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REGISTERED NUMBER: 04339616 (England and Wales)















Financial Statements for the Year Ended 31 May 2023

for

BRIAN REID AND SON LIMITED

BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 84,258 63,838

CURRENT ASSETS
Stocks 149,675 266,745
Debtors 5 1,170,436 1,187,133
Cash at bank and in hand 30,216 25,529
1,350,327 1,479,407
CREDITORS
Amounts falling due within one year 6 272,891 320,795
NET CURRENT ASSETS 1,077,436 1,158,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,161,694

1,222,450

CREDITORS
Amounts falling due after more than one
year

7

(11,785

)

(1,205

)

PROVISIONS FOR LIABILITIES (18,618 ) (15,960 )
NET ASSETS 1,131,291 1,205,285

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,131,191 1,205,185
1,131,291 1,205,285

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mr S A Jukes - Director


BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Brian Reid and Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04339616

Registered office: 26a Tamworth Street
Lichfield
Staffordshire
WS13 6JJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's year end was changed to 31 May last financial year. As a result, the comparative period, year ended 31 May 2022 covered a 17 month period and will not be entirely comparable.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction 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.
Improvements to property - Equally over the terms of the lease
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Directors have reviewed the depreciation policy for all categories of fixed assets and decided that the above rates are a more reasonable reflection of the useful life of the assets and changed the policies accordingly.

Stocks
Stock is stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Going concern and covid-19
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December.

The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers.

As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high.

It is the management's assessment that Brexit has still shown no discernible effect on the business.

On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 21,563 219,968 4,818 - 246,349
Additions - 11,935 12,010 19,285 43,230
At 31 May 2023 21,563 231,903 16,828 19,285 289,579
DEPRECIATION
At 1 June 2022 18,745 160,061 3,705 - 182,511
Charge for year 156 18,777 2,913 964 22,810
At 31 May 2023 18,901 178,838 6,618 964 205,321
NET BOOK VALUE
At 31 May 2023 2,662 53,065 10,210 18,321 84,258
At 31 May 2022 2,818 59,907 1,113 - 63,838

5. DEBTORS
31.5.23 31.5.22
£    £   
Amounts falling due within one year:
Trade debtors 237,427 235,545
Amounts owed by group undertakings 925,009 939,500
Other debtors 8,000 7,748
1,170,436 1,182,793

Amounts falling due after more than one year:
Other debtors - 4,340

Aggregate amounts 1,170,436 1,187,133

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 7,633 7,227
Invoice finance 95,720 61,842
Trade creditors 55,822 90,979
Amounts owed to group undertakings 12,204 6,271
Taxation and social security 53,037 117,014
Other creditors 48,475 37,462
272,891 320,795

BRIAN REID AND SON LIMITED (REGISTERED NUMBER: 04339616)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 11,785 1,205

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Hire purchase contracts 19,418 8,432
Invoice discounting loan 95,720 61,842
115,138 70,274

The invoice discounting loan is secured over the trade debtors to which it relates.
The hire purchase liabilities are secured over the assets to which they relate.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd

10. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £5,005 (2022 - £25,670)

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jukes Group Limited whose registered office is 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ.