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S.BRANNAN & SONS,LIMITED

Registered Number
00290512
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

S.BRANNAN & SONS,LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

BAMFORTH, John Richard
BRANNAN, Andrew Martin
HRYB, Clare Kathleen
TAYLOR, Juliet Helen

Registered Address

Unit 1 Leconfield Industrial Estate
Cleator Moor
CA25 5QE

Registered Number

00290512 (England and Wales)
S.BRANNAN & SONS,LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets5160,107161,304
Investments6400400
160,507161,704
Current assets
Stocks71,148,1511,502,093
Debtors8746,018645,999
Cash at bank and on hand449,66690,801
2,343,8352,238,893
Creditors amounts falling due within one year9(872,050)(579,185)
Net current assets (liabilities)1,471,7851,659,708
Total assets less current liabilities1,632,2921,821,412
Creditors amounts falling due after one year10(3,625)(4,375)
Provisions for liabilities11(307,036)(394,487)
Net assets1,321,6311,422,550
Capital and reserves
Called up share capital335,579335,579
Other reserves51,42151,421
Profit and loss account934,6311,035,550
Shareholders' funds1,321,6311,422,550
The financial statements were approved and authorised for issue by the Board of Directors on 14 October 2024, and are signed on its behalf by:
BRANNAN, Andrew Martin
Director
Registered Company No. 00290512
S.BRANNAN & SONS,LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard 102 applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Patents has been set at 4-6 years and the asset will be amortized on a straight line basis over that period.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year3544
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2313,71913,719
At 31 March 2413,71913,719
Amortisation and impairment
At 01 April 2313,71913,719
At 31 March 2413,71913,719
Net book value
At 31 March 24--
At 31 March 23--
4.Useful life of intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Patents are amortised between 4 and 6 years
5.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 April 231,228,0801,228,080
Additions48,05548,055
Disposals(34,068)(34,068)
At 31 March 241,242,0671,242,067
Depreciation and impairment
At 01 April 231,066,7761,066,776
Charge for year49,25249,252
On disposals(34,068)(34,068)
At 31 March 241,081,9601,081,960
Net book value
At 31 March 24160,107160,107
At 31 March 23161,304161,304
6.Fixed asset investments
Investments in group undertakings and participating interests

Investments in groups1

Total

££
Cost or valuation
At 01 April 23400400
At 31 March 24400400
Net book value
At 31 March 24400400
At 31 March 23400400

Notes

1Investments in group undertakings and participating interests
7.Stocks

2024

2023

££
Raw materials and consumables273,401300,332
Work in progress118,451174,309
Finished goods756,2991,027,452
Total1,148,1511,502,093
8.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables715,971622,116
Other debtors1,0411,041
Prepayments and accrued income29,00622,842
Total746,018645,999
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables65,09697,770
Taxation and social security102,164109,082
Other creditors43,25842,185
Accrued liabilities and deferred income661,532330,148
Total872,050579,185
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors: amounts due after one year

2024

2023

££
Other creditors3,6254,375
Total3,6254,375
11.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. Other provisions relate to a dilapidation provision.

2024

2023

££
Net deferred tax liability (asset)15,72333,382
Other provisions291,313361,105
Total307,036394,487
12.Pension commitments
The pension cost charge represents the contributions payable to these schemes and was £82,474 (2023- £52,904).
13.Other commitments
At 31 March 2024 the company had future minimum lease payments under non-cancellable operating leases of £27,630 (2023: £25,007).