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Company registration number: 04509020
BRP Trevor Limited
Unaudited filleted financial statements
31 August 2023
BRP Trevor Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
BRP Trevor Limited
Directors and other information
Director Mr Paul Trevor
Company number 04509020
Registered office Market Place
Swineshead
Boston
Lincolnshire
PE20 3LJ
Business address Market Place
Swineshead
Boston
Lincolnshire
PE20 3LJ
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
BRP Trevor Limited
Report to the director on the preparation of the
unaudited statutory financial statements of BRP Trevor Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BRP Trevor Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of BRP Trevor Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BRP Trevor Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BRP Trevor Limited and its director as a body for our work or for this report.
It is your duty to ensure that BRP Trevor Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BRP Trevor Limited. You consider that BRP Trevor Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BRP Trevor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
23 November 2023
BRP Trevor Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 219,182 204,034
_______ _______
219,182 204,034
Current assets
Stocks 125,547 130,325
Debtors 6 51,773 137,085
Cash at bank and in hand 382,104 278,079
_______ _______
559,424 545,489
Creditors: amounts falling due
within one year 7 ( 176,786) ( 254,747)
_______ _______
Net current assets 382,638 290,742
_______ _______
Total assets less current liabilities 601,820 494,776
Provisions for liabilities ( 6,745) ( 21,214)
_______ _______
Net assets 595,075 473,562
_______ _______
Capital and reserves
Called up share capital 8 3 3
Revaluation reserve 75,218 75,218
Profit and loss account 519,854 398,341
_______ _______
Shareholders funds 595,075 473,562
_______ _______
For the year ending 31 August 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 and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr Paul Trevor
Director
Company registration number: 04509020
BRP Trevor Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Market Place, Swineshead, Boston, Lincolnshire, PE20 3LJ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Office Equiptment - 33 % reducing balance
Motor vehicles - 20 % 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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 5 (2022: 7 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2022 175,000 45,116 17,217 46,110 283,443
Additions - 3,069 2,546 27,500 33,115
Disposals - ( 13,720) ( 11,378) ( 16,925) ( 42,023)
_______ _______ _______ _______ _______
At 31 August 2023 175,000 34,465 8,385 56,685 274,535
_______ _______ _______ _______ _______
Depreciation
At 1 September 2022 - 29,851 13,152 36,406 79,409
Charge for the year - 1,911 1,292 6,803 10,006
Disposals - ( 10,309) ( 10,224) ( 13,529) ( 34,062)
_______ _______ _______ _______ _______
At 31 August 2023 - 21,453 4,220 29,680 55,353
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 175,000 13,012 4,165 27,005 219,182
_______ _______ _______ _______ _______
At 31 August 2022 175,000 15,265 4,065 9,704 204,034
_______ _______ _______ _______ _______
Investment property
All freehold property is held for investment purposes. The property was purchased for £82,139. The revaluation is shown in other reserves. There has been no valuation of investment property by an independent valuer.
6. Debtors
2023 2022
£ £
Trade debtors 42,803 114,532
Other debtors 8,970 22,553
_______ _______
51,773 137,085
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 25,362 56,347
Social security and other taxes 48,795 25,694
Other creditors 102,629 172,706
_______ _______
176,786 254,747
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares of £ 1.00 each 2 2 3 3
Ordinary B shares of £ 1.00 each 1 1 - -
_______ _______ _______ _______
3 3 3 3
_______ _______ _______ _______