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COMPANY REGISTRATION NUMBER: SC445790
Brudon Joinery Ltd
Filleted Unaudited Financial Statements
31 March 2023
Brudon Joinery Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
549,376
323,659
Current assets
Stocks
750,640
406,541
Debtors
6
359,550
586,242
Cash at bank and in hand
438,845
436,204
------------
------------
1,549,035
1,428,987
Creditors: amounts falling due within one year
7
698,531
703,480
------------
------------
Net current assets
850,504
725,507
------------
------------
Total assets less current liabilities
1,399,880
1,049,166
Creditors: amounts falling due after more than one year
8
186,640
212,500
Provisions
Taxation including deferred tax
59,633
32,560
------------
------------
Net assets
1,153,607
804,106
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,153,605
804,104
------------
---------
Shareholders funds
1,153,607
804,106
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brudon Joinery Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 December 2023 , and are signed on behalf of the board by:
Mr W Bruce
Mr I Gordon
Director
Director
Company registration number: SC445790
Brudon Joinery Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Fareview, Wartle, Lumphanan, Banchory, AB31 4QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 16 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
142,024
406,076
81,914
630,014
Additions
160,828
77,189
72,366
310,383
Disposals
( 2,101)
( 2,101)
---------
---------
---------
---------
At 31 March 2023
302,852
483,265
152,179
938,296
---------
---------
---------
---------
Depreciation
At 1 April 2022
242,847
63,508
306,355
Charge for the year
60,496
22,201
82,697
Disposals
( 132)
( 132)
---------
---------
---------
---------
At 31 March 2023
303,343
85,577
388,920
---------
---------
---------
---------
Carrying amount
At 31 March 2023
302,852
179,922
66,602
549,376
---------
---------
---------
---------
At 31 March 2022
142,024
163,229
18,406
323,659
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
310,821
509,162
Other debtors
48,729
77,080
---------
---------
359,550
586,242
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,000
37,500
Trade creditors
510,135
592,734
Corporation tax
72,455
27,914
Social security and other taxes
29,397
21,672
Other creditors
36,544
23,660
---------
---------
698,531
703,480
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,500
212,500
Other creditors
24,140
---------
---------
186,640
212,500
---------
---------
9. Related party transactions
The company was under the control of Mr Ian Gordon and Mr William Bruce throughout the current and previous year. The company operates loan accounts with the directors, Mr Ian Gordon and Mr William Bruce. At 31 March 2023 £10,905 was due to Mr Bruce and £10,905 was due to Mr Gordon. These amounts are included in creditors due within one year.