Bradcot UK Ltd 11035216 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the design and manufacture of caravan awnings Digita Accounts Production Advanced 6.30.9574.0 true true 11035216 2022-04-01 2023-03-31 11035216 2023-03-31 11035216 bus:OrdinaryShareClass1 2023-03-31 11035216 core:RetainedEarningsAccumulatedLosses 2023-03-31 11035216 core:RevaluationReserve 2023-03-31 11035216 core:ShareCapital 2023-03-31 11035216 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11035216 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11035216 core:Goodwill 2023-03-31 11035216 core:OtherResidualIntangibleAssets 2023-03-31 11035216 core:FurnitureFittingsToolsEquipment 2023-03-31 11035216 core:MotorVehicles 2023-03-31 11035216 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-03-31 11035216 core:OtherPropertyPlantEquipment 2023-03-31 11035216 bus:SmallEntities 2022-04-01 2023-03-31 11035216 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11035216 bus:FullAccounts 2022-04-01 2023-03-31 11035216 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11035216 bus:RegisteredOffice 2022-04-01 2023-03-31 11035216 bus:Director1 2022-04-01 2023-03-31 11035216 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11035216 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11035216 core:Goodwill 2022-04-01 2023-03-31 11035216 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 11035216 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 11035216 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 11035216 core:MotorVehicles 2022-04-01 2023-03-31 11035216 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-04-01 2023-03-31 11035216 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 11035216 core:PlantMachinery 2022-04-01 2023-03-31 11035216 countries:England 2022-04-01 2023-03-31 11035216 2022-03-31 11035216 core:Goodwill 2022-03-31 11035216 core:OtherResidualIntangibleAssets 2022-03-31 11035216 core:FurnitureFittingsToolsEquipment 2022-03-31 11035216 core:MotorVehicles 2022-03-31 11035216 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-03-31 11035216 core:OtherPropertyPlantEquipment 2022-03-31 11035216 2021-04-01 2022-03-31 11035216 2022-03-31 11035216 bus:OrdinaryShareClass1 2022-03-31 11035216 core:RetainedEarningsAccumulatedLosses 2022-03-31 11035216 core:RevaluationReserve 2022-03-31 11035216 core:ShareCapital 2022-03-31 11035216 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11035216 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11035216 core:Goodwill 2022-03-31 11035216 core:OtherResidualIntangibleAssets 2022-03-31 11035216 core:FurnitureFittingsToolsEquipment 2022-03-31 11035216 core:MotorVehicles 2022-03-31 11035216 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-03-31 11035216 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11035216

Bradcot UK Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bradcot UK Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Bradcot UK Ltd

Balance Sheet

as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

59,738

70,437

Tangible assets

5

57,406

57,540

 

117,144

127,977

Current assets

 

Stocks

453,431

404,034

Debtors

6

259,912

187,156

Cash at bank and in hand

 

4,103

5,346

 

717,446

596,536

Creditors: Amounts falling due within one year

7

(1,473,267)

(1,127,424)

Net current liabilities

 

(755,821)

(530,888)

Total assets less current liabilities

 

(638,677)

(402,911)

Creditors: Amounts falling due after more than one year

7

(30,477)

(36,816)

Net liabilities

 

(669,154)

(439,727)

Capital and reserves

 

Allotted, called up and fully paid share capital

8

50,000

50,000

Revaluation reserve

9

19,316

29,507

Profit and loss account

(738,470)

(519,234)

Shareholders' funds

 

(669,154)

(439,727)

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:

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 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 director on 9 April 2024
 

.........................................
Mr M H Fawcett
Director

 

Bradcot UK Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023

1

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:
8 - 12 Jubilee Way
Thackley Old Road
Shipley
West Yorkshire
BD18 1QG

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 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at operating profit.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 12 (2022 - 6).

 

Bradcot UK Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

106,995

4

106,999

At 31 March 2023

106,995

4

106,999

Amortisation

At 1 April 2022

36,558

4

36,562

Amortisation charge

10,699

-

10,699

At 31 March 2023

47,257

4

47,261

Net book value:

At 31 March 2023

59,738

-

59,738

At 31 March 2022

70,437

-

70,437

 

Bradcot UK Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Website
£

Plant and machinery
 £

Total
£

Cost

At 1 April 2022

8,503

1,500

8,330

105,335

123,668

Additions

10,895

-

-

2,833

13,728

Disposals

-

(1,500)

-

-

(1,500)

At 31 March 2023

19,398

-

8,330

108,168

135,896

Depreciation

At 1 April 2022

1,763

933

8,330

55,102

66,128

Charge for the year

3,143

-

-

10,152

13,295

Eliminated on disposal

-

(933)

-

-

(933)

At 31 March 2023

4,906

-

8,330

65,254

78,490

Net book value

At 31 March 2023

14,492

-

-

42,914

57,406

At 31 March 2022

6,740

567

-

50,233

57,540

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)

6

Debtors

Current

2023
£

2022
£

Trade debtors

65,406

53,580

Prepayments

36,430

27,007

Other debtors

158,076

106,569

 

259,912

187,156

7

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

15,238

12,272

Bank overdrafts

282

-

Trade creditors

591,647

342,221

Director's loan account

174,378

178,359

Taxation and social security

230,341

157,456

Other creditors

452,427

428,377

Accruals and deferred income

8,954

8,739

1,473,267

1,127,424

Due after one year

Bank borrowings

30,477

36,816

Other creditors includes loans totalling £451,825 (2022 - £428,004) which the director has personally provided security for.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

50,000

50,000

50,000

50,000

         
 

Bradcot UK Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

9

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.

10

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 £121,753 (2022 - £138,044).

11

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.