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Company registration number: NI032131
M & P Bradley Ltd
Filleted financial statements
30 September 2023
M & P Bradley Ltd
Contents
Directors and other information
Balance sheet
Notes to the financial statements
M & P Bradley Ltd
Directors and other information
Directors Mr M. G. Bradley
Mr P. J. Bradley
Mrs M. B. Bradley
Mrs M. T. Bradley
Secretary Mr P. J. Bradley
Company number NI032131
Registered office 966 Shore Road
Newtownabbey
Co. Antrim
BT36 7DJ
Auditor Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers Danske Bank
North Business Centre
1-2 Broadway
Ballymena
BT43 7AA
Solicitors McKeone McGilloway
1 Carlisle Terrace
Derry
BT48 6JX
M & P Bradley Ltd
Balance sheet
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 701,199 538,536
_______ _______
701,199 538,536
Current assets
Stocks 6 1,319,239 1,389,668
Debtors:
Amounts falling due within one year 7 5,120,655 5,005,865
Cash at bank and in hand 9,169,633 7,682,011
_______ _______
15,609,527 14,077,544
Creditors: amounts falling due
within one year 8 ( 1,413,801) ( 1,376,801)
_______ _______
Net current assets 14,195,726 12,700,743
_______ _______
Total assets less current liabilities 14,896,925 13,239,279
Provisions for liabilities ( 140,196) ( 75,522)
_______ _______
Net assets 14,756,729 13,163,757
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 14,756,629 13,163,657
_______ _______
Shareholders funds 14,756,729 13,163,757
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account and directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2024 , and are signed on behalf of the board by:
Mr P. J. Bradley
Director
Company registration number: NI032131
M & P Bradley Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 966 Shore Road, Newtownabbey, Co. Antrim, BT36 7DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - No depreciation
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Stocks are also assessed for impairment at each reporting date and provision is made immediately in the profit and loss account for damaged, obsolete and slow-moving stock where appropriate.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The company only holds basic financial instruments at the reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2022: 35 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 130,462 685,928 543,264 1,359,654
Additions - 132,650 246,601 379,251
Disposals - ( 72,100) ( 61,791) ( 133,891)
_______ _______ _______ _______
At 30 September 2023 130,462 746,478 728,074 1,605,014
_______ _______ _______ _______
Depreciation
At 1 October 2022 - 476,851 344,267 821,118
Charge for the year - 62,195 80,489 142,684
Disposals - ( 41,349) ( 18,638) ( 59,987)
_______ _______ _______ _______
At 30 September 2023 - 497,697 406,118 903,815
_______ _______ _______ _______
Carrying amount
At 30 September 2023 130,462 248,781 321,956 701,199
_______ _______ _______ _______
At 30 September 2022 130,462 209,077 198,997 538,536
_______ _______ _______ _______
6. Stocks
2023 2022
£ £
Raw materials 520,056 707,569
Work in progress 799,183 682,099
_______ _______
1,319,239 1,389,668
_______ _______
7. Debtors
Debtors falling due within one year are as follows:
2023 2022
£ £
Trade debtors 2,047,467 1,833,085
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,626,797 1,626,797
Other debtors 1,446,391 1,545,983
_______ _______
5,120,655 5,005,865
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,695 1,320
Trade creditors 653,512 1,027,896
Corporation tax 353,226 -
Social security and other taxes 361,533 261,629
Other creditors 42,835 85,956
_______ _______
1,413,801 1,376,801
_______ _______
The bank overdraft is secured by: - a debenture over all of the assets and undertakings, - a personal guarantee of £100,000 each from Patrick Bradley and from Michael Bradley; - a first legal mortgage over the property at 966 - 968 Shore Road, Newtownabbey, County Antrim.
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Summary audit opinion
The auditor's report for the year dated 08 February 2024 was unqualified.
The senior statutory auditor was Fergus McAteer for and on behalf of Fergus McAteer & Co.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr M. G. Bradley - - -
Mr P. J. Bradley - - -
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr M. G. Bradley 236,487 ( 236,487) -
Mr P. J. Bradley 236,487 ( 236,487) -
_______ _______ _______
472,974 ( 472,974) -
_______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Related Parties 23,585 ( 587,541) 1,603,962 1,580,377
_______ _______ _______ _______
Parties are related as they have common directors, shareholders and owners.
13. Ethical standards
In common with many other businesses of this size and nature the directors use the auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements, as per Section 6 of the FRC Ethical Standard.
14. Controlling party
Mr M. G. Bradley and Mr P. J. Bradley are the ultimate controlling parties of the company.