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REGISTERED NUMBER: SC057060















BROWN BROS. (IRVINE) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024






BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 117,562 132,223

CURRENT ASSETS
Stocks 44,627 51,767
Debtors 5 104,736 82,696
Cash at bank 22 22
149,385 134,485
CREDITORS
Amounts falling due within one year 6 (141,285 ) (126,046 )
NET CURRENT ASSETS 8,100 8,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,662

140,662

CREDITORS
Amounts falling due after more than one year 7 (6,666 ) (11,667 )

PROVISIONS FOR LIABILITIES (13,197 ) (15,566 )

ACCRUALS AND DEFERRED INCOME (16,980 ) (19,977 )
NET ASSETS 88,819 93,452

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Profit and loss account 78,819 83,452
SHAREHOLDERS' FUNDS 88,819 93,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

BALANCE SHEET - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





D A Boyle - Director


BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Brown Bros. (Irvine) Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Quarry Road, Irvine, KA12 0TJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover
Turnover represents the net invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% straight line
Plant and machinery etc - 33.33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date, non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.

BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Leasing and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The finance element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are received in two forms. Grants relating to the purchase of fixed assets are accounted for as deferred income and amortised over the term of the expected useful life of the asset to which they relate.

Grants receivable for expenditure taken place during the financial year are shown as other operating income in the financial statements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 86,812 566,971 653,783
DEPRECIATION
At 1 February 2023 39,050 482,510 521,560
Charge for year 1,736 12,925 14,661
At 31 January 2024 40,786 495,435 536,221
NET BOOK VALUE
At 31 January 2024 46,026 71,536 117,562
At 31 January 2023 47,762 84,461 132,223

Tangible fixed assets include assets with a net book value of £nil (2023: £22,185) which are held as security for hire purchase obligations.

BROWN BROS. (IRVINE) LIMITED (REGISTERED NUMBER: SC057060)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 99,666 77,626
Other debtors 5,070 5,070
104,736 82,696

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,625 41,770
Hire purchase contracts - 5,250
Trade creditors 59,828 64,660
Taxation and social security 11,220 8,449
Other creditors 6,612 5,917
141,285 126,046

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,666 11,667

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 58,625 36,770
Hire purchase contracts - 5,250
58,625 42,020

The bank overdraft is secured by a fixed and floating charge over the company's assets.

Hire purchase obligations were secured over the assets concerned. Hire purchase obligations have been fully repaid.

9. OTHER FINANCIAL COMMITMENTS

As at 31 January 2024, the company has future operating lease commitments of £12,059 (2023: £17,345).