Registration number:
Britanic Industries Limited
for the Year Ended 31 October 2023
Britanic Industries Limited
Contents
Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Britanic Industries Limited
(Registration number: 01920534)
Abridged Balance Sheet as at 31 October 2023
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2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Britanic Industries Limited
(Registration number: 01920534)
Abridged Balance Sheet as at 31 October 2023
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised for issue by the
.........................................
Director
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 abridged 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 abridged 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Group accounts not prepared
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 policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods, including food, drinks and other items, 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 or to be incurred in respect of the transaction can be measured reliably. This is usually the point of sale.
Rendering of services and use of facilities
Turnover from rental of commercial and residential property, accommodation, other guest services, and use of facilities is recognised when the property is occupied, as services are provided, and as facilities are used.
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
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.
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 income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
The company reviewed it's depreciation policies and determined that no depreciation is required in respect of property due to the estimated residual value of non-investment property being in excess of the net book value and investment property being carried at valuation.
Asset class |
Depreciation method and rate |
Plant & Machinery |
15% reducing balance method |
Motor Vehicles |
25% reducing balance method |
Property |
The assets have not been depreciated as referred to above |
Investment property
Intangible assets
Separately acquired licences are shown at historical cost, less any subsequent accumulated amortisation and subsequent 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:
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
Asset class |
Amortisation method and rate |
Licences |
20 years straight line basis |
Investments
Investments in subsidiaries are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for goods provided or services performed in the ordinary course of business.
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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.
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
Intangible assets |
Total |
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Cost |
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At 1 November 2022 |
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At 31 October 2023 |
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Amortisation |
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At 1 November 2022 |
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Amortisation charge |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Tangible assets |
Total |
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Cost/valuation |
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At 1 November 2022 |
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Additions |
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Disposals |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
Investment properties
The Directors have reviewed observable market prices and the nature, location and condition of the assets and consider there to be no change in the fair value of the properties.
Investments |
Total |
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Cost |
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At 1 November 2022 |
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Additions |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans which are secured on company assets, and assets of a company under common control, totalling £229,000 (2022 - £39,000).
Creditors: amounts falling due after more than one year
Creditors include bank loans which are secured on company assets, and assets of a company under common control, totalling £8,024,725 (2022 - £8,861,894).
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 are £
Related party transactions |
The company advanced loans to the Directors and their family during the year with interest charged at 2% / 2.25% (2022 - 2%) per annum totalling £4,269 (2022 - £4,667). The loans are unsecured and repayable on demand. The loans were repaid after the year end. At the balance sheet date the amount due from the Directors and their family was £157,267 (2022 - £312,606).
Britanic Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2023
Non adjusting events after the financial period |
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