Britton and Time Limited 10923362 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Legal services Digita Accounts Production Advanced 6.30.9574.0 true true 10923362 2022-09-01 2023-08-31 10923362 2023-08-31 10923362 bus:OrdinaryShareClass1 2023-08-31 10923362 bus:OrdinaryShareClass2 2023-08-31 10923362 core:CurrentFinancialInstruments 2023-08-31 10923362 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10923362 core:Non-currentFinancialInstruments 2023-08-31 10923362 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10923362 core:Goodwill 2023-08-31 10923362 core:FurnitureFittings 2023-08-31 10923362 core:MotorVehicles 2023-08-31 10923362 bus:SmallEntities 2022-09-01 2023-08-31 10923362 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10923362 bus:FullAccounts 2022-09-01 2023-08-31 10923362 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 10923362 bus:RegisteredOffice 2022-09-01 2023-08-31 10923362 bus:Director1 2022-09-01 2023-08-31 10923362 bus:Director2 2022-09-01 2023-08-31 10923362 bus:Director3 2022-09-01 2023-08-31 10923362 bus:Director4 2022-09-01 2023-08-31 10923362 bus:Director5 2022-09-01 2023-08-31 10923362 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10923362 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 10923362 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10923362 core:Goodwill 2022-09-01 2023-08-31 10923362 core:FurnitureFittings 2022-09-01 2023-08-31 10923362 core:MotorVehicles 2022-09-01 2023-08-31 10923362 countries:EnglandWales 2022-09-01 2023-08-31 10923362 2022-08-31 10923362 core:Goodwill 2022-08-31 10923362 core:FurnitureFittings 2022-08-31 10923362 core:MotorVehicles 2022-08-31 10923362 2021-09-01 2022-08-31 10923362 2022-08-31 10923362 bus:OrdinaryShareClass1 2022-08-31 10923362 bus:OrdinaryShareClass2 2022-08-31 10923362 core:CurrentFinancialInstruments 2022-08-31 10923362 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 10923362 core:Non-currentFinancialInstruments 2022-08-31 10923362 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 10923362 core:Goodwill 2022-08-31 10923362 core:FurnitureFittings 2022-08-31 10923362 core:MotorVehicles 2022-08-31 10923362 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 10923362 bus:OrdinaryShareClass2 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10923362

Britton and Time Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Britton and Time Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Britton and Time Limited

Company Information

Directors

P G Britton

S Campbell-Adams

E M Squires

D Beech

J M Navas

Registered office

Lindens House
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

Britton and Time Limited

(Registration number: 10923362)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,000

18,000

Tangible assets

5

181,660

119,368

 

196,660

137,368

Current assets

 

Debtors

6

729,921

425,829

Cash at bank and in hand

 

2,753,255

2,029,092

 

3,483,176

2,454,921

Creditors: Amounts falling due within one year

7

(2,924,504)

(2,167,857)

Net current assets

 

558,672

287,064

Total assets less current liabilities

 

755,332

424,432

Creditors: Amounts falling due after more than one year

7

(82,464)

(45,404)

Net assets

 

672,868

379,028

Capital and reserves

 

Called up share capital

8

1,001

200

Retained earnings

671,867

378,828

Shareholders' funds

 

672,868

379,028

 

Britton and Time Limited

(Registration number: 10923362)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2024 and signed on its behalf by:
 

.........................................
P G Britton
Director

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lindens House
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE
United Kingdom

These financial statements were authorised for issue by the Board on 26 February 2024.

2

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases 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 profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2022 - 18).

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

30,000

30,000

At 31 August 2023

30,000

30,000

Amortisation

At 1 September 2022

12,000

12,000

Amortisation charge

3,000

3,000

At 31 August 2023

15,000

15,000

Carrying amount

At 31 August 2023

15,000

15,000

At 31 August 2022

18,000

18,000

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

212,300

-

212,300

Additions

42,023

78,193

120,216

At 31 August 2023

254,323

78,193

332,516

Depreciation

At 1 September 2022

92,932

-

92,932

Charge for the year

57,924

-

57,924

At 31 August 2023

150,856

-

150,856

Carrying amount

At 31 August 2023

103,467

78,193

181,660

At 31 August 2022

119,368

-

119,368

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

2023
£

2022
£

Trade debtors

690,956

386,119

Prepayments

26,177

26,922

Other debtors

12,788

12,788

729,921

425,829

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,274,042

1,825,846

Taxation and social security

312,402

158,936

Accruals and deferred income

3,873

3,873

Other creditors

334,187

179,202

2,924,504

2,167,857

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

82,464

45,404

 

Britton and Time Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

200

200

Ordinary B of £1 (2022 - £0) each

1

1

-

-

 

1,001

1,001

200

200

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

82,464

45,404

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £50.00 (2022 - £Nil) per each Ordinary

 

50,000

 

-

Interim dividend of £50,000.00 (2022 - £Nil) per each Ordinary B

 

50,000

 

-

   

100,000

 

-

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

117,509

24,353