Registration number:
Bradcot UK Ltd
for the
Year Ended 31 March 2023
Bradcot UK Ltd
Balance Sheet
as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
Registration number: 11035216
Bradcot UK Ltd
Balance Sheet
as at 31 March 2023 (continued)
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 11035216.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director has adopted the going concern basis when the preparing the financial statements after assessing the principal risks and uncertainties. The business has made losses in the last few years due to the impact of Covid on demand for products and the impact of Brexit on the production side with manufacturing having to be brough back to the UK during the previous year, with the full impact being felt this year.
Currently the business is profitable and has been able to source external investment in addition to the continued support of the director. Therefore the director believes that the company will have adequate resources to meet its liabilities as they fall due and to continue in operation for at least 12 months from the approval date of the financial statements.
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Foreign currency transactions and balances
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are initially recognised at cost including directly attributable incremental costs incurred in their acquisition and installation. Tangible assets are subsequently carried at a revalued amount, being the fair value at the date of revaluation less any subsequent depreciation and impairment.
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the fair value of assets at the date of revaluation over their remaining estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Fixtures, fittings and equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Website |
33% straight line |
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Other intangible assets |
Amortised in full |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stock.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
2 |
Accounting policies (continued) |
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Hire purchase agreements are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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- |
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At 31 March 2023 |
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Net book value: |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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- |
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Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
Tangible assets |
Fixtures, fittings and equipment |
Motor vehicles |
Website
|
Plant and machinery |
Total |
|
Cost |
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At 1 April 2022 |
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|
|
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Additions |
|
- |
- |
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Disposals |
- |
( |
- |
- |
( |
At 31 March 2023 |
|
- |
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Depreciation |
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At 1 April 2022 |
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|
|
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Charge for the year |
|
- |
- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 31 March 2023 |
|
- |
|
|
|
Net book value |
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At 31 March 2023 |
|
- |
- |
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At 31 March 2022 |
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|
- |
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Revaluation
The fair value of the company's plant and machinery, website and motor vehicles were reviewed on 1 November 2018. The assets have been measured at fair value by the Director following discussions with machinery manufacturers, being the expected market value as at 1 November 2018.
Had these classes of assets been measured on a historical cost basis the aggregate cost, accumulated depreciation and carrying amount would have been as follows:
Website |
Plant and machinery |
Motor vehicles |
|
Aggregate cost |
- |
31,759 |
- |
Aggregate accumulated depreciation |
- |
12,692 |
- |
Aggregate carrying amount |
- |
19,067 |
- |
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
|
Due within one year |
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Bank borrowings |
15,238 |
12,272 |
Bank overdrafts |
282 |
- |
Trade creditors |
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Director's loan account |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Due after one year |
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Bank borrowings |
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Other creditors includes loans totalling £451,825 (2022 - £428,004) which the director has personally provided security for.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
50,000 |
|
50,000 |
Bradcot UK Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2023
(continued)
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation Reserve |
Retained Earnings |
Total |
|
Depreciation on revalued assets |
(12,581) |
12,581 |
- |
Movement in deferred tax |
2,390 |
- |
2,390 |
(10,191) |
12,581 |
2,390 |
The deferred tax provision includes £4,531 (2022: £6,921) deferred tax in relation to the revaluation of assets.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
The director has provided a personal guarantee on the loan and trade financing included in creditors. The director has provided security personally for the loan included within creditors.