Company registration number 03636372 (England and Wales)
BREWER & BUNNEY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BREWER & BUNNEY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BREWER & BUNNEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
1,242,656
Current assets
Stocks
-
743,624
Debtors
5
1
325,607
Cash at bank and in hand
79,401
197,428
79,402
1,266,659
Creditors: amounts falling due within one year
6
(79,401)
(695,523)
Net current assets
1
571,136
Total assets less current liabilities
1
1,813,792
Creditors: amounts falling due after more than one year
7
-
0
(102,833)
Provisions for liabilities
-
0
(235,716)
Net assets
1
1,475,243
Capital and reserves
Called up share capital
1
40,000
Profit and loss reserves
-
0
1,435,243
Total equity
1
1,475,243

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr J A Brown
Director
Company registration number 03636372 (England and Wales)
BREWER & BUNNEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) that management has made in the process of applying the entity's accounting policies have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

Stock is valued at the lower of cost and net realisable value, Judgement is required from management in assessing the net realisable value of stock items. This is applied by management using their knowledge of the business and specifically any stock items that may be damaged, obsolete or slow-moving.

Recoverability of trade debtors

Trade debtors are measured at transaction price, less any impairment. Judgement is required from management in assessing any impairment associated with trade debtor balances. This is applied by management using their knowledge of the business and its customers, with an emphasis on any overdue trade debtor balances.

2
Accounting policies
Company information

Brewer & Bunney Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wolf Laundry, Unit 5B Ashroyds Way, Hoyland, Barnsley, S74 9SB.

2.1
Reporting period

Whilst the reporting period end remains to 31 December, it is noted that the company's trading activities were transferred on 1 June 2023 therefore the reported performance is reflective of 5 months trading activity only, in comparison to 12 months in 2022.

2.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

BREWER & BUNNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

2.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 dispatch 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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

2.5
Tangible fixed assets

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

Depreciation 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:

Leasehold improvements
25% on cost
Plant and equipment
20% on cost
Fixtures and fittings
33% on cost
Motor vehicles
25% on cost

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 credited or charged to profit or loss.

2.6
Stocks

Stocks are stated at the lower of cost and net realisable value

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.

2.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

BREWER & BUNNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
2.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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.

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 company 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.

2.9
Equity instruments

Equity instruments issued by the company 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 company.

2.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BREWER & BUNNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 5 -
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 when the company has 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.

2.11
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.

2.12
Retirement benefits

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

2.13
Leases

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 leases asset are consumed.

3
Employees

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

2023
2022
Number
Number
Total
14
27
BREWER & BUNNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
16,306
3,169,577
123,061
57,512
3,366,456
Additions
1,049
269,522
3,893
-
0
274,464
Disposals
(1,535)
(259,855)
-
0
-
0
(261,390)
Transfers
(15,820)
(3,179,244)
(126,954)
(57,512)
(3,379,530)
At 31 December 2023
-
0
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2023
14,862
1,974,386
113,339
21,213
2,123,800
Depreciation charged in the year
324
184,946
2,867
3,960
192,097
Eliminated in respect of disposals
(1,535)
(189,843)
-
0
-
0
(191,378)
Transfers
(13,651)
(1,969,489)
(116,206)
(25,173)
(2,124,519)
At 31 December 2023
-
0
-
0
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
-
0
-
0
At 31 December 2022
1,444
1,195,191
9,722
36,299
1,242,656
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
245,631
Amounts owed by group undertakings
1
-
0
Other debtors
-
0
79,976
1
325,607
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
358,049
Amounts owed to group undertakings
79,401
78,039
Corporation tax
-
0
59,586
Other taxation and social security
-
0
82,756
Other creditors
-
0
117,093
79,401
695,523
BREWER & BUNNEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
102,833
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Parsons
Statutory Auditor:
Parsons Accountants Ltd
Date of audit report:
29 August 2024
9
Operating lease commitments
Lessee

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

2023
2022
£
£
-
0
384,007
10
Parent company

The immediate parent company is Wolf Laundry Holdings Limited, a company incorporated in the United Kingdom.

The ultimate parent company is HC Holding ETA AG, a company incorporated in Switzerland.

 

The registered address of the ultimate parent company is Zugerstrasse 74 Baar, 6340 Switzerland.

 

In the opinion of the directors there is no single ultimate controlling party.

 

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