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REGISTERED NUMBER: 01460388 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Burntwood Fasteners Limited

Burntwood Fasteners Limited (Registered number: 01460388)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Burntwood Fasteners Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs J D Elston
D M Sleigh
Mrs J E Sleigh
C S Sleigh
A J Sleigh





SECRETARY: Mrs J E Sleigh





REGISTERED OFFICE: Unit 45 Martindale
Hawks Green
Cannock
Staffordshire
WS11 7XN





REGISTERED NUMBER: 01460388 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Burntwood Fasteners Limited (Registered number: 01460388)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 165,525 182,914

CURRENT ASSETS
Stocks 260,351 324,496
Debtors 5 905,433 855,041
Cash at bank and in hand 470,997 332,267
1,636,781 1,511,804
CREDITORS
Amounts falling due within one year 6 (639,988 ) (527,128 )
NET CURRENT ASSETS 996,793 984,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,162,318

1,167,590

CREDITORS
Amounts falling due after more than one
year

7

-

(3,135

)

PROVISIONS FOR LIABILITIES 9 (41,381 ) (45,728 )
NET ASSETS 1,120,937 1,118,727

CAPITAL AND RESERVES
Called up share capital 10 4,000 4,000
Retained earnings 1,116,937 1,114,727
SHAREHOLDERS' FUNDS 1,120,937 1,118,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Burntwood Fasteners Limited (Registered number: 01460388)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





C S Sleigh - Director


Burntwood Fasteners Limited (Registered number: 01460388)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Burntwood Fasteners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There are no material departures from the standard.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 4% on cost
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Burntwood Fasteners Limited (Registered number: 01460388)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 416,572 129,500 66,025 612,097
Additions 29,425 5,514 - 34,939
Disposals - - (16,975 ) (16,975 )
At 31 December 2023 445,997 135,014 49,050 630,061
DEPRECIATION
At 1 January 2023 323,672 78,541 26,970 429,183
Charge for year 33,146 4,159 8,011 45,316
Eliminated on disposal - - (9,963 ) (9,963 )
At 31 December 2023 356,818 82,700 25,018 464,536
NET BOOK VALUE
At 31 December 2023 89,179 52,314 24,032 165,525
At 31 December 2022 92,900 50,959 39,055 182,914

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 540,892 534,115
Amounts owed by group undertakings 351,178 309,025
Other debtors 13,363 11,901
905,433 855,041

The amount owed by group undertakings is in respect of Troyce Limited, the parent company.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 121,289 165,690
Taxation and social security 156,166 120,125
Other creditors 362,533 241,313
639,988 527,128

Burntwood Fasteners Limited (Registered number: 01460388)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors - 3,135

Included in other creditors is a loan received from the J.C.A.D. Retirement Benefit Scheme. The amount owed by the company at the 31st December 2023 was £3,135 (2022 - £44,400). The loan was made on 3rd January 2019 and is to be repaid over 60 months at an interest rate of 1.75% per annum.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 20,000 20,000
Between one and five years 5,000 25,000
25,000 45,000

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 41,381 45,728

Deferred
tax
£   
Balance at 1 January 2023 45,728
Credit to Profit and Loss Account during year (4,347 )
Balance at 31 December 2023 41,381

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,000 Ordinary £1 4,000 4,000

Burntwood Fasteners Limited (Registered number: 01460388)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY TRANSACTIONS

Troyce Limited

The parent company


Rent of plant & machinery paid - £12,000 (2022 - £48,000)
Rent of property paid - £7,500 (2022 - £30,000)
Dividends paid - £229,100 (2022 - £195,000)
Insurance recharge received - £4,007 (2022 - £4,995)

Amount owed by Troyce Limited at 31st December 2023 £351,178 (2022 - £309,025).

The amount owed by Troyce Limited at 31st December 2023 is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand, but the directors of Burntwood Fasteners Limited have given their assurances that the amount will not be demanded until such time as Troyce Limited can afford to do so without detriment to its operating and working capital requirements.

JCAD Retirement Benefit Scheme

A company in which certain directors are also trustees


Rent £17,000 (2022 - £17,000)

There ia a loan outstanding to J.C.A.D. Retirement Benefit Scheme. The amount owed by the company at the 31st December 2023 was £3,135 (2022 - £40,400). The loan was made on 3rd January 2019 and is to be repaid over 60 months at an interest rate of 1.75% per annum.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Burntwood Fasteners Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burntwood Fasteners Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Burntwood Fasteners 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 Burntwood Fasteners Limited and state those matters that we have agreed to state to the Board of Directors of Burntwood Fasteners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burntwood Fasteners Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Burntwood Fasteners 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 Burntwood Fasteners Limited. You consider that Burntwood Fasteners 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 Burntwood Fasteners 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.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


23 July 2024