)

Transfer between reserves
-
1,024,650
(1,024,650)
-



At 1 April 2022
60,600
1,325,266
1,325,495
2,711,361



Comprehensive income for the year
-
-
(736,681)
(736,681)

Dividends
-
-
(855,000)
(855,000)

Transfer between reserves
-
(1,325,266)
1,325,266
-


At 31 March 2023
60,600
-
1,059,080
1,119,680


The notes on pages 16 to 32 form part of these financial statements.

Page 12

BRYEN & LANGLEY (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
60,600
300,616
2,435,424
2,796,640



Comprehensive income for the year
-
-
1,207,699
1,207,699

Dividends
-
-
(210,000)
(210,000)

Transfer between reserves
-
1,024,650
(1,024,650)
-



At 1 April 2022
60,600
1,325,266
2,408,473
3,794,339



Comprehensive income for the year
-
-
(876,064)
(876,064)

Dividends
-
-
(855,000)
(855,000)

Transfer between reserves
-
(1,325,266)
1,325,266
-


At 31 March 2023
60,600
-
2,002,675
2,063,275


The notes on pages 16 to 32 form part of these financial statements.

Page 13

BRYEN & LANGLEY (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(736,681)
(354,600)

Adjustments for:

Depreciation of tangible assets
134,073
101,665

Interest paid
42,141
448

Interest received
(15,038)
(20,382)

Taxation charge
(483,048)
(1,643,170)

Decrease/(increase) in stocks
15,997
(3,957)

Decrease/(increase) in debtors
3,251,261
(1,363,859)

(Decrease)/increase in creditors
(3,290,631)
750,270

(Decrease)/increase in provisions
(1,965,354)
1,626,426

Net fair value losses/(gains) recognised in P&L
-
(1,265,000)

Corporation tax received
488,168
375,023

Net cash generated from operating activities

(2,559,112)
(1,797,136)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(301,800)

Sale of investment properties
4,750,001
-

Interest received
15,038
20,382

Net cash from investing activities

4,765,039
(281,418)

Cash flows from financing activities

Repayment of loans
(1,200,000)
-

Dividends paid
(855,000)
(210,000)

Interest paid
(42,140)
(449)

Net cash used in financing activities
(2,097,140)
(210,449)

Net increase/(decrease) in cash and cash equivalents
108,787
(2,289,003)

Cash and cash equivalents at beginning of year
1,717,382
4,006,385

Cash and cash equivalents at the end of year
1,826,169
1,717,382


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,826,169
1,717,382


The notes on pages 16 to 32 form part of these financial statements.

Page 14

BRYEN & LANGLEY (HOLDINGS) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

1,717,382

108,787

1,826,169

Debt due after 1 year

-

-

-

Debt due within 1 year

(1,200,000)

1,200,000

-


517,382
1,308,787
1,826,169

The notes on pages 16 to 32 form part of these financial statements.

Page 15

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bryen & Langley (Holdings) Limited ("the Company") is a private company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Monetary amounts in these financial statements are stated in Pounds and are rounded to the  nearest £1, except where otherwise indicated. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The group has generated a loss before tax this year of £1,219,729 (2022: loss of £1,997,769) but has seen current assets increase to £1,287,981 (2022: £163,687). This is following the sale of the investment property during the year and the settling of the bank loan.
Following the completion of this significant loss-making contract in the year, the directors put in sufficient measures to ensure the Group returned to profitability including, but not limited to, being more selective in contracts tendered for.
The directors of the parent company and the group have taken into account all available information about the group’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the parent company and group is a going concern. 

Page 16

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue comprises the value of construction work certified during the year and the invoiced value of goods and services supplied by the company, exclusive of the value added tax and trade discounts. 

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the   associated capital instrument.

Page 17

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

 Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated statement of comprehensive income except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost and 10% on cost
Office equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income.

 
2.12

 Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated statement of comprehensive income.

 
2.13

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

 Stocks, work in progress and long term contracts

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect  the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.15

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated statement of comprehensive income in  the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.19

 Financial instruments

The Group 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 ordinary shares.

 
2.20

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition relating to long term construction contracts
The Group makes judgements in relation to long term contracts and the corresponding costs associated with the contracts. This includes the measurement and recognition of WIP and accrued income in accordance to the stage of completion of a job. The Group has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they  are consistent and appropriate. This includes reviewing the independent certification of work done, the progress of work against contracted timescales and costs incurred against the agreed overheads. In the event that a long term contract is loss making, the estimated loss is provided for in full at the balance sheet date based on historic results, budgeted costs to complete the contract and the directors knowledge of the industry.
Investments in subsidiaries
Investments held by the Company are measured at cost less provision for impairment. When assessing the investments for impairment, management apply judgement in determining whether there have been any indications of impairment and a reliable basis to determine the recoverable amount of the investment which involves applying multiples to estimated future results.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction
24,075,248
33,024,321

Joinery
516,354
505,859

24,591,602
33,530,180


All turnover arose within the United Kingdom.

All turnover arises from construction contracts. 


5.


Other operating income

2023
2022
£
£

Management charges receivable
76,300
69,450

Net rents receivable
77,192
122,796

Government grants receivable
-
10,474

153,492
202,720


Page 21

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of fixed assets
134,075
59,820

Other operating lease rentals
116,680
58,186

Government grants receivable
-
(10,474)

Pension cost
109,801
127,787

Research and development charged as an expense
1,709,926
3,019,168


7.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Group's auditor for the audit of the Group's annual financial statements
38,500
29,500


Fees payable to the Group's auditor and its associates in respect of:


All other services
6,500
3,000

Page 22

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,691,569
4,069,700

Social security costs
409,705
451,468

Cost of defined contribution scheme
109,801
127,787

4,211,075
4,648,955


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Construction
60
67
-
-



Administration
31
35
3
3

91
102
3
3


9.


Directors' remuneration

Group
 2023
Group
 2022
£
£

Directors' emoluments
130,489
152,193


The highest paid director received remuneration of £51,781 (2022 - £58,956).

Key management personnel remuneration (excluding the directors) is disclosed separately in note 28.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
15,038
20,382

Page 23

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
42,140
449


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(321,527)
-

Adjustments in respect of previous periods
(28,193)
(1,741,279)


Deferred tax


Origination and reversal of timing differences
(133,328)
98,110


Taxation on loss on ordinary activities
(483,048)
(1,643,169)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,219,729)
(1,997,769)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(231,749)
(379,576)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,818
8,429

Utilisation of tax losses
-
1,215,397

Difference in deferred tax rate (25%)
49,084
-

Chargeable gains
(16,015)
-

Over provision of prior year tax charge
(28,192)
-

Research and development tax credit
(263,199)
(2,487,419)

Super deduction capital allowances and other fixed asset differences
(3,795)
-

Total tax charge for the year
(483,048)
(1,643,169)

Page 24

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

The group has losses carried forward of £962,563. 
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill No. 2 2021. These include an increase in the corporation tax rate from 19% to 25% with effect from 1 April 2023. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.


13.


Dividends

2023
2022
£
£


Dividends paid
855,000
210,000


14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
160,302
286,195
48,677
191,852
687,026


Disposals
-
-
(504)
(15,188)
(15,692)



At 31 March 2023

160,302
286,195
48,173
176,664
671,334



Depreciation


At 1 April 2022
102,613
56,815
27,745
87,285
274,458


Charge for the year
24,045
69,425
2,623
37,982
134,075


Disposals
-
-
(504)
(15,187)
(15,691)



At 31 March 2023

126,658
126,240
29,864
110,080
392,842



Net book value



At 31 March 2023
33,644
159,955
18,309
66,584
278,492



At 31 March 2022
57,689
229,380
20,932
104,567
412,568

Page 25

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
72,600


Additions
2,600,000



At 31 March 2023
2,672,600



Impairment


Charge for the period
957,499



At 31 March 2023

957,499



Net book value



At 31 March 2023
1,715,101



At 31 March 2022
72,600

During the year two of the subsidiaries issued further shares to the Company. Following this, the directors reviewed the total cost of investments for impairment and have recognised a charge of £958,345 in the year. 


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Bryen and Langley Limited
6 Lagoon Road, Orpington, Kent, BR5 3QX
Ordinary
100%
The Joinery Workshop (Orpington) Limited
6 Lagoon Road, Orpington, Kent, BR5 3QX
Ordinary
100%
Bryen and Langley Construction Limited
6 Lagoon Road, Orpington, Kent, BR5 3QX
Ordinary
100%

All subsidiaries have been included within the consolidation.

Page 26

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Investment property

Group and Company


Freehold investment property

£





At 1 April 2022
4,750,000


Disposals
(4,750,000)



At 31 March 2023
-





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
3,173,420


17.


Stocks

Group
Group
2023
2022
£
£

Raw materials
23,448
39,445



18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Trade debtors
361,907
502,823
-
-

Amounts owed by joint ventures and associated undertakings
83,914
-
83,914
-

445,821
502,823
83,914
-

Due within one year

Trade debtors
1,987,404
3,164,953
-
-

Amounts owed by group undertakings
-
-
-
500,000

Amounts owed by joint ventures and associated undertakings
109,411
284,211
88,077
-

Other debtors
843,227
1,480,519
82,000
-

Called up share capital not paid
-
700
-
600
Page 27

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.Debtors (continued)


Prepayments and accrued income
71,388
106,149
-
-

Amounts recoverable on long-term contracts
1,731,220
2,922,998
-
-

Deferred taxation
87,331
-
-
-

5,275,802
8,462,353
253,991
500,600



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,826,169
1,717,382
470,086
118,710



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
1,200,000
-
1,200,000

Trade creditors
1,664,525
3,462,033
-
-

Amounts owed to group undertakings
-
-
78,173
77,793

Amounts owed to companies under common control
293,409
550,024
-
-

Corporation tax
186,026
28,233
180,274
28,233

Other taxation and social security
637,673
845,109
-
-

Other creditors
72,054
51,044
-
101

Accruals and deferred income
2,983,751
3,919,051
3,600
3,600

5,837,438
10,055,494
262,047
1,309,727


Page 28

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Trade creditors
146,957
272,836

Amounts owed to companies under common control
92,255
63,654

Other creditors
39,225
43,488

Accruals and deferred income
118,356
173,565

396,793
553,543


On 23 September 2020, a guarantee was put in place with the Bank of Scotland PLC with related companies Bryen & Langley (Holdings) Limited, The Joinery Workshop (Orpington) Limited, Elmec (Southern) Limited and Andara Limited. Each Company has a fixed charge over any overdraft held within Bryen & Langley Limited, with an overdraft limit of £350,000. At 31 March 2023, there was no overdraft held within Bryen & Langley (Holdings) Limited and that company had positive bank balances totalling £470,086.


22.


Loans

Bank loans were secured by a debenture over all the assets of the Group and a legal charge over its freehold property with interest payable at 4.07%. The balance of the loan was drawn down in January 2022 and repaid in November 2022.


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts falling due within one year
-
1,200,000
-
1,200,000






23.


Deferred taxation


Group



2023


£






At beginning of year
(45,997)


Charged to profit or loss
133,328



At end of year
87,331

Page 29

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
23.Deferred taxation (continued)

Company


2023


£






At beginning of year
(337,845)


Charged to profit or loss
223,989



At end of year
(113,856)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(160,501)
(146,162)
(113,856)
(86,531)

Investment property valuation surplus
-
(251,314)
-
(251,314)

Pension surplus
7,191
7,979
-
-

Tax losses carried forward
240,641
343,500
-
-

87,331
(45,997)
(113,856)
(337,845)


24.


Provisions


Group



Project provisions
Onerous contracts provision
Total

£
£
£





At 1 April 2022
23,907
1,991,447
2,015,354


Charged to profit or loss
26,093
(1,991,447)
(1,965,354)



At 31 March 2023
50,000
-
50,000

Project provisions
These relate to expected costs of old projects which have not been invoiced. The timing of payment of these amounts is uncertain and therefore management consider it prudent to include them as a provision.
Contract provisions
In the prior year a provision was made in relation to onerous sales contracts. These contracts have all now been completed and so the provision has been released in full.


25.


Share capital

2023
2022
Page 30

BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.Share capital (continued)

£
£
Allotted, called up and fully paid



60,600 (2022 - 60,600) Ordinary shares of £1.00 each
60,600
60,600



26.


Reserves

Fair value reserve

The cumulative net change in the fair value of the investment property.

Profit and loss 
The cumulative profit and loss, net of distribution to owners. 


27.


Commitments under operating leases

At 31 March 2023, the Group and the Company had future minimum revenue due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
-
115,000
-
270,000

-
115,000
-
270,000
At 31 March 2023, the Group and the Company had future minimum lease payments due under non-cancelable operating leases for each of the following periods:

Group
Group
2023
2022
£
£

Not later than 1 year
200,525
43,871

Later than 1 year and not later than 5 years
366,204
55,229

566,729
99,100

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BRYEN & LANGLEY (HOLDINGS) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

28.


Related party transactions

At the year end, the Group was owed £193,325 (2022: £284,211) from companies under common control. Of this amount, £171,990 (2022: £Nil) is repayable in monthly installments over 27 months and carries an annual interest rate of 6%. Interest received from this in the year loan totalled £3,991 (2022: £Nil). The remaining amounts due to the Group, totalling £21,335 (2022: £284,211) are repayable on demand and interest free. 
The Group owed companies under common control £385,664 (2022: £613,678) which have arisen on intercompany trade under standard trading terms of the respective companies.
During the period, purchases of £3,168,645 (2022: £5,558,621) were made from companies under common control and sales of £131,568 (2022: £288,292) were made to companies under common control.
During the period, the parent Company made sales of £72,569 (2022: £114,966) to companies under common control. 
Dividends amounting to £855,000 (2022: £210,000) were paid to 3 (2022: 3) directors.
Key Management Personnel
In the year, the Group paid total compensation of £456,195 (2022: £469,008) to key management personnel (excluding directors remuneration which is disclosed separately in note 9).


29.


Controlling party

The parent Company is controlled by the directors P McMahon, A C Escudier and D G Wrighton by virtue of their interests in the issued share capital of the company. 

 
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