24 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 2,605,821 170,856 2,776,677 1,301,520 201,348 1,502,868 1,273,809 1,304,301 93 93 93 xbrli:pure xbrli:shares iso4217:GBP 06836628 2022-07-01 2023-06-30 06836628 2023-06-30 06836628 2022-06-30 06836628 2021-07-01 2022-06-30 06836628 2022-06-30 06836628 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-01 2023-06-30 06836628 core:FurnitureFittings 2022-07-01 2023-06-30 06836628 bus:Director1 2022-07-01 2023-06-30 06836628 core:WithinOneYear 2023-06-30 06836628 core:WithinOneYear 2022-06-30 06836628 core:AfterOneYear 2023-06-30 06836628 core:AfterOneYear 2022-06-30 06836628 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 06836628 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 06836628 core:LandBuildings 2022-06-30 06836628 core:PlantMachinery 2022-06-30 06836628 core:FurnitureFittings 2022-06-30 06836628 core:MotorVehicles 2022-06-30 06836628 core:LandBuildings 2023-06-30 06836628 core:PlantMachinery 2023-06-30 06836628 core:FurnitureFittings 2023-06-30 06836628 core:MotorVehicles 2023-06-30 06836628 core:LandBuildings 2022-07-01 2023-06-30 06836628 core:PlantMachinery 2022-07-01 2023-06-30 06836628 core:MotorVehicles 2022-07-01 2023-06-30 06836628 core:ShareCapital 2023-06-30 06836628 core:ShareCapital 2022-06-30 06836628 core:SharePremium 2023-06-30 06836628 core:SharePremium 2022-06-30 06836628 core:RevaluationReserve 2023-06-30 06836628 core:RevaluationReserve 2022-06-30 06836628 core:RetainedEarningsAccumulatedLosses 2023-06-30 06836628 core:RetainedEarningsAccumulatedLosses 2022-06-30 06836628 core:BetweenOneFiveYears 2022-06-30 06836628 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 06836628 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 06836628 core:Non-currentFinancialInstruments 2023-06-30 06836628 core:Non-currentFinancialInstruments 2022-06-30 06836628 core:LandBuildings 2022-06-30 06836628 core:PlantMachinery 2022-06-30 06836628 core:FurnitureFittings 2022-06-30 06836628 core:MotorVehicles 2022-06-30 06836628 bus:Director1 2022-06-30 06836628 bus:Director1 2023-06-30 06836628 bus:Director1 2021-06-30 06836628 bus:Director1 2022-06-30 06836628 bus:Director1 2021-07-01 2022-06-30 06836628 bus:SmallEntities 2022-07-01 2023-06-30 06836628 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 06836628 bus:FullAccounts 2022-07-01 2023-06-30 06836628 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 06836628 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06836628 core:LandBuildings core:ShortLeaseholdAssets 2022-07-01 2023-06-30 06836628 core:MotorCars 2022-06-30 06836628 core:MotorCars 2022-07-01 2023-06-30 06836628 core:MotorCars 2023-06-30
COMPANY REGISTRATION NUMBER: 06836628
Briggs Automotive Company (BAC) Limited
Filleted Unaudited Financial Statements
30 June 2023
Briggs Automotive Company (BAC) Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1,273,809
1,304,301
Tangible assets
6
1,164,283
905,114
Investments
7
93
93
------------
------------
2,438,185
2,209,508
Current assets
Stocks
1,536,864
1,361,786
Debtors
8
6,568,076
6,796,860
Cash at bank and in hand
1,095,976
434,426
------------
------------
9,200,916
8,593,072
Creditors: amounts falling due within one year
9
5,703,949
4,958,813
------------
------------
Net current assets
3,496,967
3,634,259
------------
------------
Total assets less current liabilities
5,935,152
5,843,767
Creditors: amounts falling due after more than one year
10
368,736
593,791
------------
------------
Net assets
5,566,416
5,249,976
------------
------------
Capital and reserves
Called up share capital
241
241
Share premium account
9,551,868
9,551,868
Revaluation reserve
915,000
590,000
Profit and loss account
( 4,900,693)
( 4,892,133)
------------
------------
Shareholders funds
5,566,416
5,249,976
------------
------------
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 statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Briggs Automotive Company (BAC) Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
Mr N A Briggs
Director
Company registration number: 06836628
Briggs Automotive Company (BAC) Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sycamore House, Sutton Quays Business Park, Sutton Weaver, Runcorn, Cheshire, WA7 3EH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed 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 .
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Research & Development
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is capitalised and amortised over the life of the project from the date that commercial production commences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Improvements to Leasehold Property
-
5 years straight line
Plant & Machinery
-
Moulds 2 years, Patterns 3 years, Tooling 10 years
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
5 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Short term debtors 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.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 24 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2022
2,605,821
Additions
170,856
------------
At 30 June 2023
2,776,677
------------
Amortisation
At 1 July 2022
1,301,520
Charge for the year
201,348
------------
At 30 June 2023
1,502,868
------------
Carrying amount
At 30 June 2023
1,273,809
------------
At 30 June 2022
1,304,301
------------
6. Tangible assets
Improvements to Leasehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Engineering Sign off Cars
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
104,291
465,618
207,229
30,530
590,000
1,397,668
Additions
420
1,968
325,000
327,388
---------
---------
---------
--------
---------
------------
At 30 Jun 2023
104,291
465,618
207,649
32,498
915,000
1,725,056
---------
---------
---------
--------
---------
------------
Depreciation
At 1 Jul 2022
65,696
248,794
151,796
26,268
492,554
Charge for the year
20,858
33,057
12,425
1,879
68,219
---------
---------
---------
--------
---------
------------
At 30 Jun 2023
86,554
281,851
164,221
28,147
560,773
---------
---------
---------
--------
---------
------------
Carrying amount
At 30 Jun 2023
17,737
183,767
43,428
4,351
915,000
1,164,283
---------
---------
---------
--------
---------
------------
At 30 Jun 2022
38,595
216,824
55,433
4,262
590,000
905,114
---------
---------
---------
--------
---------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
93
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
93
----
At 30 June 2022
93
----
The company owns 100% of the issued share capital of Briggs Automotive Company (BAC) USA, Inc. Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
During the previous year the company acquired 25% of the issued share capital of One of a Kind Events Ltd, a company incorporated in the UK.
8. Debtors
2023
2022
£
£
Trade debtors
64,960
244,013
Amounts owed by group undertakings
200,999
200,999
Called up share capital not paid
5,499,583
5,499,583
Prepayments and accrued income
29,533
115,221
Corporation tax repayable
127,011
231,597
Other debtors
645,990
505,447
------------
------------
6,568,076
6,796,860
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
CBILS Loan
146,831
116,083
Trade creditors
816,162
995,609
Accruals and deferred income
3,963,812
3,202,865
Obligations under finance leases and hire purchase contracts
189,497
192,189
Director loan accounts
143,566
137,566
Amounts owed for second hand car sales
120,000
Other creditors
324,081
314,501
------------
------------
5,703,949
4,958,813
------------
------------
The Hire Purchase agreements are secured on the assets concerned .
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
38,379
44,776
Obligations under finance leases and hire purchase contracts
317,303
375,000
CBILS loan
13,054
174,015
---------
---------
368,736
593,791
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
32,895
117,761
Later than 1 year and not later than 5 years
38,234
--------
---------
32,895
155,995
--------
---------
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N A Briggs
( 137,566)
( 6,000)
( 143,566)
---------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N A Briggs
( 131,566)
( 6,000)
( 137,566)
---------
-------
---------
13. Going concern
The Directors consider that the Company remains a going concern and therefore the accounts have been prepared on that basis.