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REGISTERED NUMBER: SC112137 (Scotland)















BROMAC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






BROMAC LIMITED (REGISTERED NUMBER: SC112137)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10

Chartered Accountants' Report 11

BROMAC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: John Mark Robertson



REGISTERED OFFICE: Craighead Cottage
Whistleberry Road
Hamilton
ML3 0EJ



REGISTERED NUMBER: SC112137 (Scotland)



ACCOUNTANTS: Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Bank of Scotland
9 Brandon Street
Hamilton
ML3 6BZ

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

BALANCE SHEET
31 JULY 2023

31/7/23 31/7/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 185,047 90,003
Investments 5 150,106 252,620
335,153 342,623

CURRENT ASSETS
Stocks 6 6,500 6,500
Debtors 7 54,400 52,927
Cash at bank 10,607 130,102
71,507 189,529
CREDITORS
Amounts falling due within one year 8 97,916 127,080
NET CURRENT (LIABILITIES)/ASSETS (26,409 ) 62,449
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,744

405,072

CREDITORS
Amounts falling due after more than one
year

9

(147,214

)

(51,922

)

PROVISIONS FOR LIABILITIES 11 (79,431 ) (53,955 )
NET ASSETS 82,099 299,195

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 81,099 298,195
SHAREHOLDERS' FUNDS 82,099 299,195

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

BALANCE SHEET - continued
31 JULY 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 director and authorised for issue on 3 April 2024 and were signed by:





John Mark Robertson - Director


BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

1. STATUTORY INFORMATION

Bromac Limited is a private company, limited by shares, registered in Scotland. The company’s registered number is SC112137 and registered office address is Craighead Cottage, Whistleberry Road, Hamilton, ML3 0EJ.

The nature of the company's operations and its principal activities are timber preservation and damp proofing.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 £.

Going concern
At 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.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due;
• the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

2. ACCOUNTING POLICIES - continued

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 transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 7,629 10,444 110,351 128,424
Additions 2,235 2,365 194,481 199,081
Disposals - - (62,756 ) (62,756 )
At 31 July 2023 9,864 12,809 242,076 264,749
DEPRECIATION
At 1 August 2022 600 3,274 34,547 38,421
Charge for year 1,483 1,927 60,519 63,929
Eliminated on disposal - - (22,648 ) (22,648 )
At 31 July 2023 2,083 5,201 72,418 79,702
NET BOOK VALUE
At 31 July 2023 7,781 7,608 169,658 185,047
At 31 July 2022 7,029 7,170 75,804 90,003

The net book value of tangible fixed assets includes £ 128,214 (2022 - £ 40,108 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 August 2022 252,620
Additions 60,000
Disposals (170,000 )
Revaluations 7,486
At 31 July 2023 150,106
NET BOOK VALUE
At 31 July 2023 150,106
At 31 July 2022 252,620

Cost or valuation at 31 July 2023 is represented by:

Listed
investments
£   
Valuation in 2022 142,620
Valuation in 2023 7,486
150,106

Market value of listed investments at 31 July 2023 - £ 150,106 .

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

6. STOCKS
31/7/23 31/7/22
£    £   
Stocks 1,500 1,500
Work in progress 5,000 5,000
6,500 6,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade debtors 39,289 39,637
Amounts owed by group undertakings 4,500 4,500
Prepaid charges 10,611 8,790
54,400 52,927

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans and overdrafts 9,160 9,472
Hire purchase contracts 15,396 11,592
Trade creditors 24,364 31,779
Amounts owed to group undertakings 8,214 8,130
Corporation Tax 4,982 32,935
Social security and other taxes 2,897 2,420
VAT 12,296 12,234
Other creditors 3,176 1,944
Directors' current accounts 6,000 7,000
Accrued charges 11,431 9,574
97,916 127,080

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/7/23 31/7/22
£    £   
Bank loans 9,160 28,911
Bank loans - 2-5 years 10,014 -
Hire purchase contracts 128,040 23,011
147,214 51,922

10. SECURED DEBTS

The following secured debts are included within creditors:

31/7/23 31/7/22
£    £   
Hire purchase contracts 143,436 34,603

Hire purchase creditors are secured over the asset to which they relate.

BROMAC LIMITED (REGISTERED NUMBER: SC112137)

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

11. PROVISIONS FOR LIABILITIES
31/7/23 31/7/22
£    £   
Deferred tax 79,431 53,955

Deferred
tax
£   
Balance at 1 August 2022 53,955
Profit & loss account charge 25,476
Balance at 31 July 2023 79,431

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the period the company benefitted from an interest free loan from the director. At 31 July 2023 the balance due to the director by the company totalled £6,000 (2022 - £7,000).

13. RELATED PARTY DISCLOSURES

Included within creditors is an amount due from Bromac Holdings Limited amounting to £8,214 (2022 - £8,130).
Included within debtors is an amount due to Bromac 2021 Limited amounting to £4,500 (2022 - £4,500).

14. ULTIMATE CONTROLLING PARTY

The parent undertaking is Bromac 2021 Limited, a company registered in Scotland. The registered office is Craighead Cottage, Whistleberry Road, Hamilton ML3 0EJ.

The ultimate controlling party is John Mark Robertson by virtue of his shareholding in the Bromac 2021 Limited.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BROMAC LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bromac Limited for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Bromac Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bromac Limited and state those matters that we have agreed to state to the director of Bromac Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Bromac Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bromac Limited. You consider that Bromac Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bromac Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


3 April 2024