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Registration number: 02234502

A.J. Brunt Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

A.J. Brunt Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

A.J. Brunt Limited

(Registration number: 02234502)
Balance Sheet as at 30 April 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

864,699

833,036

Investment property

5

9,299,168

7,609,091

Investments

6

1,084,729

1,121,389

 

11,248,596

9,563,516

Current assets

 

Stocks

7

1,680

1,000

Debtors

8

1,039,360

1,026,827

Cash at bank and in hand

 

3,617,895

2,712,683

 

4,658,935

3,740,510

Creditors: Amounts falling due within one year

9

(566,656)

(461,408)

Net current assets

 

4,092,279

3,279,102

Total assets less current liabilities

 

15,340,875

12,842,618

Provisions for liabilities

(1,663,735)

(790,146)

Net assets

 

13,677,140

12,052,472

Capital and reserves

 

Called up share capital

2

2

Other reserves

4,450,608

2,760,531

Retained earnings

9,226,530

9,291,939

Shareholders' funds

 

13,677,140

12,052,472

 

A.J. Brunt Limited

(Registration number: 02234502)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 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 1 March 2024 and signed on its behalf by:
 

M A Brunt
Director

A J Brunt
Director

 
     
 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Grove Lane
Marston Trading Estate
Frome
Somerset
BA11 4AT

These financial statements were authorised for issue by the Board on 1 March 2024.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

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 and deferred 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.

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Freehold land and buildings

2% Straight line

Furniture, fittings and equipment

15% Reducing balance

Plant and machinery

15% Reducing balance

Office equipment

33% Straight line

Motor vehicles

15% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 9).

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

569,229

8,605

766,287

18,887

1,841,753

3,204,761

Additions

-

13,182

101,340

1,091

19,850

135,463

At 30 April 2023

569,229

21,787

867,627

19,978

1,861,603

3,340,224

Depreciation

At 1 May 2022

298,678

7,194

637,703

18,636

1,409,514

2,371,725

Charge for the year

8,785

2,189

24,789

472

67,565

103,800

At 30 April 2023

307,463

9,383

662,492

19,108

1,477,079

2,475,525

Carrying amount

At 30 April 2023

261,766

12,404

205,135

870

384,524

864,699

At 30 April 2022

270,551

1,411

128,584

251

432,239

833,036

Included within the net book value of land and buildings above is £261,766 (2022 - £270,551) in respect of freehold land and buildings.
 

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Investment properties

2023
£

At 1 May

7,609,091

Fair value adjustments

1,690,077

At 30 April

9,299,168

The investment properties have been revalued by the Directors at the statement of financial position date.

6

Investments

2023
£

2022
£

Other investments

1,084,729

1,121,389

Fixed asset investments comprise of a bond & a unit trust held by the company. The fair value of the bond has been arrived at on the basis of the valuation carried out by St James Place based on market value as at 30 April 2023.

7

Stocks

2023
£

2022
£

Other inventories

1,680

1,000

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

478,129

488,267

Amounts owed by related parties

11

401,409

401,284

Other debtors

 

138,532

130,425

Prepayments

 

15,424

-

Accrued income

 

5,866

-

Corporation tax recoverable

-

6,851

 

1,039,360

1,026,827

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Creditors

Due within one year

2023
£

2022
£

Trade creditors

83,678

68,726

Social security and other taxes

269,522

179,113

Other creditors

206

319

Accruals

213,250

213,250

566,656

461,408

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,690,077

1,690,077

 

A.J. Brunt Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Transactions during the year

401,284

125

401,409

-

-

-

 

401,284

125

401,409

     

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

Transactions during the year

393,416

7,868

401,284

 

393,416

7,868

401,284