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Registration number: 01174747

Batorer Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Batorer Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Batorer Limited

(Registration number: 01174747)
Balance Sheet as at 31 July 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

361,461

 

308,805

Current assets

   

 

Stocks

220,417

 

214,938

 

Debtors

6

573,516

 

672,200

 

Cash at bank and in hand

 

34,249

 

31,664

 

 

828,182

 

918,802

 

Creditors: Amounts falling due within one year

7

(786,014)

 

(883,436)

 

Net current assets

   

42,168

 

35,366

Total assets less current liabilities

   

403,629

 

344,171

Creditors: Amounts falling due after more than one year

7

 

(174,898)

 

(205,690)

Provisions for liabilities

 

(84,000)

 

(43,000)

Net assets

   

144,731

 

95,481

Capital and reserves

   

 

Called up share capital

11

1,500

 

2,000

 

Share premium reserve

18,000

 

18,000

 

Other reserves

48,500

 

48,000

 

Profit and loss account

76,731

 

27,481

 

Total equity

   

144,731

 

95,481

 

Batorer Limited

(Registration number: 01174747)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 November 2023
 

.........................................
S J Irving
Director

 

Batorer Limited

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

1

General information

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

The address of its registered office is:
Rawfolds Way
Spen Valley Industrial Park
Cleckheaton
West Yorkshire
BD19 5LJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there if reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Where a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Batorer Limited

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over term of lease

Tools & fixtures

20% straight line

Computer equipment

25% straight line

Plant & machinery

Equally over 7 years

Tooling & machine parts

Equally over 7 years

Research and development

Expenditure on research and development is written off against profits in the year in which it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Batorer Limited

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

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

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

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

Share capital

Ordinary shares are classified as equity.

Dividends

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

Defined contribution pension obligation

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

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

 

Batorer Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 41 (2022 - 41).

4

Government grants

During the year the company has received grant income of £Nil (2022 - £8,326) in respect of the Coronavirus Job Retention Scheme.
During the year the company has received grant income of £2,899 (2022 -£Nil) in respect of the Grant from LCR Supply Chain Programme.

 

Batorer Limited

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

5

Tangible assets

Leasehold improvements
£

Plant and machinery, Tooling & machine parts
 £

Tools, fixtures & Computer equipment
 £

Total
£

Cost or valuation

At 1 August 2022

137,385

2,626,310

130,823

2,894,518

Additions

2,853

120,394

4,920

128,167

At 31 July 2023

140,238

2,746,704

135,743

3,022,685

Depreciation

At 1 August 2022

127,048

2,335,107

123,558

2,585,713

Charge for the year

8,804

62,391

4,316

75,511

At 31 July 2023

135,852

2,397,498

127,874

2,661,224

Carrying amount

At 31 July 2023

4,386

349,206

7,869

361,461

At 31 July 2022

10,337

291,203

7,265

308,805

6

Debtors

Current

2023
£

2022
£

Trade debtors

530,200

594,954

Prepayments

41,462

35,917

Other debtors

1,854

41,329

 

573,516

672,200

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

132,478

110,261

Trade creditors

 

248,341

219,666

Taxation and social security

 

122,719

106,162

Accruals and deferred income

 

20,235

47,196

Other creditors

 

262,241

400,151

 

786,014

883,436

Included in other creditors is an amount of £260,344 (2022 : £397,565) relating to invoice financing, this is secured on the assets of the company.

 

Batorer Limited

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

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

174,898

205,690

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,334

33,333

Hire purchase contracts

90,144

67,928

Other borrowings

9,000

9,000

132,478

110,261

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,555

63,889

Hire purchase contracts

144,343

141,801

174,898

205,690

Bank borrowings

The carrying amount at year end is £63,888 (2022 - £97,222).

Fixed & floating charge over all the property or undertaking of the company was released during the year.

Other borrowings

The carrying amount of Finance lease liabilities at the year end is £234,487 (2022 - £209,729)

Finance lease liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £543,308 (2022 - £102,831).

 

Batorer Limited

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

10

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Interest free loan

9,999

(9,999)

-

       
     

 

2022

At 1 August 2021
£

Advances to director
£

At 31 July 2022
£

Interest free loan

-

9,999

9,999

       
     

 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

"A" Ordinary shares of £1 each

1,000

1,000

1,500

1,500

"B" Ordinary shares of £1 each

500

500

500

500

 

1,500

1,500

2,000

2,000