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REGISTERED NUMBER: 01833654 (England and Wales)





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: I Brown
J L Brown
S L Hilton
M J Holliday





Secretary: J Hilton





Registered office: The Manor
Ballingham
Hereford
HR2 6NH





Registered number: 01833654 (England and Wales)

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 2,091,784 2,191,495
Investments 5 - -
Investment property 6 1,790,000 1,790,000
3,881,784 3,981,495

Current assets
Stocks 7 161,279 535,776
Debtors 8 70,381 280,936
Cash at bank and in hand 12,823 203,328
244,483 1,020,040
Creditors
Amounts falling due within one year 9 768,289 1,004,099
Net current (liabilities)/assets (523,806 ) 15,941
Total assets less current liabilities 3,357,978 3,997,436

Creditors
Amounts falling due after more than one
year

10

(455,930

)

(379,550

)

Provisions for liabilities 12 (144,700 ) (289,000 )
Net assets 2,757,348 3,328,886

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 60,000 60,000
Share premium 90,766 90,766
Revaluation reserve 670,159 670,159
Capital redemption reserve 275,000 275,000
Undistr. reserves 1,022,752 1,022,752
Retained earnings 638,671 1,210,209
Shareholders' funds 2,757,348 3,328,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16th January 2024 and were signed on its behalf by:




I Brown - Director



M J Holliday - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 property1% straight line
Fixtures & fittings10% straight line
Motor vehicles25% straight line
Plant & machinery10% - 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 26 (2022 - 26 ) .

4. Tangible fixed assets
Freehold Plant & Fixtures & Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1st June 2022
and 31st May 2023 2,670,361 425,485 57,104 41,120 3,194,070
Depreciation
At 1st June 2022 580,409 363,697 53,865 4,604 1,002,575
Charge for year 24,404 61,788 3,239 10,280 99,711
At 31st May 2023 604,813 425,485 57,104 14,884 1,102,286
Net book value
At 31st May 2023 2,065,548 - - 26,236 2,091,784
At 31st May 2022 2,089,952 61,788 3,239 36,516 2,191,495

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 2
Impairments (2 )
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:

Country Style Furniture Limited
Registered office: Unit 14, Whitestone Business Park, Whitestone, Hereford, HR1 3SE
Nature of business: Furniture retail
%
Class of shares: holding
Ordinary 100.00
31.5.23 31.5.22
£ £
Aggregate capital and reserves - 93

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

Cotswold Furniture Collection Limited
Registered office: Unit 14, Whitestone Business Park, Whitestone, Hereford, HR1 3SE
Nature of business: Furniture retail
%
Class of shares: holding
Ordinary 100.00
31.5.23 31.5.22
£ £
Aggregate capital and reserves - (890 )

The company was dissolved on 26th July 2022.

6. Investment property
Total
£
Fair value
At 1st June 2022
and 31st May 2023 1,790,000
Net book value
At 31st May 2023 1,790,000
At 31st May 2022 1,790,000

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 58,746 143,345
Work-in-progress 102,533 392,431
161,279 535,776

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 9,497 104,679
Other debtors 4,099 108,375
Prepayments & accrued income 56,785 67,882
70,381 280,936

9. Creditors: amounts falling due within one year
31.5.23 31.5.22
£ £
Bank loans & overdrafts 132,035 50,000
Hire purchase contracts 10,717 15,609
Trade creditors 116,974 158,099
Social security & other taxes 73,672 100,539
Other creditors 308,030 133,315
Pension contributions unpaid 4,581 8,498
Payments received on account 122,280 538,039
768,289 1,004,099

10. Creditors: amounts falling due after more than one year
31.5.23 31.5.22
£ £
Bank loans - two to five years 95,834 145,833
Hire purchase contracts - 10,717
Deferred income - 13,154
Other creditors - 4,750
Directors' loan accounts 360,096 205,096
455,930 379,550

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 289,000
Provided in year 7,000
Losses (151,300 )
Balance at 31st May 2023 144,700

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £ £
60,000 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).