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03527466







BRYEN & LANGLEY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024

































BRYEN & LANGLEY LIMITED
 
COMPANY INFORMATION


Directors
A. Escudier 
P. McMahon 
D. Wrighton 
A. Macpherson 
M. A. Meere 




Company secretary
S. Routh



Registered number
03527466



Registered office
6 Lagoon Road

Orpington

Kent

BR5 3QX




Independent auditors
CLA Evelyn Partners Limited
Statutory Auditors

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





BRYEN & LANGLEY LIMITED

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of comprehensive income
 
 
9
Balance sheet
 
 
10
Statement of changes in equity
 
 
11
Notes to the financial statements
 
 
12 - 24


BRYEN & LANGLEY LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the year ended 31 March 2024. 

Business review
 
The results for the year and financial position of the Company are as shown in the annexed financial  statements.
The Company’s turnover decreased by 49% in the year and the Company made every effort to decrease overhead costs where possible in response to this decrease. 
The business continues to remain focused on the construction services and is continuing to secure work on profitable contracts.

Principal risks and uncertainties
 
The directors consider the principal risks facing the group to be those associated with the construction business of the subsidiary companies. These are the rising cost base and the need to retain a skilled workforce, which have been considered in the business review above. The subsidiaries maintain strong relationships with customers and suppliers in order to help achieve their goals, whilst also implementing and maintaining strong procedures to monitor and mitigate the risks that the businesses face.

Financial key performance indicators
 
The Company’s key performance indicators include measuring gross profit margin and current assets ratio. 
     
2024   2023
Gross profit/(loss)   £1.2m   (£0.3m)
Gross profit/(loss) margin  11.14%  (1.35%)
Net assets                        £0.7m                   £0.5m
 
A profit was reported this year following a couple of loss-making years losses that was due to a number of lossmaking contracts. The Company is now seeing the benefit of the management addressing these issues by changing both their tender process and pricing strategy to mitigate against any potential future losses.
The indicators are monitored by management against budget and prior periods. The Company also reviews the success rate for tendered jobs and for retaining customers to ensure that valued long term relationships can be continued.

Page 1

BRYEN & LANGLEY LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
The company continues to comply with the Health and Safety legislation and is continually reviewed. The Company has achieved SSip Acclaim Accreditation deemed to satisfy. We accredited the following British Standards ISO 9001, ISO 45001 and ISO 14001.


This report was approved by the board and signed on its behalf.



P. McMahon
Director

Date: 19 August 2024

Page 2

BRYEN & LANGLEY LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £210,828 (2023 - loss £1,019,677).

During the year the dividends distributed were £Nil (2022: £Nil). 

Directors

The directors who served during the year were:

A. Escudier 
P. McMahon 
D. Wrighton 
A. Macpherson 
M. A. Meere 

Future developments

The directors believe that the Company is well positioned in the market with strong customer links and ongoing contracts to deliver profitable results in the coming year. 

Page 3

BRYEN & LANGLEY LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P. McMahon
Director

Date: 19 August 2024

Page 4

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED

Opinion


We have audited the financial statements of Bryen & Langley Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with site health and safety regulations, compliance with FRS102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws.  We discussed amongst the audit engagement team the identified laws and regulations, and remained alert to any indications of non-compliance.  
We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and supporting papers. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included, but were not limited to:
 
• identifying and reviewing the controls in place to prevent and detect fraud;
 
• enquiries of management as to whether they have knowledge of any actual, suspected or alleged fraud;
 
• discussion amongst the engagement team regarding the risk of fraud, such as opportunities and incentives
for fraudulent manipulation of the financial statements;
 
• understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
 
• challenging assumptions and judgements made by management in its significant accounting estimates and
revenue recognition policy;
 
• identifying and testing journal entries, with a focus on manual journals and journals which indicated large or unusual transactions (based on our understanding of the business); 
 
• assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the financial statement item. Specifically, we have assessed how the company complies with health and saftey standards. 
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations.  We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial
Page 7

BRYEN & LANGLEY LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYEN & LANGLEY LIMITED (CONTINUED)

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

Date: 21 August 2024
Page 8

BRYEN & LANGLEY LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,346,879
20,456,312

Cost of sales
  
(9,193,878)
(20,733,288)

Gross profit/(loss)
  
1,153,001
(276,976)

Administrative expenses
  
(1,587,703)
(1,655,943)

Other operating income
 5 
714,136
418,899

Operating profit/(loss)
 6 
279,434
(1,514,020)

Interest receivable and similar income
 9 
9,918
6,569

Interest payable and expenses
 10 
(1,624)
(3,438)

Profit/(loss) before tax
  
287,728
(1,510,889)

Tax on profit/(loss)
 11 
(76,900)
491,212

Profit/(loss) for the financial year
  
210,828
(1,019,677)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

BRYEN & LANGLEY LIMITED
REGISTERED NUMBER:03527466

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 12 
204,874
196,296

Current assets
  

Debtors: amounts falling due after more than one year
 13 
255,872
537,950

Debtors: amounts falling due within one year
 13 
2,633,887
3,902,026

Cash at bank and in hand
 14 
1,029,437
680,373

  
3,919,196
5,120,349

Creditors: amounts falling due within one year
 15 
(2,883,946)
(4,384,666)

Net current assets
  
 
 
1,035,250
 
 
735,683

Total assets less current liabilities
  
1,240,124
931,979

Creditors: amounts falling due after more than one year
 16 
(170,162)
(351,580)

Provisions for liabilities
  

Other provisions
 18 
(328,735)
(50,000)

  
 
 
(328,735)
 
 
(50,000)

Net assets
  
741,227
530,399


Capital and reserves
  

Called up share capital 
 19 
2,310,000
2,310,000

Capital redemption reserve
 20 
25,000
25,000

Profit and loss account
 20 
(1,593,773)
(1,804,601)

  
741,227
530,399


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P. McMahon
Director

Date: 19 August 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 10

BRYEN & LANGLEY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
60,000
25,000
(784,924)
(699,924)


Comprehensive income for the year

Loss for the year
-
-
(1,019,677)
(1,019,677)


Contributions by and distributions to owners

Shares issued during the year
2,250,000
-
-
2,250,000



At 1 April 2023
2,310,000
25,000
(1,804,601)
530,399


Comprehensive income for the year

Profit for the year
-
-
210,828
210,828


At 31 March 2024
2,310,000
25,000
(1,593,773)
741,227


The notes on pages 12 to 24 form part of these financial statements.

Page 11

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Byren & Langley Limited ("the Company") is a private company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Monetary amounts in these financial statements are stated in Pounds and are rounded to the nearest £1, except where otherwise indicated. 

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Bryen and Langley (Holdings) Limited as at 31 March 2024 and these financial statements may be obtained from 6 Lagoon Road, Orpington, England, BR5 3QX.

Page 12

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company has generated a profit this year of £210,828 (2023: loss of £1,019,677), the losses in the previous period were due to one major loss-making contract which was completed in the prior year.
Following the completion of this significant loss-making contract in the prior year, the directors put  in sufficient measures to ensure the Company returned to profitability including, but not limited to, being more selective in contracts tendered for.
The directors of the Company have taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Company is a going concern.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue comprises the value of construction work certified during the year and the invoiced value of goods and services supplied by the company, exclusive of the value added tax and trade discounts. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the  Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenants' improvements
-
125
months on cost
Plant and machinery
-
15%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
and 10% on cost
Office & sundry equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

 Stocks, work in progress and long term contracts

Stocks and work in progress are stated at the lower of cost and net realisable value after making  due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an   appropriate proportion of fixed and variable overheads. 
Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect  the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition relating to long term construction contracts
The Company makes judgements in relation to long term contracts and the corresponding costs associated with the contracts. This includes the measurement and recognition of WIP and accrued  income, in accordance to the stage of completion of a job. The Company has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they are consistent and appropriate. This includes reviewing the independent certification of work done, the progress of work against contracted timescales and costs incurred against the agreed overheads. In the event that a long term contract is loss making, the estimated loss is provided for in full at the balance sheet date based on historic results, budgeted costs to complete the contract and the directors knowledge of the industry.
Recognition of defect cost provisions relating to long term construction contracts
The Company makes judgements in relation to defect costs relating to contracts which are likely to be incurred in the contractual defects liability period. This includes the measurement and recognition of provisions relating to estimated defects.


4.


Turnover

The whole of the turnover is attributable to construction activities in the UK. 

All turnover arose within the United Kingdom.

Page 16

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Management charges receivable
714,136
418,899



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
113,807
92,402

Fees payable to the Company's auditor for the audit of the Company's financial statements
21,000
22,000

Fees payable to the Company's auditor for non audit services
1,500
4,975

Other operating lease rentals
134,258
54,412

Defined contribution pension cost
97,889
104,086


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,894,775
2,873,159

Social security costs
350,417
364,162

Cost of defined contribution scheme
97,889
104,086

2,343,081
3,341,407


Wages and salaries of £1,255,794 (2023: £339,927) have been recharged by the Company to another group company in the year. The above staff costs are presented net of this group recharge as the Company is acting as an agent for the fellow group company. The average employee numbers disclosed below includes staff that are recharged to the other group company, in accordance with the payroll scheme for this company.

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Construction
50
51



Administration
26
27

76
78

Page 17

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
388,557
369,767

Company contributions to defined contribution pension schemes
12,931
14,345

401,488
384,112


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £129,181 (2023 - £127,941).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,466 (2023 - £7,173).

Key management personnel remuneration (excluding the directors) is disclosed separately in note 22.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
9,918
6,569


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,624
3,438

Page 18

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,046
(497,819)


Group taxation relief
-
(78,173)


Total current tax
2,046
(575,992)

Deferred tax


Origination and reversal of timing differences
74,854
84,780

Total deferred tax
74,854
84,780


Taxation on profit/(loss) on ordinary activities
76,900
(491,212)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
287,728
(1,510,889)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
71,932
(287,069)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,359
4,232

Capital allowances for year in excess of depreciation
(391)
-

Utilisation of tax losses
-
78,173

Difference in deferred tax rate (25%)
-
20,347

Group relief
-
(78,173)

R&D tax claim
-
(228,722)

Total tax charge for the year
76,900
(491,212)


Factors that may affect future tax charges

The Company has estimated losses of £668,664 (2023: £962,563) available to carry forward against
future trading profits.

Page 19

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Tenants improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
17,696
219,609
30,477
171,434
439,216


Additions
-
73,480
-
53,091
126,571


Disposals
-
(21,860)
-
(15,658)
(37,518)



At 31 March 2024

17,696
271,229
30,477
208,867
528,269



Depreciation


At 1 April 2023
2,407
108,206
27,457
104,850
242,920


Charge for the year on owned assets
1,699
63,596
925
47,587
113,807


Disposals
-
(17,674)
-
(15,658)
(33,332)



At 31 March 2024

4,106
154,128
28,382
136,779
323,395



Net book value



At 31 March 2024
13,590
117,101
2,095
72,088
204,874



At 31 March 2023
15,289
111,403
3,020
66,584
196,296

Page 20

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Debtors


2024
2023
£
£

Due after more than one year

Trade debtors
108,991
316,215

Deferred tax asset
146,881
221,735

255,872
537,950

Due within one year

Trade debtors
1,213,767
1,758,820

Amounts owed by group undertakings
128,280
202,861

Amounts owed by companies under common control
15,370
21,334

Other debtors
205,318
595,154

Prepayments and accrued income
83,093
62,681

Amounts recoverable on long term contracts
988,059
1,261,176

2,889,759
4,439,976



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,029,437
680,373



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,392,972
1,477,241

Amounts owed to group undertakings
-
10,574

Amounts owed to companies under common control
20,499
178,597

Corporation tax
2,046
-

Other taxation and social security
302,661
383,507

Other creditors
47,746
69,183

Accruals
1,118,022
2,265,564

2,883,946
4,384,666


Page 21

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Trade creditors
89,438
139,857

Amounts owed to companies under common control
-
77,899

Other creditors
29,350
39,225

Accruals and deferred income
51,374
94,599

170,162
351,580



17.


Deferred taxation




2024


£






At beginning of year
221,735


Charged to profit or loss
(74,854)



At end of year
146,881

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(25,289)
(26,097)

Tax losses carried forward
167,166
240,640

Pension surplus
5,004
7,192

146,881
221,735

Page 22

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Provisions




Project provisions

£





At 1 April 2023
50,000


Charged to profit or loss
278,735



At 31 March 2024
328,735

Defect project provisions
 
These relate to expected costs of defects on projects that have achieved practical completion certification. The  timing of payment of these amounts is uncertain and therefore management consider it prudent to include them as a provision.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,310,000 (2023 - 2,310,000) Ordinary shares of £1.00 each
2,310,000
2,310,000



20.


Reserves

Capital redemption reserve 
The nominal value of shares repurchased and still held at the year end. 
Profit and loss 
The cumulative profit and loss, net of distribution to owners. 


21.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
111,032
129,025

Later than 1 year and not later than 5 years
118,020
223,204

229,052
352,229

Page 23

BRYEN & LANGLEY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Related party transactions

At the year end, the Company owed companies under common control £20,499 (2023: £256,496) and £15,370 (2023: £21,344) was owed to the Company by companies under common control. During the period, purchases of £140,421 (2023: £2,314,767) were made from companies under common control and management charges totalling £12,000 (2023: £58,999) were charged to companies under common control.
Key Management Personnel
In the year the Company paid total compensation of £201,481 (2023: £216,917) to key management personnel (excluding directors' remuneration as this is disclosed seperately in note 8).


23.


Controlling party

The ultimate parent company is Bryen & Langley (Holdings) Limited by virtue of its shareholding. The registered office address of this company is 6 Lagoon Road, Orpington, England, BR5 3QX. The smallest and largest group that the company is consolidated to is Bryen & Langley (Holdings) Limited. 
The ultimate controlling parties are Alan Escudier, Paul McMahon and David Wrighton by virtue of their shareholding in Bryen & Langley (Holdings) Limited. 

 
Page 24