E.O.Burton & Company Limited 00543509 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of timber importers, merchants and machinists. Digita Accounts Production Advanced 6.30.9574.0 true false true 00543509 2023-02-01 2024-01-31 00543509 2024-01-31 00543509 core:CapitalRedemptionReserve 2024-01-31 00543509 core:RetainedEarningsAccumulatedLosses 2024-01-31 00543509 core:RevaluationReserve 2024-01-31 00543509 core:ShareCapital 2024-01-31 00543509 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 00543509 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 00543509 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00543509 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 00543509 core:FurnitureFittingsToolsEquipment 2024-01-31 00543509 core:LandBuildings 2024-01-31 00543509 core:MotorVehicles 2024-01-31 00543509 core:OtherPropertyPlantEquipment 2024-01-31 00543509 bus:SmallEntities 2023-02-01 2024-01-31 00543509 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00543509 bus:FilletedAccounts 2023-02-01 2024-01-31 00543509 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00543509 bus:RegisteredOffice 2023-02-01 2024-01-31 00543509 bus:Director3 2023-02-01 2024-01-31 00543509 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00543509 core:FurnitureFittings 2023-02-01 2024-01-31 00543509 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 00543509 core:LandBuildings 2023-02-01 2024-01-31 00543509 core:MotorVehicles 2023-02-01 2024-01-31 00543509 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 00543509 core:PlantMachinery 2023-02-01 2024-01-31 00543509 countries:EnglandWales 2023-02-01 2024-01-31 00543509 2023-01-31 00543509 core:FurnitureFittingsToolsEquipment 2023-01-31 00543509 core:LandBuildings 2023-01-31 00543509 core:MotorVehicles 2023-01-31 00543509 core:OtherPropertyPlantEquipment 2023-01-31 00543509 2022-02-01 2023-01-31 00543509 2023-01-31 00543509 core:CapitalRedemptionReserve 2023-01-31 00543509 core:RetainedEarningsAccumulatedLosses 2023-01-31 00543509 core:RevaluationReserve 2023-01-31 00543509 core:ShareCapital 2023-01-31 00543509 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 00543509 core:HirePurchaseContracts core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-01-31 00543509 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00543509 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 00543509 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-01-31 00543509 core:FurnitureFittingsToolsEquipment 2023-01-31 00543509 core:LandBuildings 2023-01-31 00543509 core:MotorVehicles 2023-01-31 00543509 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 00543509

E.O.Burton & Company Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

E.O.Burton & Company Limited

Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

600,124

566,925

Investments

6

25,925

25,925

 

626,049

592,850

Current assets

 

Stocks

7

897,591

832,014

Debtors

8

337,339

424,970

Cash at bank and in hand

 

264,954

245,257

 

1,499,884

1,502,241

Creditors: Amounts falling due within one year

9

(240,511)

(291,344)

Net current assets

 

1,259,373

1,210,897

Total assets less current liabilities

 

1,885,422

1,803,747

Creditors: Amounts falling due after more than one year

9

(45,125)

-

Provisions for liabilities

(37,668)

(26,928)

Net assets

 

1,802,629

1,776,819

Capital and reserves

 

Called up share capital

160,165

160,165

Capital redemption reserve

89,835

89,835

Own property revaluation reserve

259,258

262,582

Profit and loss account

1,293,371

1,264,237

Total equity

 

1,802,629

1,776,819

For the financial year ending 31 January 2024 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

 

E.O.Burton & Company Limited

Statement of Financial Position as at 31 January 2024

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

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

M G Godwin

Director

Company registration number: 00543509

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Thorndon Sawmills
The Avenue
Brentwood
Essex
CM13 3RZ

The principal activity of the company is that of timber importers, merchants and machinists.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The company had net assets at 31 January 2024 amounting to £1,802,629 including cash at bank of £264,954.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 company recognises revenue upon the collection or delivery of timber products or services when the amount of revenue can be reliably measured.

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Freehold Buildings

over 50 years

Plant & Machinery

25% straight line

Furniture, Fittings and Equipment

25% straight line

Motor Vehicles

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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 income statement 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.

Finance leases and hire purchase

Leases 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 recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 during the year, was 17 (2023 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

91,884

74,059

Income from shares in group undertakings

(50,000)

(40,000)

5

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 February 2023

549,113

86,493

81,891

519,958

1,237,455

Additions

-

17,579

-

107,504

125,083

At 31 January 2024

549,113

104,072

81,891

627,462

1,362,538

Depreciation

At 1 February 2023

112,800

70,982

42,767

443,981

670,530

Charge for the year

5,760

9,960

18,594

57,570

91,884

At 31 January 2024

118,560

80,942

61,361

501,551

762,414

Carrying amount

At 31 January 2024

430,553

23,130

20,530

125,911

600,124

At 31 January 2023

436,313

15,511

39,124

75,977

566,925

6

Investments

2024
£

2023
£

Investments in subsidiaries

25,925

25,925

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Stocks

2024
£

2023
£

Stock

897,591

832,014

8

Debtors

2024
£

2023
£

Trade debtors

324,180

385,613

Amounts owed by group undertakings

2,400

2,400

Other debtors

10,759

36,957

337,339

424,970

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

10

28,500

-

Trade creditors

 

87,709

132,620

Taxation and social security

 

89,477

82,599

Other creditors

 

34,825

76,125

 

240,511

291,344

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

45,125

-

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase obligations

28,500

-

 

E.O.Burton & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Non-current loans and borrowings

Hire purchase obligations

45,125

-

Obligations under hire purchase contracts are secured on the assets involved.

11

Financial commitments, guarantees and contingencies

Operating leases

The total future lease payments under non-cancellable operating leases not included in the statement of financial position amounts to £120,774 (2023 - £26,997).

Capital commitment

The total amount of capital commitments not included in the statement of financial position is £Nil (2023 - £95,000).

Contingencies

The company has given a guarantee to HM Revenue & Customs in respect of deferred duty amounting to £25,000 (2023 - £25,000).

12

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption has been taken not to disclose transactions in the year or amounts falling due between undertakings that are wholly owned within the group.