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Registration number: 05362032

Brennan Trading Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

[FRS 102 SECTION1A]
[FILLETED FOR FILING PURPOSES]

 

Brennan Trading Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Brennan Trading Ltd

Company Information

Directors

C J Brennan

T W Brennan

Registered office

Halfway Courtyard, Halfway Lane
Eashing Farm Estate
Eashing
Godalming
Surrey
GU7 2QQ

Accountants

Tremaines Ltd
East Wing, South Hill
Paddockhurst Road
Turners Hill
West Sussex
RH10 4SF

 

Brennan Trading Ltd

(Registration number: 05362032)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

221,665

101,350

Investments

6

100,000

100,000

 

321,665

201,350

Current assets

 

Stocks

7

64,995

46,630

Debtors

8

599,141

124,290

Cash at bank and in hand

 

2,482,701

1,827,906

 

3,146,837

1,998,826

Creditors: Amounts falling due within one year

9

(2,967,114)

(1,779,690)

Net current assets

 

179,723

219,136

Total assets less current liabilities

 

501,388

420,486

Creditors: Amounts falling due after more than one year

9

-

(73,191)

Provisions for liabilities

(37,858)

(19,257)

Net assets

 

463,530

328,038

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

462,530

327,038

Shareholders' funds

 

463,530

328,038

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

 

Brennan Trading Ltd

(Registration number: 05362032)
Balance Sheet as at 31 March 2024

.........................................
T W Brennan
Director

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Halfway Courtyard, Halfway Lane
Eashing Farm Estate
Eashing
Godalming
Surrey
GU7 2QQ

These financial statements were authorised for issue by the Board on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sales of good and provision of services, net of discounts and sales taxes, in the ordinary course of the Company’s activities. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are initially recorded at the rate of exchange as at the date of the transaction. Year end balances are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant

33% SL

Vehicles

25% SL

Computer Equipment

33% SL

Equipment

20% SL

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% SL

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 183 (2023 - 188).

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

78,182

78,182

At 31 March 2024

78,182

78,182

Amortisation

At 1 April 2023

78,182

78,182

At 31 March 2024

78,182

78,182

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

47,020

333,681

378,437

759,138

Additions

11,983

84,288

83,299

179,570

Disposals

-

(34,625)

-

(34,625)

At 31 March 2024

59,003

383,344

461,736

904,083

Depreciation

At 1 April 2023

35,788

281,905

340,095

657,788

Charge for the year

7,297

22,575

29,383

59,255

Eliminated on disposal

-

(34,625)

-

(34,625)

At 31 March 2024

43,085

269,855

369,478

682,418

Carrying amount

At 31 March 2024

15,918

113,489

92,258

221,665

At 31 March 2023

11,232

51,776

38,342

101,350

6

Investments

2024
£

2023
£

Investments in associates

100,000

100,000

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Associates

£

Cost

Additions

100,000

Provision

Carrying amount

At 31 March 2024

100,000

At 31 March 2023

100,000

7

Stocks

2024
£

2023
£

Other inventories

64,995

46,630

8

Debtors

2024
£

2023
£

Trade debtors

538,972

82,817

Prepayments

59,639

41,473

Other debtors

530

-

599,141

124,290

Current

2024
£

2023
£

Trade debtors

538,972

82,817

Prepayments

59,639

41,473

Other debtors

530

-

 

599,141

124,290

 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

259,747

147,127

Taxation and social security cost

 

524,040

322,454

Bank loans and overdrafts

11

83,168

143,126

Other creditors

 

2,100,159

1,166,983

 

2,967,114

1,779,690

Due after one year

 

Loans and borrowings

11

-

73,191

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

-

73,191

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1,000

1,000

1,000

1,000

       
 

Brennan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

55,056

Hire purchase contracts

-

18,135

-

73,191

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

92,110

Hire purchase contracts

83,168

51,016

Other borrowings

316

316

83,484

143,442

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £347,018 (2023 - £401,625). At the balance sheet date the company had two ongoing lease agreements for property of £17,500 plus VAT per annum expiring December 27 and £26,666 plus VAT per annum expiring July 32, The company also has ongoing lease agreements for equipment of £1,340 per annum expiring September 2024.