Company registration number 09427490 (England and Wales)
BROSYM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BROSYM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BROSYM LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
76
Tangible assets
4
247,458
316,111
247,458
316,187
Current assets
Stocks
29,177
24,185
Debtors
5
718,774
750,311
Cash at bank and in hand
208,049
119,289
956,000
893,785
Creditors: amounts falling due within one year
6
(381,761)
(324,890)
Net current assets
574,239
568,895
Total assets less current liabilities
821,697
885,082
Creditors: amounts falling due after more than one year
7
(22,500)
(32,500)
Provisions for liabilities
(50,785)
(64,870)
Net assets
748,412
787,712
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
748,310
787,610
Total equity
748,412
787,712
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BROSYM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr H J Brown
Director
Company registration number 09427490 (England and Wales)
BROSYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Brosym Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Value House, Clovelly Road, Bideford, Devon, EX39 3HN.
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 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Restaurant income is recognised at the point of despatch of food and beverage items.
1.3
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.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Patents & licences
20% on cost per annum.
1.4
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:
Land and buildings
Straight line over the lease term
Plant and equipment
10% on cost per annum
Fixtures and fittings
10% on cost per annum
Computers
10% on cost per annum
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BROSYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
59
55
BROSYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
23,140
Amortisation and impairment
At 1 January 2023
23,064
Amortisation charged for the year
76
At 31 December 2023
23,140
Carrying amount
At 31 December 2023
At 31 December 2022
76
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
36,065
682,843
718,908
Additions
5,579
5,579
Disposals
(7,588)
(620)
(8,208)
At 31 December 2023
28,477
687,802
716,279
Depreciation and impairment
At 1 January 2023
16,253
386,544
402,797
Depreciation charged in the year
3,606
68,355
71,961
Eliminated in respect of disposals
(5,510)
(427)
(5,937)
At 31 December 2023
14,349
454,472
468,821
Carrying amount
At 31 December 2023
14,128
233,330
247,458
At 31 December 2022
19,812
296,299
316,111
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
24,000
8,543
Other debtors
694,774
741,768
718,774
750,311
BROSYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
145,595
87,587
Amounts owed to group undertakings
73,607
39,417
Taxation and social security
37,530
35,535
Other creditors
115,029
152,351
381,761
324,890
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
8
Financial commitments, guarantees and contingent liabilities
Amounts not provided for in the balance sheet
Connected company debt of £736k (2022: £901k) is secured on the assets of this company.
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
£
£
Within one year
152,113
124,600
Between two and five years
187,050
352,067
339,163
476,667
10
Parent company
Brosym Limited is a wholly owned subsidiary of ultimate parent company Symbro Group Limited, whose registered office is 2nd Floor Value House, Clovelly Road, Bideford, Devon, EX39 3HN.