REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MAY 2023 |
FOR |
I. & J.L. BROWN LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MAY 2023 |
FOR |
I. & J.L. BROWN LIMITED |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
I. & J.L. BROWN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
BALANCE SHEET |
31ST MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
Provisions for liabilities | 12 | ( |
) | ( |
) |
Net assets |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
BALANCE SHEET - continued |
31ST MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 13 |
Share premium |
Revaluation reserve |
Capital redemption reserve |
Undistr. reserves |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
1. | Statutory information |
I. & J.L. Brown Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated in the Balance sheet at cost less depreciation. |
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter: |
Freehold property | 1% straight line |
Fixtures & fittings | 10% straight line |
Motor vehicles | 25% straight line |
Plant & machinery | 10% - 33% straight line |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks & work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. 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 assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducing all of its liabilities. |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
2. | Accounting policies - continued |
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
2. | Accounting policies - continued |
Hire purchase |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs & other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees (including officers) |
The average number of employees during the year was |
4. | Tangible fixed assets |
Freehold | Plant & | Fixtures & | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st June 2022 |
and 31st May 2023 |
Depreciation |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
Net book value |
At 31st May 2023 |
At 31st May 2022 |
Included in cost of land and buildings is freehold land of £ 230,000 (2022 - £ 230,000 ) which is not depreciated. |
The net book value of tangible fixed assets includes £ 26,236 (2022 - £ 36,516 ) in respect of assets held under hire purchase contracts. |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
5. | Investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st June 2022 |
Impairments | ( |
) |
At 31st May 2023 |
Provisions |
At 1st June 2022 | 2 |
Impairments | (2 | ) |
At 31st May 2023 | - |
Net book value |
At 31st May 2023 |
At 31st May 2022 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: Unit 14, Whitestone Business Park, Whitestone, Hereford, HR1 3SE |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
The company was dissolved on 26th July 2022. |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
5. | Investments - continued |
Registered office: Unit 14, Whitestone Business Park, Whitestone, Hereford, HR1 3SE |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves | ( |
) |
The company was dissolved on 26th July 2022. |
6. | Investment property |
Total |
£ |
Fair value |
At 1st June 2022 |
and 31st May 2023 |
Net book value |
At 31st May 2023 |
At 31st May 2022 |
The fair value of freehold investment property is based on the directors' best estimate, having considered properties of a similar nature, condition and location. If accounted for under the historic cost convention, the properties would be measured at £767,248. |
There has been no valuation of investment property by an independent valuer. |
7. | Stocks |
31.5.23 | 31.5.22 |
£ | £ |
Stocks |
Work-in-progress |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
8. | Debtors: amounts falling due within one year |
31.5.23 | 31.5.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments & accrued income |
9. | Creditors: amounts falling due within one year |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans & overdrafts |
Hire purchase contracts |
Trade creditors |
Social security & other taxes |
Other creditors |
Pension contributions unpaid | 4,581 | 8,498 |
Payments received on account | 122,280 | 538,039 |
10. | Creditors: amounts falling due after more than one year |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans - two to five years |
Hire purchase contracts |
Deferred income | - | 13,154 |
Other creditors | - | 4,750 |
Directors' loan accounts | 360,096 | 205,096 |
11. | Secured debts |
Bank loans totalling £145,834 are secured on property owned by the Company. |
12. | Provisions for liabilities |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax | 144,700 | 289,000 |
I. & J.L. BROWN LIMITED (REGISTERED NUMBER: 01833654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
12. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1st June 2022 |
Provided in year | 7,000 |
Losses | (151,300 | ) |
Balance at 31st May 2023 |
13. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary | £1 | 60,000 | 60,000 |
14. | Contingent liabilities |
There were no contingent liabilities as at 31st May 2023. |
15. | Financial commitments |
The total amount of financial commitments not included in the balance sheet is £nil (2022: £8,750) as at 31st May 2023. |
16. | Related party disclosures |
During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance at the year end was £360,096 owed by the company (2022: £205,096), and was considered payable after more than one year. |
Interest of £20,495 was charged by the directors during the year at the rate of 11.75% (2022: £18,298). |