D BRASH & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company registration number SC056784 (Scotland)
PAGES FOR FILING WITH REGISTRAR
D BRASH & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
D BRASH & SONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,388
Tangible assets
4
2,312,824
2,645,648
2,312,824
2,654,036
Current assets
Stocks
107,777
103,787
Debtors
5
4,854,014
4,756,370
Cash at bank and in hand
180,502
163,421
5,142,293
5,023,578
Creditors: amounts falling due within one year
6
(1,813,922)
(1,941,501)
Net current assets
3,328,371
3,082,077
Total assets less current liabilities
5,641,195
5,736,113
Creditors: amounts falling due after more than one year
7
(47,536)
(361,469)
Provisions for liabilities
8
(124,341)
(108,955)
Net assets
5,469,318
5,265,689
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
5,369,318
5,165,689
Total equity
5,469,318
5,265,689
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.
D BRASH & SONS 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 25 September 2024 and are signed on its behalf by:
2024-09-25
2024-09-25
Mr Scott Langlands
Director
Company registration number SC056784 (Scotland)
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
D Brash & Sons Limited is a private company limited by shares incorporated in Scotland. The registered office is 37 Stamperland Crescent, Clarkston, Glasgow, Lanarkshire, G76 8LH.
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 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.
Income represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange
for its performance under these contracts. It is measured at the fair value of the right to consideration,which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Provision is made for unexpired costs on fulfilment of contracts.
Income that is contingent on events outside the control of the firm is recognised when the contingent event
occurs.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.
1.4
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% straight line
Land and buildings Leasehold
1% straight line
Plant and machinery
20% straight line
Motor vehicles
20% straight line
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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
Impairment of fixed assets
At each reporting period end date, the company 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated 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.
1.7
Cash and cash equivalents
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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.
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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
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.
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
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.
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.
1.12
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.
1.14
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.
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 46 (2022 - 47).
2023
2022
Number
Number
Total
46
47
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,891,675
Amortisation and impairment
At 1 January 2023
1,883,287
Amortisation charged for the year
8,388
At 31 December 2023
1,891,675
Carrying amount
At 31 December 2023
At 31 December 2022
8,388
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,101,467
2,048,390
4,149,857
Additions
222,599
222,599
Disposals
(176,536)
(176,536)
At 31 December 2023
2,101,467
2,094,453
4,195,920
Depreciation and impairment
At 1 January 2023
15,263
1,488,946
1,504,209
Depreciation charged in the year
24,057
162,255
186,312
Impairment losses
310,172
310,172
Eliminated in respect of disposals
(117,597)
(117,597)
At 31 December 2023
349,492
1,533,604
1,883,096
Carrying amount
At 31 December 2023
1,751,975
560,849
2,312,824
At 31 December 2022
2,086,204
559,444
2,645,648
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
807,686
698,578
Amounts owed by group undertakings
3,850,259
3,853,634
Other debtors
196,069
204,158
4,854,014
4,756,370
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
311,910
162,631
Taxation and social security
366,195
320,775
Other creditors
1,135,817
1,458,095
1,813,922
1,941,501
D BRASH & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 8 -
The aggregate amount of creditors for which security has been given amounts to £Nil (2022- £300,000) in respect of loan notes which are secured by charges over the company's assets.
Included within other creditors is a loan of £17,000 (2022- £30,000) which is secured over the company's property.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
47,536
361,469
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
124,341
108,955
9
Financial commitments, guarantees and contingent liabilities
Securities and Floating Charges to a maximum of £2,000,000 have been issued in respect of cross guarantees for liabilities owed by the parent company, D Brash Holdings Limited.
10
Related party transactions
Debtors includes the amount of £3,850,259 due to the company by its parent, D Brash Holdings Limited (2022- £3,853,634) This balance is interest free and repayable on demand.
Included within other creditors is the amount of £442,137 (2022- £453,560) owed to a related party which is under common control, this balance is also interest free and repayable on demand.