Company Registration No. 00531821 (England and Wales)
BELTON BROS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
BELTON BROS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
BELTON BROS LIMITED
BALANCE SHEET
AS AT 5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
569,211
324,138
Investments
6
126,245
134,850
695,456
458,988
Current assets
Stocks
222,011
286,221
Debtors
7
22,026
401,977
Cash at bank and in hand
424,797
141,343
668,834
829,541
Creditors: amounts falling due within one year
8
(119,647)
(207,380)
Net current assets
549,187
622,161
Total assets less current liabilities
1,244,643
1,081,149
Creditors: amounts falling due after more than one year
9
(103,469)
(137,959)
Provisions for liabilities
(15,720)
-
0
Net assets
1,125,454
943,190
Capital and reserves
Called up share capital
10
670
670
Profit and loss reserves
1,124,784
942,520
Total equity
1,125,454
943,190

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 5 April 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 member has 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.

BELTON BROS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2023
05 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 April 2024 and are signed on its behalf by:
Mrs DP Carr
Director
Company registration number 00531821 (England and Wales)
BELTON BROS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 6 April 2021
670
1,069,934
1,070,604
Year ended 5 April 2022:
Loss and total comprehensive income
-
(102,102)
(102,102)
Dividends
-
(25,312)
(25,312)
Balance at 5 April 2022
670
942,520
943,190
Year ended 5 April 2023:
Profit and total comprehensive income
-
208,576
208,576
Dividends
-
(26,312)
(26,312)
Balance at 5 April 2023
670
1,124,784
1,125,454
BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
1
Accounting policies
Company information

Belton Bros Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lodge Farm, Foulness Island, Southend on Sea, Essex, SS3 9XN.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for the sale of produce to customers.

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.

1.4
Tangible fixed assets

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

Depreciation 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:

Buildings
Fully depreciated
Plant and machinery
12.5% to 25% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

 

BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 7 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation

The depreciation expense is in recognition of the decline in the value of the assets and allocation of the cost of the assets over the periods in which the assets will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.

Stock valuation

Judgements are made on the year end stock valuation to ensure that stock is held at the lower of cost and net realisable value. The stock has been valued at the year end by Whirledge & Nott. The valuation is based on actual costs and uses the Central Association of Agricultural Valuers' (CAAV) annual Guide to Costings, published costings from the John Nix Pocket Book and comparable market evidence for the produce valuation.

3
Employees

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

2023
2022
Number
Number
Total
6
6
BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 8 -
4
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
15,720
-
0
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 6 April 2022
6,932
1,770,795
1,777,727
Additions
-
0
375,900
375,900
Disposals
-
0
(266,250)
(266,250)
At 5 April 2023
6,932
1,880,445
1,887,377
Depreciation and impairment
At 6 April 2022
6,932
1,446,657
1,453,589
Depreciation charged in the year
-
0
107,420
107,420
Eliminated in respect of disposals
-
0
(242,843)
(242,843)
At 5 April 2023
6,932
1,311,234
1,318,166
Carrying amount
At 5 April 2023
-
0
569,211
569,211
At 5 April 2022
-
0
324,138
324,138
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
126,245
134,850
BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2022
134,850
Additions
40,753
Valuation changes
(7,533)
(41,825)
At 5 April 2023
126,245
Carrying amount
At 5 April 2023
126,245
At 5 April 2022
134,850
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,331
81,609
Other debtors
10,695
320,368
22,026
401,977
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,558
8,472
Taxation and social security
2,048
1,691
Other creditors
81,041
197,217
119,647
207,380
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
103,469
137,959
BELTON BROS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 10 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
667
667
667
667
A ordinary shares of £1 each
1
1
1
1
B ordinary shares of £1 each
1
1
1
1
C ordinary shares of £1 each
1
1
1
1
670
670
670
670
11
Operating lease commitments
Lessee

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

2023
2022
£
£
70,136
70,136
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