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S.BRANNAN & SONS,LIMITED

Registered Number
00290512
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

S.BRANNAN & SONS,LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

BAMFORTH, John Richard
BRANNAN, Andrew Martin
HRYB, Clare Kathleen
TAYLOR, Juliet Helen

Registered Address

Unit 1 Leconfield Industrial Estate
Cleator Moor
CA25 5QE

Registered Number

00290512 (England and Wales)
S.BRANNAN & SONS,LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7161,304184,252
Investments8400400
161,704184,652
Current assets
Stocks111,502,0931,369,276
Debtors12645,999617,720
Cash at bank and on hand90,801111,376
2,238,8932,098,372
Creditors amounts falling due within one year13(579,185)(727,485)
Net current assets (liabilities)1,659,7081,370,887
Total assets less current liabilities1,821,4121,555,539
Creditors amounts falling due after one year14(4,375)(5,125)
Provisions for liabilities15(394,487)(171,570)
Net assets1,422,5501,378,844
Capital and reserves
Called up share capital335,579335,579
Other reserves51,42151,421
Profit and loss account1,035,550991,844
Shareholders' funds1,422,5501,378,844
The financial statements were approved and authorised for issue by the Board of Directors on 23 November 2023, and are signed on its behalf by:
BRANNAN, Andrew Martin
Director
Registered Company No. 00290512
S.BRANNAN & SONS,LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard 102 applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:
Intangible assets policy
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Patents has been set at 4-6 years and the asset will be amortized on a straight line basis over that period.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company 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.
4.Employee information

20232022
Average number of employees during the year4438
5.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2213,71913,719
At 31 March 2313,71913,719
Amortisation and impairment
At 01 April 2213,71913,719
At 31 March 2313,71913,719
Net book value
At 31 March 23--
At 31 March 22--
6.Useful life of intangible asset
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Patents are amortised between 4 and 6 years
7.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 April 221,273,2721,273,272
Additions33,69733,697
Disposals(78,889)(78,889)
At 31 March 231,228,0801,228,080
Depreciation and impairment
At 01 April 221,089,0201,089,020
Charge for year51,84151,841
On disposals(74,085)(74,085)
At 31 March 231,066,7761,066,776
Net book value
At 31 March 23161,304161,304
At 31 March 22184,252184,252
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 22400400
At 31 March 23400400
Net book value
At 31 March 23400400
At 31 March 22400400

Notes

1Investments in group undertakings and participating interests
9.Description of financial commitments other than capital commitments
At 31 March 2023 the company had future minimum lease payments under non-cancellable operating leases of £25,007 (2022: £49,932).
10.Off balance sheet pension commitments
The pension cost charge represents the contributions payable to these schemes and was £52,904 (2022- £40,356).
11.Stocks

2023

2022

££
Raw materials and consumables300,332270,206
Work in progress174,30981,017
Finished goods1,027,4521,018,053
Total1,502,0931,369,276
12.Debtors

2023

2022

££
Trade debtors / trade receivables622,116590,242
Other debtors1,0411,041
Prepayments and accrued income22,84226,437
Total645,999617,720
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables97,770251,845
Taxation and social security109,082116,796
Other creditors42,18539,029
Accrued liabilities and deferred income330,148319,815
Total579,185727,485
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
14.Creditors after one year

2023

2022

££
Other creditors4,3755,125
Total4,3755,125
15.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. Other provisions relate to a dilapidation provision.

2023

2022

££
Net deferred tax liability (asset)33,3824,570
Other provisions361,105167,000
Total394,487171,570