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Registration number: 01920534

Britanic Industries Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Britanic Industries Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 9

 

Britanic Industries Limited

(Registration number: 01920534)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

6,102

Tangible assets

5

20,425,398

20,208,220

Investments

6

2

1

 

20,425,401

20,214,323

Current assets

 

Stocks

11,719

10,275

Debtors

364,003

540,526

Cash at bank and in hand

 

3,246,095

3,338,856

 

3,621,817

3,889,657

Prepayments and accrued income

 

307,872

398,041

Creditors: Amounts falling due within one year

7

(810,891)

(634,125)

Net current assets

 

3,118,798

3,653,573

Total assets less current liabilities

 

23,544,199

23,867,896

Creditors: Amounts falling due after more than one year

7

(11,488,156)

(12,229,145)

Provisions for liabilities

(1,390,340)

(1,375,126)

Accruals and deferred income

 

(224,170)

(207,565)

Net assets

 

10,441,533

10,056,060

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Revaluation reserve

4,679,797

4,679,797

Profit and loss account

5,761,734

5,376,261

Total equity

 

10,441,533

10,056,060

 

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:

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.

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 Board on 30 July 2024 and signed on its behalf by:
 

.........................................

Mrs L C Briant
Director

 

Britanic Industries Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Treviles Manor
Treworga
Ruan High Lanes
Truro
Cornwall
TR2 5NR

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 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

The company is exempt from preparing group accounts as it is a small group.

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2022 - 41).

 

Britanic Industries Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Total
£

Cost

At 1 November 2022

122,192

At 31 October 2023

122,192

Amortisation

At 1 November 2022

116,090

Amortisation charge

6,101

At 31 October 2023

122,191

Carrying amount

At 31 October 2023

1

At 31 October 2022

6,102

5

Tangible assets

Total
£

Cost/valuation

At 1 November 2022

20,829,220

Additions

631,145

Disposals

(341,489)

At 31 October 2023

21,118,876

Depreciation

At 1 November 2022

621,000

Charge for the year

73,522

Eliminated on disposal

(1,044)

At 31 October 2023

693,478

Carrying amount

At 31 October 2023

20,425,398

At 31 October 2022

20,208,220

 

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.

6

Investments

Total
£

Cost

At 1 November 2022

1

Additions

1

At 31 October 2023

2

Carrying amount

At 31 October 2023

2

At 31 October 2022

1

7

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).

8

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 £4,574,853 (2022 - £3,985,594). These commitments relate to long leasehold property and vehicle leases.

9

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

10

Non adjusting events after the financial period

Subsequent to the year end the company disposed of a property from which net proceeds of £2,435,139 have been used to reduce bank loan borrowings.