Registered number
00407624
The London and Brighton Plating Company Limited
Filleted Accounts
31 March 2023
The London and Brighton Plating Company Limited
Registered number: 00407624
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 56,206 50,959
Tangible assets 5 824,007 777,368
880,213 828,327
Current assets
Stocks 25,000 26,895
Debtors 6 1,495,124 1,442,428
Cash at bank and in hand 195,374 219,725
1,715,498 1,689,048
Creditors: amounts falling due within one year 7 (498,002) (328,316)
Net current assets 1,217,496 1,360,732
Total assets less current liabilities 2,097,709 2,189,059
Creditors: amounts falling due after more than one year 8 (622,492) (668,570)
Provisions for liabilities
Deferred tax 10 (107,189) (97,670)
Net assets 1,368,028 1,422,819
Capital and reserves
Called up share capital 10,000 10,000
Share premium 24,709 24,709
Capital redemption 295,479 295,479
Revaluation reserve 11 371,419 375,197
Profit and loss account 666,421 717,434
Shareholders' funds 1,368,028 1,422,819
(Continued)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stefan De Lillis
Director
Approved by the board on 10 October 2023
The London and Brighton Plating Company Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold land and buildings over 100 years
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Blank
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Intangible fixed assets £
Intellectual property:
Cost
At 1 April 2022 91,206
Additions 52,950
At 31 March 2023 144,156
Amortisation
At 1 April 2022 40,247
Provided during the year 47,703
At 31 March 2023 87,950
Net book value
At 31 March 2023 56,206
At 31 March 2022 50,959
IP is being written off in annual instalments over its estimated economic life of 3 to 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 799,999 611,571 16,800 1,428,370
Additions - 105,896 - 105,896
Disposals - - (16,800) (16,800)
At 31 March 2023 799,999 717,467 - 1,517,466
Depreciation
At 1 April 2022 78,537 558,595 13,870 651,002
Charge for the year 3,295 47,077 - 50,372
Surplus on revaluation 5,955 - - 5,955
On disposals - - (13,870) (13,870)
At 31 March 2023 87,787 605,672 - 693,459
Net book value
At 31 March 2023 712,212 111,795 - 824,007
At 31 March 2022 721,462 52,976 2,930 777,368
Freehold land and buildings: 2023 2022
£ £
Historical cost 329,547 329,547
Cumulative depreciation based on historical cost (75,877) (72,582)
253,670 256,965
6 Debtors 2023 2022
£ £
Trade debtors 311,605 297,173
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,145,255 1,145,255
Other debtors 38,264 -
1,495,124 1,442,428
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 62,000 84,000
Obligations under finance lease and hire purchase contracts 8,830 -
Trade creditors 182,378 40,328
Taxation and social security costs 32,962 85,817
Other creditors 211,832 118,171
498,002 328,316
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 622,492 668,570
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 684,492 752,570
The bank loans are secured by a fixed charge against the property and a fixed and floating charge over all other assets of the company.
10 Deferred tax 2023 2022
£ £
On capital allowances in advance of depreciation 11,696 8,370
On revalued property (2,177) 89,300
9,519 97,670
11 Revaluation reserve 2023 2022
£ £
At 1 April 2022 375,197 -
Gain on revaluation of land and buildings - 470,452
Transfer to profit and loss account (5,955) (5,955)
Deferred taxation arising on the revaluation of land and buildings 2,177 (89,300)
At 31 March 2023 371,419 375,197
12 Controlling party
The company is a wholly owned subsidiary of Symphony Delta Limited whose registered office is: Grove House Main Road, Elm, Cambridgeshire PE14 0AG.
13 Other information
The London and Brighton Plating Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
100 North Street
Portslade
Brighton
West Sussex
BN41 1DG
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