Company registration number 11020147 (England and Wales)
BRYKEN GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
BRYKEN GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
B. Taylor
N. Lund
P. Taylor
S. Taylor
Secretary
N. Lund
Company number
11020147
Registered office
Randles Road
Knowsley Business Park
Prescot
Merseyside
L34 9HX
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Randles Road
Knowsley Business Park
Prescot
Merseyside
L34 9HX
Bankers
National Westminster Bank plc
4 Standishgate
Wigan
Lancashire
WN1 1UE
BRYKEN GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 31
BRYKEN GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Review of the business

The group has achieved a better than expected result for the year in a challenging industry. Turnover has increased by 15.39% to £15.647m (2022: £13.560m), and the group's gross profit margin (a key performance indicator) increased to 32.35% (2022: 27.72%). Gross profit has increased to £5.062m (2022: £3.759m).

 

The group has continued to closely monitor administrative costs.

 

The group expects a continued improvement in 2024 as it looks to continue to provide excellent customer service and outstanding products.

Liquidity risk

The group aims to mitigate liquidity risk by closely managing cash generated by its operating business and monitoring performance. Capital investment is also closely controlled.

Foreign currency risk

The majority of the group's revenue is invoiced in sterling and all of its operations are conducted within the UK. Its purchases are mainly from the UK or mainland Europe. The impact of exchange rates is closely monitored and mitigated where possible.

Credit risk

It is the group's policy that all customers are subject to credit verification procedures. The group only offers terms to recognised credit worthy third parties. In addition debtor balances are monitored on an ongoing basis with the result that the group's history of bad debt losses is minimal.

On behalf of the board

N. Lund
Director
8 August 2024
BRYKEN GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is that of precision engineering.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £211,559. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B. Taylor
N. Lund
P. Taylor
S. Taylor
Research and development

The group continues to invest in the development of its technology. The directors regard investment in research and development as essential for maintaining its position in the market and for the continued growth and success of the business.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

BRYKEN GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
N. Lund
Director
8 August 2024
BRYKEN GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRYKEN GROUP HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Bryken Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

BRYKEN GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRYKEN GROUP HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, included within the directors' report, 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 parent 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.

Auditor's 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 auditor's 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 and 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

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

BRYKEN GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRYKEN GROUP HOLDINGS LIMITED
- 6 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Peter Atkinson F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited
29 August 2024
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
BRYKEN GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
15,647,415
13,559,846
Cost of sales
(10,584,973)
(9,800,509)
Gross profit
5,062,442
3,759,337
Distribution costs
(82,308)
(80,979)
Administrative expenses
(3,048,250)
(2,770,968)
Other operating income
14,000
39,000
Operating profit
4
1,945,884
946,390
Interest receivable and similar income
8
5,136
5
Interest payable and similar expenses
9
(53,613)
(26,497)
Profit before taxation
1,897,407
919,898
Tax on profit
10
(299,516)
(38,767)
Profit for the financial year
1,597,891
881,131
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BRYKEN GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,160,346
2,318,318
Other intangible assets
12
72,034
95,406
Total intangible assets
2,232,380
2,413,724
Tangible assets
13
5,338,282
4,869,648
Investments
14
359,000
359,000
7,929,662
7,642,372
Current assets
Stocks
16
2,188,345
2,147,005
Debtors
17
4,612,805
4,101,912
Cash at bank and in hand
734,769
745,668
7,535,919
6,994,585
Creditors: amounts falling due within one year
18
(6,066,222)
(5,237,022)
Net current assets
1,469,697
1,757,563
Total assets less current liabilities
9,399,359
9,399,935
Creditors: amounts falling due after more than one year
19
(4,543,565)
(6,098,824)
Provisions for liabilities
Deferred tax liability
22
1,038,772
870,421
(1,038,772)
(870,421)
Net assets
3,817,022
2,430,690
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
3,816,922
2,430,590
Total equity
3,817,022
2,430,690
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
N. Lund
Director
Company registration number 11020147 (England and Wales)
BRYKEN GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
10,857,049
10,857,049
Current assets
Cash at bank and in hand
229
2,601
Creditors: amounts falling due within one year
18
(1,120,000)
(1,120,000)
Net current liabilities
(1,119,771)
(1,117,399)
Total assets less current liabilities
9,737,278
9,739,650
Creditors: amounts falling due after more than one year
19
(7,005,877)
(7,005,877)
Net assets
2,731,401
2,733,773
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
2,731,301
2,733,673
Total equity
2,731,401
2,733,773

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £209,187 (2022 - £977,378 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
N. Lund
Director
Company registration number 11020147 (England and Wales)
BRYKEN GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
100
8,000,000
(6,206,836)
1,793,264
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
881,131
881,131
Dividends
11
-
-
(243,705)
(243,705)
Realisation of capital redemption reserve
-
(8,000,000)
8,000,000
-
Balance at 30 November 2022
100
-
0
2,430,590
2,430,690
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,597,891
1,597,891
Dividends
11
-
-
(211,559)
(211,559)
Balance at 30 November 2023
100
-
0
3,816,922
3,817,022
BRYKEN GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
100
8,000,000
(6,000,000)
2,000,100
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
977,378
977,378
Dividends
11
-
-
(243,705)
(243,705)
Transfers
-
-
8,000,000
8,000,000
Reduction in reserve
-
(8,000,000)
-
(8,000,000)
Balance at 30 November 2022
100
-
0
2,733,673
2,733,773
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
209,187
209,187
Dividends
11
-
-
(211,559)
(211,559)
Balance at 30 November 2023
100
-
0
2,731,301
2,731,401
BRYKEN GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
1,672,604
(538,738)
Interest paid
(53,613)
(26,497)
Income taxes refunded
199,332
9,620
Net cash inflow/(outflow) from operating activities
1,818,323
(555,615)
Investing activities
Purchase of tangible fixed assets
(754,163)
(592,224)
Proceeds from disposal of tangible fixed assets
362,592
292,479
Interest received
5,136
5
Net cash used in investing activities
(386,435)
(299,740)
Financing activities
Payment of finance leases obligations
(1,231,228)
(1,098,510)
Dividends paid to equity shareholders
(211,559)
(243,705)
Net cash used in financing activities
(1,442,787)
(1,342,215)
Net decrease in cash and cash equivalents
(10,899)
(2,197,570)
Cash and cash equivalents at beginning of year
745,668
2,943,238
Cash and cash equivalents at end of year
734,769
745,668
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
1
Accounting policies
Company information

Bryken Group Holdings Limited (“the company”) is a private company, limited by shares, and incorporated in England and Wales. The registered office is Randles Road, Knowsley Business Park, Merseyside, L34 9HX.

 

The group consists of Bryken Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Bryken Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for manufactured precision engineering parts and services net of VAT despatched or provided by the balance sheet date.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 20 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
straight line basis over 6 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% per annum straight line basis
Plant and equipment
22% per annum reducing balance basis and 33% per annum reducing balance basis
Fixtures and fittings
10% per annum reducing balance basis and 33% per annum straight line basis
Motor vehicles
50% per annum reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that, technical, commercial and financial feasibility can be demonstrated.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The critical estimates made by the directors in preparing these financial statements relate to the assessment of useful economic lives of the group's tangible fixed assets and intangible fixed assets when determining the appropriate depreciation policies, as well as their assessment of the required level of stock and debtor provisions to ensure the group's assets are included at the correct carrying amount at the balance sheet date.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Manufactured precision engineering parts and services
15,647,415
13,559,846
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,717,747
12,780,011
Europe
929,668
779,835
15,647,415
13,559,846
2023
2022
£
£
Other significant revenue
Interest income
5,136
5
Grants received
14,000
39,000
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
10,553
(5,438)
Government grants
(14,000)
(39,000)
Depreciation of owned tangible fixed assets
613,837
780,078
Depreciation of tangible fixed assets held under finance leases
580,375
352,643
Profit on disposal of tangible fixed assets
(63,165)
(29,782)
Amortisation of intangible assets
181,344
181,344
Operating lease charges
136,000
136,000

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £10,553 (2022 - £5,438).

5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,200
1,045
Audit of the financial statements of the company's subsidiaries
13,900
13,685
15,100
14,730
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Auditor's remuneration
(Continued)
- 20 -
For other services
Other taxation services
25,250
20,600
All other non-audit services
3,830
13,061
29,080
33,661
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
63
66
-
-
Administration
32
33
-
-
Total
95
99
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,602,571
3,464,745
-
0
-
0
Social security costs
322,462
328,671
-
-
Pension costs
167,946
178,181
-
0
-
0
4,092,979
3,971,597
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
27,733
23,179
Company pension contributions to defined contribution schemes
5,250
5,250
32,983
28,429

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1
5
Other interest income
5,135
-
Total income
5,136
5
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
53,613
25,738
Other interest
-
759
Total finance costs
53,613
26,497
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
131,165
(118,708)
Adjustments in respect of prior periods
-
0
(120,045)
Total current tax
131,165
(238,753)
Deferred tax
Origination and reversal of timing differences
360,100
289,974
Adjustment in respect of prior periods
(191,749)
(12,454)
Total deferred tax
168,351
277,520
Total tax charge
299,516
38,767
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,897,407
919,898
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
436,593
174,781
Unutilised tax losses carried forward
-
0
28
Change in unrecognised deferred tax assets
-
0
(2,260)
Adjustments in respect of prior years
-
0
(120,045)
Permanent capital allowances in excess of depreciation
(5,674)
(103,501)
Depreciation on assets not qualifying for tax allowances
-
2,450
Amortisation on assets not qualifying for tax allowances
36,364
30,015
Other permanent differences
-
0
159
Deferred tax adjustments in respect of prior years
(191,749)
(12,454)
Effect of differences in corporation and deferred tax rates
23,982
69,594
Taxation charge
299,516
38,767

A UK corporation tax rate of 25% was announced in the Chancellor’s Budget of 3 March 2021, and applied from 1 April 2023. Deferred tax has been calculated at this rate.

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
211,559
243,705
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
3,102,483
140,202
3,242,685
Amortisation and impairment
At 1 December 2022
784,165
44,796
828,961
Amortisation charged for the year
157,972
23,372
181,344
At 30 November 2023
942,137
68,168
1,010,305
Carrying amount
At 30 November 2023
2,160,346
72,034
2,232,380
At 30 November 2022
2,318,318
95,406
2,413,724
The company had no intangible fixed assets at 30 November 2023 or 30 November 2022.

The amortisation charge has been included within administrative expenses in the year.

13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
375,473
10,606,048
121,140
77,914
11,180,575
Additions
64,880
1,888,132
9,261
-
0
1,962,273
Disposals
-
0
(1,396,668)
-
0
-
0
(1,396,668)
At 30 November 2023
440,353
11,097,512
130,401
77,914
11,746,180
Depreciation and impairment
At 1 December 2022
221,601
5,940,958
84,954
63,414
6,310,927
Depreciation charged in the year
34,589
1,123,916
28,457
7,250
1,194,212
Eliminated in respect of disposals
-
0
(1,097,241)
-
0
-
0
(1,097,241)
At 30 November 2023
256,190
5,967,633
113,411
70,664
6,407,898
Carrying amount
At 30 November 2023
184,163
5,129,879
16,990
7,250
5,338,282
At 30 November 2022
153,872
4,665,090
36,186
14,500
4,869,648
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
13
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
2,826,544
1,933,891
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,857,049
10,857,049
Unlisted investments
359,000
359,000
-
0
-
0
359,000
359,000
10,857,049
10,857,049
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2022 and 30 November 2023
359,000
Carrying amount
At 30 November 2023
359,000
At 30 November 2022
359,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022 and 30 November 2023
10,857,049
Carrying amount
At 30 November 2023
10,857,049
At 30 November 2022
10,857,049
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Bryken (Holdings) Limited
England and Wales
Holding company
Ordinary
100.00
-
Bryken Limited
England and Wales
Precision Engineering
Ordinary and non-voting
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Randles Road, Knowsley Business Park, Prescot, Merseyside, L34 9HX
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
968,539
1,073,909
-
-
Work in progress
181,620
203,357
-
-
Finished goods and goods for resale
1,038,186
869,739
-
0
-
0
2,188,345
2,147,005
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,839,251
3,668,074
-
0
-
0
Corporation tax recoverable
119,837
319,169
-
0
-
0
Other debtors
554,590
4,724
-
0
-
0
Prepayments and accrued income
99,127
109,945
-
0
-
0
4,612,805
4,101,912
-
-
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
891,628
959,487
-
0
-
0
Trade creditors
2,095,296
2,161,549
-
0
-
0
Corporation tax payable
131,165
-
0
-
0
-
0
Other taxation and social security
315,962
295,572
-
-
Other creditors
2,466,235
1,537,900
1,120,000
1,120,000
Accruals and deferred income
165,936
282,514
-
0
-
0
6,066,222
5,237,022
1,120,000
1,120,000
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
332,314
287,573
-
0
-
0
Other borrowings
20
2,800,000
2,800,000
2,800,000
2,800,000
Amounts owed to group undertakings
-
0
-
0
2,794,626
1,194,626
Other creditors
1,411,251
3,011,251
1,411,251
3,011,251
4,543,565
6,098,824
7,005,877
7,005,877
20
Loans
Group
Company
2023
2022
2023
2022
£
£
£
£
Preference shares
2,800,000
2,800,000
2,800,000
2,800,000
Payable after one year
2,800,000
2,800,000
2,800,000
2,800,000

The preference shares are redeemable by the holder and are entitled to a non-cumulative preferential dividend at the annual rate of 0.001% of the nominal value of the share capital. These shares do not hold voting rights.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
891,628
959,487
-
0
-
0
In two to five years
332,314
287,573
-
0
-
0
1,223,942
1,247,060
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured on the assets to which they relate.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,044,223
986,966
Tax losses
-
(111,384)
Retirement benefit obligations
(5,451)
(5,161)
1,038,772
870,421
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
870,421
-
Charge to profit or loss
168,351
-
Liability at 30 November 2023
1,038,772
-

The deferred tax liability set out above is expected to reverse within 3 years and mostly relates to accelerated capital allowances that are expected to mature within the same period.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,946
178,181

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the year-end accrued pension contributions amounted to £21,803 (2022: £20,647).

24
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
5 A Ordinary shares of £1 each
5
5
95 B Ordinary shares of £1 each
95
95
100
100
Preference share capital
Preference shares of £1 each
2,800,000
2,800,000

The A ordinary and B ordinary shares rank pari passu in relation to voting rights, dividend rights and rights to receive capital on a winding up.

 

The 2,800,000 preference shares of £1 each nominal value are entitled to a non-cumulative preferential dividend at the annual rate of 0.001% of the nominal value of the share capital. These shares do not hold voting rights and are included in creditors due in greater than one year.

25
Reserves
Profit and loss reserve

The profit and loss reserve relates to cumulative profit and losses less distributions to shareholders.

 

Capital redemption reserve

Represents the nominal value of shares repurchased by the company.

BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
26
Operating lease commitments

Operating lease payments represent rentals payable by the group for its property,

 

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
136,282
136,282
-
-
Between two and five years
79,333
215,333
-
-
215,615
351,615
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
1,725,000
267,900
-
-
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Group
Connected company
3,040,976
2,627,161

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Connected company
153,700
1,039,522
Other information
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
28
Related party transactions
(Continued)
- 30 -

The companies are related by common directors who have control over the reporting entities.

 

During the year rent totalling £136,000 (2022: £136,000) was paid to one of the directors.

 

Included within other creditors is an amount of £2,531,251 (2022: £4,131,251) due to one of the directors.

 

29
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
N. Lund - Loan
-
-
10,000
10,000
S. Taylor - Loan
-
-
40,000
40,000
P. Taylor - Loan
-
-
470,000
470,000
-
520,000
520,000

The advances were interest free, repayable on demand and the company held no security in their respect.

30
Controlling party

The ultimate controlling party is Mr B Taylor.

31
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
1,597,891
881,131
Adjustments for:
Taxation charged
299,516
38,767
Finance costs
53,613
26,497
Investment income
(5,136)
(5)
Gain on disposal of tangible fixed assets
(63,165)
(29,782)
Amortisation and impairment of intangible assets
181,344
181,344
Depreciation and impairment of tangible fixed assets
1,194,212
1,132,721
Movements in working capital:
Increase in stocks
(41,340)
(715,550)
Increase in debtors
(710,225)
(974,303)
Decrease in creditors
(834,106)
(1,079,558)
Cash generated from/(absorbed by) operations
1,672,604
(538,738)
BRYKEN GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 31 -
32
Analysis of changes in net debt - group
1 December 2022
Cash flows
New finance leases
30 November 2023
£
£
£
£
Cash at bank and in hand
745,668
(10,899)
-
734,769
Borrowings excluding overdrafts
(2,800,000)
-
-
(2,800,000)
Obligations under finance leases
(1,247,060)
1,231,228
(1,208,110)
(1,223,942)
(3,301,392)
1,220,329
(1,208,110)
(3,289,173)
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