Company registration number 09816251 (England and Wales)
BROMELLS CONTRACTORS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BROMELLS CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BROMELLS CONTRACTORS LIMITED
BALANCE SHEET
AS AT 30 MARCH 2023
30 March 2023
- 1 -
30 March 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,268
5,268
Tangible assets
4
1,113,369
1,102,938
1,118,637
1,108,206
Current assets
Stocks
71,500
69,540
Debtors
5
237,912
187,468
Cash at bank and in hand
450
10,830
309,862
267,838
Creditors: amounts falling due within one year
6
(1,128,456)
(1,094,513)
Net current liabilities
(818,594)
(826,675)
Total assets less current liabilities
300,043
281,531
Creditors: amounts falling due after more than one year
7
(79,238)
(61,563)
Provisions for liabilities
(210,775)
(219,321)
Net assets
10,030
647
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9,930
547
Total equity
10,030
647

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BROMELLS CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2023
30 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
Mr PJ Bromell
Mr JR Bromell
Director
Director
Company registration number 09816251 (England and Wales)
BROMELLS CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
Company information

Bromells Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Muswell Leys Farm, Willey, Rugby, CV23 0SL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for agricultural sales and contracting services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Single Farm Entitlements
Not amortised
BROMELLS CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Not depreciated
Farm equipment
15% per annum of net book value
Tractors
15% per annum of net book value
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.7
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

BROMELLS CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 30 March 2023
5,268
Amortisation and impairment
At 1 April 2022 and 30 March 2023
-
0
Carrying amount
At 30 March 2023
5,268
At 31 March 2022
5,268
BROMELLS CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
37,245
2,924,397
2,961,642
Additions
-
0
224,000
224,000
Disposals
-
0
(182,775)
(182,775)
At 30 March 2023
37,245
2,965,622
3,002,867
Depreciation and impairment
At 1 April 2022
-
0
1,858,704
1,858,704
Depreciation charged in the year
-
0
170,912
170,912
Eliminated in respect of disposals
-
0
(140,118)
(140,118)
At 30 March 2023
-
0
1,889,498
1,889,498
Carrying amount
At 30 March 2023
37,245
1,076,124
1,113,369
At 31 March 2022
37,245
1,065,693
1,102,938
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
237,502
186,779
Prepayments and accrued income
410
689
237,912
187,468
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
276,842
220,679
Obligations under finance leases
130,675
166,790
Trade creditors
102,047
66,658
Other taxation and social security
25,661
10,124
Other creditors
586,015
623,034
Accruals and deferred income
7,216
7,228
1,128,456
1,094,513

Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £407,517 (2022 - £387,469).

BROMELLS CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
79,238
61,563

Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £79,238 (2022 - £61,563).

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,500
3,309
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