Company Registration No. 12779154 (England and Wales)
BROWNS OUTDOOR SALES AND HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BROWNS OUTDOOR SALES AND HIRE LIMITED
COMPANY INFORMATION
Director
Mr S P Brown
Company number
12779154
Registered office
33 Wellington Road
Bromsgrove
B60 2AZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP
BROWNS OUTDOOR SALES AND HIRE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BROWNS OUTDOOR SALES AND HIRE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BROWNS OUTDOOR SALES AND HIRE LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Browns Outdoor Sales and Hire Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Browns Outdoor Sales and Hire Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Browns Outdoor Sales and Hire Limited and state those matters that we have agreed to state to the Board of Directors of Browns Outdoor Sales and Hire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Browns Outdoor Sales and Hire Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Browns Outdoor Sales and Hire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Browns Outdoor Sales and Hire Limited. You consider that Browns Outdoor Sales and Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Browns Outdoor Sales and Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
11 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BROWNS OUTDOOR SALES AND HIRE LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,000
-
0
Tangible assets
4
10,688
12,776
45,688
12,776
Current assets
Stocks
19,028
5,382
Debtors
5
4,987
521
Cash at bank and in hand
4,107
6,419
28,122
12,322
Creditors: amounts falling due within one year
6
(18,802)
(22,409)
Net current assets/(liabilities)
9,320
(10,087)
Total assets less current liabilities
55,008
2,689
Creditors: amounts falling due after more than one year
7
-
0
(233)
Provisions for liabilities
9
-
0
(2,427)
Net assets
55,008
29
Capital and reserves
Called up share capital
10
100
2
Share premium account
49,980
-
0
Profit and loss reserves
4,928
27
Total equity
55,008
29

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BROWNS OUTDOOR SALES AND HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 11 January 2024.
Mr S P Brown
Director
Company Registration No. 12779154
BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Browns Outdoor Sales and Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Wellington Road, Bromsgrove, B60 2AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
25% on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Intangible fixed assets
Website development
£
Cost
At 1 August 2022
-
0
Additions
35,000
At 31 July 2023
35,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
-
0
Carrying amount
At 31 July 2023
35,000
At 31 July 2022
-
0
BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
900
-
0
1,614
18,000
20,514
Additions
-
0
336
575
-
0
911
Transfers
200
-
0
(200)
-
0
-
0
At 31 July 2023
1,100
336
1,989
18,000
21,425
Depreciation and impairment
At 1 August 2022
396
-
0
862
6,480
7,738
Depreciation charged in the year
141
112
442
2,304
2,999
At 31 July 2023
537
112
1,304
8,784
10,737
Carrying amount
At 31 July 2023
563
224
685
9,216
10,688
At 31 July 2022
504
-
0
752
11,520
12,776

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Fixtures and fittings
224
-
0
Computer equipment
-
0
273
224
273
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,735
521
Deferred tax asset
252
-
0
4,987
521
BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,684
-
0
Trade creditors
682
609
Taxation and social security
115
3,740
Other creditors
14,321
18,060
18,802
22,409
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
233
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
434
632
Bank loans
3,684
-
4,118
632
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
2,427
BROWNS OUTDOOR SALES AND HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
-
2
40 Ordinary A of £1 each
40
-
40 Ordinary B of £1 each
40
-
20 Ordinary C of £1 each
20
-
100
2

During the year, the company underwent a share reorganisation.

 

98 Ordinary £1 shares were allotted and fully paid for cash at par.

 

Subsequently, the company then passed a special resolution by reclassifying 100 Ordinary £1 shares into 40 Ordinary A £1 shares, 40 Ordinary B £1 shares and 20 Ordinary C £1 shares.  The rights and privileges attached to these shares remain unaltered.

11
Ultimate controlling party

There is no ultimate controlling party.

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