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BRUMFIT FACTORY EQUIPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRUMFIT FACTORY EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: J P Drake
D W Drake
Mrs D Drake





REGISTERED OFFICE: Foundry Works
Gibson Street
Bradford
West Yorkshire
BD3 9TF





REGISTERED NUMBER: 04424282 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 9,919 13,255

CURRENT ASSETS
Stocks 13,500 11,100
Debtors 6 30,649 38,891
Cash at bank 38,318 52,112
82,467 102,103
CREDITORS
Amounts falling due within one year 7 61,486 80,885
NET CURRENT ASSETS 20,981 21,218
TOTAL ASSETS LESS CURRENT LIABILITIES 30,900 34,473

PROVISIONS FOR LIABILITIES 8 1,811 2,429
NET ASSETS 29,089 32,044

CAPITAL AND RESERVES
Called up share capital 9 103 103
Retained earnings 28,986 31,941
SHAREHOLDERS' FUNDS 29,089 32,044

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

BALANCE SHEET - continued
31 MAY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





J P Drake - Director


BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Brumfit Factory Equipment 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.

In accordance with Section 444 of the Companies Act 2006, the Directors Report has not been delivered.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Income and Retained Earnings over the estimated expected useful life of the asset concerned.

Other grants are credited to the Statement of Income and Retained Earnings either when received or, if appropriate, on a performance basis when the relevant expenditure is incurred or any specific qualifying obligations completed.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022
and 31 May 2023 19,670 4,004 40,484 4,271 68,429
DEPRECIATION
At 1 June 2022 19,048 2,672 29,807 3,647 55,174
Charge for year 155 200 2,669 312 3,336
At 31 May 2023 19,203 2,872 32,476 3,959 58,510
NET BOOK VALUE
At 31 May 2023 467 1,132 8,008 312 9,919
At 31 May 2022 622 1,332 10,677 624 13,255

BRUMFIT FACTORY EQUIPMENT LIMITED (REGISTERED NUMBER: 04424282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 28,137 36,736
Prepayments 2,512 2,155
30,649 38,891

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 11,978 12,155
Tax 1,332 7,647
Social security and other taxes 1,250 1,029
VAT 2,078 5,088
Directors' current accounts 42,953 53,161
Accrued expenses 1,895 1,805
61,486 80,885

Loans from directors are interest free and repayable on demand.

8. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 1,811 2,429

Deferred
tax
£   
Balance at 1 June 2022 2,429
Accelerated capital allowances (618 )
Balance at 31 May 2023 1,811

The deferred tax balance is made up entirely of accelerated capital allowances.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary 1 100 100
3 Ordinary A to E 1 3 3
103 103