Company registration number 00907446 (England and Wales)
JOHN BRADLEY & SON (SPRINGS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
JOHN BRADLEY & SON (SPRINGS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JOHN BRADLEY & SON (SPRINGS) LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
49,700
74,550
Tangible assets
5
197,103
219,029
246,803
293,579
Current assets
Stocks
253,042
244,691
Debtors
6
486,284
722,534
Cash at bank and in hand
46,808
18,736
786,134
985,961
Creditors: amounts falling due within one year
7
(817,117)
(786,599)
Net current (liabilities)/assets
(30,983)
199,362
Total assets less current liabilities
215,820
492,941
Creditors: amounts falling due after more than one year
8
(72,923)
(135,699)
Provisions for liabilities
(44,446)
(37,085)
Net assets
98,451
320,157
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss reserves
88,451
310,157
Total equity
98,451
320,157
JOHN BRADLEY & SON (SPRINGS) LTD
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
N A Bradley
Director
Company registration number 00907446 (England and Wales)
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
John Bradley & Son (Springs) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Junction 21 Business Park, Gorse Street, Chadderton, Oldham, Lancashire, OL9 9QH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant on the ongoing support of its lenders and invoice factoring facility to meets its liabilities as they fall due. The directors are not aware of any reasons why these borrowings will not be maintained at their current levels. As a result the directors have continued to adopt the going concern basis in preparing the financial statements. true
1.3
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
15% Reducing balance
Fixtures and fittings
33.33% Straight line / 15% Reducing balance
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
38
39
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
355,000
Amortisation and impairment
At 1 July 2022
280,450
Amortisation charged for the year
24,850
At 30 June 2023
305,300
Carrying amount
At 30 June 2023
49,700
At 30 June 2022
74,550
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
8,729
963,761
972,490
Disposals
(9,500)
(9,500)
At 30 June 2023
8,729
954,261
962,990
Depreciation and impairment
At 1 July 2022
5,459
748,002
753,461
Depreciation charged in the year
437
21,489
21,926
Eliminated in respect of disposals
(9,500)
(9,500)
At 30 June 2023
5,896
759,991
765,887
Carrying amount
At 30 June 2023
2,833
194,270
197,103
At 30 June 2022
3,270
215,759
219,029
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
103,481
108,655
103,481
108,655
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
281,990
357,301
Other debtors
204,294
365,233
486,284
722,534
Other debtors include a loan to a connected company. At 30 June 2023 the amount owed to the company was £202,951 (2022 - £225,908). The loan is unsecured, interest free and repayable on demand.
Other debtors also include an amount of £Nil (2022 - £133,975) due from one of the company's directors.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
16,460
16,460
Other borrowings
54,882
50,132
Trade creditors
86,280
182,943
Corporation tax
6,685
49,736
Other taxation and social security
76,123
83,763
Other creditors
198,625
234,207
Accruals and deferred income
378,062
169,358
817,117
786,599
Amounts owed in respect of finance leases are secured on the assets to which they relate.
Other borrowings include an amount of £46,316 (2022 - £46,316) advanced from Close Brothers, the liability is unsecured and is subject to an interest rate of 4.5% above base rate.
Other creditors include an amount of £198,410 (2022 - £233,992) relating to advances received in respect of factored debts. The liability is secured by a fixed and floating charge over the assets of the company.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
34,327
50,787
Other borrowings
38,596
84,912
72,923
135,699
Amounts owed in respect of finance leases are secured on the assets to which they relate.
Other borrowings represent an amount of £38,596 (2022 - £84,912) advanced from Close Brothers, the liability is unsecured and is subject to an interest rate of 4.5% above base rate.
JOHN BRADLEY & SON (SPRINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
44,446
37,085
2023
Movements in the year:
£
Liability at 1 July 2022
37,085
Charge to profit or loss
7,361
Liability at 30 June 2023
44,446
The deferred tax liability set out above is expected to reverse over the useful life of the assets concerned and relates to accelerated capital allowances that are expected to mature within the same period.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
11
Financial commitments, guarantees and contingent liabilities
The company has given a cross company guarantee and indemnity on behalf of connected company Precision Components & Equipment Limited in respect of obligations relating to a debt factoring facility. The balance outstanding at 30 June 2023 was £721,093.
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
548,583
775,583
The above amount represents the total amount payable over the total lease terms.
The amount due in respect of operating leases within twelve months is £227,000 (2022: £227,000).
2023-06-302022-07-01false16 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityN A BradleyH E BradleyH StottD BradleyD Bradley & H E Bradleyfalse009074462022-07-012023-06-30009074462023-06-30009074462022-06-3000907446core:NetGoodwill2023-06-3000907446core:NetGoodwill2022-06-3000907446core:LandBuildings2023-06-3000907446core:OtherPropertyPlantEquipment2023-06-3000907446core:LandBuildings2022-06-3000907446core:OtherPropertyPlantEquipment2022-06-3000907446core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3000907446core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3000907446core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3000907446core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3000907446core:CurrentFinancialInstruments2023-06-3000907446core:CurrentFinancialInstruments2022-06-3000907446core:Non-currentFinancialInstruments2023-06-3000907446core:Non-currentFinancialInstruments2022-06-3000907446core:ShareCapital2023-06-3000907446core:ShareCapital2022-06-3000907446core:RetainedEarningsAccumulatedLosses2023-06-3000907446core:RetainedEarningsAccumulatedLosses2022-06-3000907446bus:Director12022-07-012023-06-3000907446core:Goodwill2022-07-012023-06-3000907446core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3000907446core:PlantMachinery2022-07-012023-06-3000907446core:FurnitureFittings2022-07-012023-06-3000907446core:MotorVehicles2022-07-012023-06-30009074462021-07-012022-06-3000907446core:NetGoodwill2022-06-3000907446core:NetGoodwill2022-07-012023-06-3000907446core:LandBuildings2022-06-3000907446core:OtherPropertyPlantEquipment2022-06-30009074462022-06-3000907446core:LandBuildings2022-07-012023-06-3000907446core:OtherPropertyPlantEquipment2022-07-012023-06-3000907446core:WithinOneYear2023-06-3000907446core:WithinOneYear2022-06-3000907446bus:PrivateLimitedCompanyLtd2022-07-012023-06-3000907446bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3000907446bus:FRS1022022-07-012023-06-3000907446bus:AuditExemptWithAccountantsReport2022-07-012023-06-3000907446bus:Director22022-07-012023-06-3000907446bus:Director32022-07-012023-06-3000907446bus:Director42022-07-012023-06-3000907446bus:CompanySecretary12022-07-012023-06-3000907446bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP