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COMPANY REGISTRATION NUMBER: 00385080
BRIGGS & PARTNER, LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
BRIGGS & PARTNER, LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,749,818
1,690,556
CURRENT ASSETS
Stocks
27,350
26,925
Debtors
6
257,469
381,475
Cash at bank and in hand
8,014
3,097
----------
----------
292,833
411,497
CREDITORS: amounts falling due within one year
7
662,812
739,984
----------
----------
NET CURRENT LIABILITIES
369,979
328,487
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,379,839
1,362,069
CREDITORS: amounts falling due after more than one year
8
371,946
258,225
PROVISIONS
Taxation including deferred tax
64,850
104,749
-------------
-------------
NET ASSETS
943,043
999,095
-------------
-------------
BRIGGS & PARTNER, LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
158,592
158,592
Capital redemption reserve
69,312
69,312
Profit and loss account
715,139
771,191
----------
----------
SHAREHOLDERS FUNDS
943,043
999,095
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
D S Thwaite
Director
Company registration number: 00385080
BRIGGS & PARTNER, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is The Storth, Huddersfield Road, Elland, HX5 9JR.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Current and deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
25% straight line
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
86,165
2,426,174
406,959
32,027
2,951,325
Additions
396,987
114,500
845
512,332
Disposals
( 382,492)
( 121,380)
( 503,872)
---------
-------------
----------
---------
-------------
At 31 March 2024
86,165
2,440,669
400,079
32,872
2,959,785
---------
-------------
----------
---------
-------------
Depreciation
At 1 April 2023
36,122
1,012,425
187,633
24,589
1,260,769
Charge for the year
1,724
188,611
52,740
829
243,904
Disposals
( 226,150)
( 68,556)
( 294,706)
---------
-------------
----------
---------
-------------
At 31 March 2024
37,846
974,886
171,817
25,418
1,209,967
---------
-------------
----------
---------
-------------
Carrying amount
At 31 March 2024
48,319
1,465,783
228,262
7,454
1,749,818
---------
-------------
----------
---------
-------------
At 31 March 2023
50,043
1,413,749
219,326
7,438
1,690,556
---------
-------------
----------
---------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 March 2024
746,336
199,616
945,952
----------
----------
----------
At 31 March 2023
662,018
175,473
837,491
----------
----------
----------
6. DEBTORS
2024
2023
£
£
Trade debtors
251,484
379,591
Other debtors
5,985
1,884
----------
----------
257,469
381,475
----------
----------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
65,976
53,813
Trade creditors
82,278
117,965
Social security and other taxes
49,300
80,452
Other creditors
465,258
487,754
----------
----------
662,812
739,984
----------
----------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
359,446
235,725
----------
----------
371,946
258,225
----------
----------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
18,969
8,812
Later than 1 year and not later than 5 years
19,147
10,008
---------
---------
38,116
18,820
---------
---------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year a director had an unsecured interest free loan with the company. The loan account was in credit throughout the year and is repayable on demand.