Registered number
10888249
Brian and Brian Ltd
Filleted Accounts
31 October 2023
Brian and Brian Ltd
Registered number: 10888249
Balance Sheet
as at 31 October 2023
Notes 2023 2022
Fixed assets
Tangible assets 3 187,974 151,858
Current assets
Debtors 4 156,612 158,167
Cash at bank and in hand 71,438 70
228,050 158,237
Creditors: amounts falling due within one year 5 (194,575) (140,545)
Net current assets 33,475 17,692
Total assets less current liabilities 221,449 169,550
Creditors: amounts falling due after more than one year 6 (170,486) (167,070)
Net assets 50,963 2,480
Capital and reserves
Called up share capital 8 12 10
Share premium 49,998 -
Profit and loss account 953 2,470
Shareholders' funds 50,963 2,480
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Hudson-Evans
Director
Approved by the board on 20 March 2024
Brian and Brian Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Computer equipment over 3 years
Motor Vehicles over 3 to 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost
At 1 November 2022 52,152 159,880 212,032
Additions 30,408 60,390 90,798
At 31 October 2023 82,560 220,270 302,830
Depreciation
At 1 November 2022 11,844 48,330 60,174
Charge for the year 9,704 44,978 54,682
At 31 October 2023 21,548 93,308 114,856
Net book value
At 31 October 2023 61,012 126,962 187,974
At 31 October 2022 40,308 111,550 151,858
4 Debtors 2023 2022
Trade debtors 101,630 92,528
Other debtors 54,982 65,639
156,612 158,167
5 Creditors: amounts falling due within one year 2023 2022
Bank loans and overdrafts 6,995 5,656
Funding Circle loan 17,626 16,050
Obligations under finance lease and hire purchase contracts 43,176 29,854
Trade creditors 49,183 21,380
Taxation and social security costs 47,985 38,355
Other creditors 29,610 29,250
194,575 140,545
6 Creditors: amounts falling due after one year 2023 2022
Bank loans 11,100 16,938
Funding Circle loan 44,351 61,976
Obligations under finance lease and hire purchase contracts 115,035 88,156
170,486 167,070
7 Loans 2023 2022
Creditors include:
Secured hire purchase creditors 158,211 118,010
The hire purchase contracts are secured on specific assets owned by the company. The bank loan is a Coronavirus Bounce Back Loan and is unsecured. The Funding Circle loan is a COVID business development loan and is unsecured.
8 Called up share capital
On 10th May 2023 the 10 ordinary shares of £1 each were sub-divided into 1,000 ordinary shares of £0.01 each. On 22nd May 2023 the company issued a further 210 ordinary shares of £0.01 each.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
C Hudson-Evans
Directors current account 12,558 84,798 (65,691) 31,665
12,558 84,798 (65,691) 31,665
The overdrawn directors loan account will be repaid within the next 3 months.
10 Controlling party
The director considers that there is no individual controlling party.
11 Other information
Brian and Brian Ltd is a private company limited by shares and incorporated in England. Its registered office is:
37a Great Percy Street
London
WC1X 9RD
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