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Registration number: 03587415

Brutons Hardware Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2023

 

Brutons Hardware Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Brutons Hardware Limited

Company Information

Directors

Mr G J D Stemp

Mrs J L Stemp

Registered office

Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

Accountants

Holberton and Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

Brutons Hardware Limited

(Registration number: 03587415)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

50,717

63,653

Current assets

 

Stocks

6

52,408

46,835

Debtors

7

7,868

7,717

Investments

8

1,500

1,500

Cash at bank and in hand

 

40,345

36,385

 

102,121

92,437

Prepayments and accrued income

 

4,443

4,766

Creditors: Amounts falling due within one year

(94,544)

(92,319)

Net current assets

 

12,020

4,884

Total assets less current liabilities

 

62,737

68,537

Provisions for liabilities

(9,637)

(12,094)

Accruals and deferred income

 

(1,200)

(1,200)

Net assets

 

51,900

55,243

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

51,896

55,239

Shareholders' funds

 

51,900

55,243

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Brutons Hardware Limited

(Registration number: 03587415)
Abridged Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr G J D Stemp
Director

.........................................
Mrs J L Stemp
Director

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

The principal place of business is:
Old Market
Nailsworth
Stroud
Glos
GL5 0DD

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to Property

2% Straight line

Plant and machinery

25% Reducing balance

Fixtures and fittings

20% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

33% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Written off over 20 years

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 October 2022

19,000

At 30 September 2023

19,000

Amortisation

At 1 October 2022

19,000

At 30 September 2023

19,000

Carrying amount

At 30 September 2023

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

11,442

150,611

55,258

217,311

Additions

-

1,270

-

1,270

At 30 September 2023

11,442

151,881

55,258

218,581

Depreciation

At 1 October 2022

4,937

119,208

29,512

153,657

Charge for the year

229

7,541

6,437

14,207

At 30 September 2023

5,166

126,749

35,949

167,864

Carrying amount

At 30 September 2023

6,276

25,132

19,309

50,717

At 30 September 2022

6,505

31,402

25,746

63,653

Included within the net book value of land and buildings above is £5,564 (2022 - £5,764) in respect of freehold land and buildings and £713 (2022 - £742) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

52,408

46,835

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Current asset investments

2023
£

2022
£

Other investments

1,500

1,500

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

2

2

2

2

Ordinary B of £1 each

2

2

2

2

 

4

4

4

4

10

Dividends

   

2023

 

2022

   

£

 

£

         

11

Related party transactions

 

Brutons Hardware Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,612

44,264

Contributions paid to money purchase schemes

240

-

26,852

44,264