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REGISTERED NUMBER: 07143978 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

H. Burford & Sons Ltd

H. Burford & Sons Ltd (Registered number: 07143978)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


H. Burford & Sons Ltd

Company Information
for the Year Ended 31 March 2024







Directors: M S Burford
M P Burford





Registered office: The Croft
Witcombe
Gloucester
GL3 4SZ





Registered number: 07143978 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

H. Burford & Sons Ltd (Registered number: 07143978)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 860,597 961,523
Investment property 6 889,389 -
1,749,986 961,523

CURRENT ASSETS
Stocks 55,763 23,856
Debtors 7 399,609 861,793
Cash at bank 3,016,691 3,265,073
3,472,063 4,150,722
CREDITORS
Amounts falling due within one year 8 616,313 623,279
NET CURRENT ASSETS 2,855,750 3,527,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,605,736

4,488,966

PROVISIONS FOR LIABILITIES 75,779 100,576
NET ASSETS 4,529,957 4,388,390

CAPITAL AND RESERVES
Called up share capital 9 7,000 7,000
Capital redemption reserve 3,000 3,000
Retained earnings 4,519,957 4,378,390
SHAREHOLDERS' FUNDS 4,529,957 4,388,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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

H. Burford & Sons Ltd (Registered number: 07143978)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





M S Burford - Director


H. Burford & Sons Ltd (Registered number: 07143978)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

H. Burford & Sons Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Intangible assets
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill - 10 years straight line

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings - not depreciated
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Fixtures and fittings - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

H. Burford & Sons Ltd (Registered number: 07143978)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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 using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


H. Burford & Sons Ltd (Registered number: 07143978)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 2,250,000
Amortisation
At 1 April 2023
and 31 March 2024 2,250,000
Net book value
At 31 March 2024 -
At 31 March 2023 -

H. Burford & Sons Ltd (Registered number: 07143978)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 April 2023 549,732 972,165 1,521,897
Additions - 2,103 2,103
At 31 March 2024 549,732 974,268 1,524,000
Depreciation
At 1 April 2023 - 560,374 560,374
Charge for year - 103,029 103,029
At 31 March 2024 - 663,403 663,403
Net book value
At 31 March 2024 549,732 310,865 860,597
At 31 March 2023 549,732 411,791 961,523

6. INVESTMENT PROPERTY
Total
£   
Fair value
Additions 925,909
Impairments (36,520 )
At 31 March 2024 889,389
Net book value
At 31 March 2024 889,389

The directors of the company agreed that the value of one the investment properties has not materially changed since the date of acquisition and therefore the fair value is equal to the historical cost.

The other investment property was professionally valued and included in the accounts per the valuation.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 255,834 157,982
Other debtors 143,775 703,811
399,609 861,793

H. Burford & Sons Ltd (Registered number: 07143978)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 217,661 283,992
Taxation and social security 380,908 330,993
Other creditors 17,744 8,294
616,313 623,279

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 7,000
6,000 Ordinary A 1 6,000 -
7,000 7,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
M S Burford
Balance outstanding at start of year 170,413 (29,653 )
Amounts advanced 138,844 419,003
Amounts repaid (322,287 ) (218,937 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (13,030 ) 170,413

M P Burford
Balance outstanding at start of year 188,445 (12,376 )
Amounts advanced 139,168 374,758
Amounts repaid (328,522 ) (173,937 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (909 ) 188,445

The above loans are included within other creditors. The loans are unsecured and repayable on demand. Interest has been charged at the official rate where the loan accounts became more than £10,000 overdrawn during the period.