Company registration number 00921887 (England and Wales)
BRANCH BROS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRANCH BROS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BRANCH BROS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
£
£
£
£
Fixed assets
Tangible assets
4
642,095
731,783
Investments
5
51,300
51,300
693,395
783,083
Current assets
Stocks
517,000
465,000
Debtors
6
1,049,701
869,783
Cash at bank and in hand
1,205,709
1,429,710
2,772,410
2,764,493
Creditors: amounts falling due within one year
7
(472,661)
(560,131)
Net current assets
2,299,749
2,204,362
Total assets less current liabilities
2,993,144
2,987,445
Creditors: amounts falling due after more than one year
8
(120,983)
(175,919)
Provisions for liabilities
(108,494)
(103,317)
Net assets
2,763,667
2,708,209
Capital and reserves
Called up share capital
3,003
3,003
Profit and loss reserves
2,760,664
2,705,206
Total equity
2,763,667
2,708,209
BRANCH BROS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
A Branch
Director
Company Registration No. 00921887
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Branch Bros Ltd is a private company limited by shares incorporated in England and Wales. The company registration number is 00921887. The registered office is 110 Bridge Street, Deeping St James, Peterborough, PE6 8EH.
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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Branch Bros Ltd is a wholly owned subsidiary of BBL Group Holdings Ltd.
1.2
Turnover
Turnover represents amounts receivable for the sale of goods net of VAT and trade discounts.
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.
1.3
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:
Land and buildings Freehold
1%/10% per annum of cost
Leasehold improvements
10% per annum of cost
Plant and machinery
25% per annum on written down value
Fixtures, fittings & equipment
15% per annum on written down value
Motor vehicles
25% per annum on written down value
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.
1.4
Fixed asset investments
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
Stocks
Stock is valued at lower of cost or net realisable value.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Other financial liabilities are measure initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate.
1.9
Equity instruments
Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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.
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
2
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.
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
42
44
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
366,183
1,581,719
1,947,902
Additions
66,170
66,170
Disposals
(50,308)
(50,308)
At 31 December 2023
366,183
1,597,581
1,963,764
Depreciation and impairment
At 1 January 2023
176,489
1,039,630
1,216,119
Depreciation charged in the year
6,949
144,381
151,330
Eliminated in respect of disposals
(45,780)
(45,780)
At 31 December 2023
183,438
1,138,231
1,321,669
Carrying amount
At 31 December 2023
182,745
459,350
642,095
At 31 December 2022
189,694
542,089
731,783
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
51,300
51,300
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
105,324
137,605
Amounts owed by group undertakings
821,513
613,358
Other debtors
69,147
63,506
Prepayments and accrued income
53,717
55,314
1,049,701
869,783
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
55,133
77,618
Trade creditors
185,467
324,620
Corporation tax
117,905
86,390
Other taxation and social security
91,535
48,380
Other creditors
5,449
17,021
Accruals and deferred income
17,172
6,102
472,661
560,131
The net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
120,983
175,919
The net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
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
£
£
113,984
169,684
BRANCH BROS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Parent company
The parent company of Branch Bros Ltd is BBL Group Holdings Ltd and it's registered office is 36 Tyndall Court, Commerce Road, Lynchwood, Peterborough, PE2 6LR.