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Registration number: 01006832

Brown & Kirby Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Brown & Kirby Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Brown & Kirby Limited

Company Information

Director

M. P. Kirby

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Brown & Kirby Limited

(Registration number: 01006832)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

320,809

269,927

Current assets

 

Stocks

5

162,221

94,550

Debtors

6

583,796

297,290

Cash at bank and in hand

 

1,747,222

1,504,212

 

2,493,239

1,896,052

Creditors: Amounts falling due within one year

7

(752,162)

(692,161)

Net current assets

 

1,741,077

1,203,891

Total assets less current liabilities

 

2,061,886

1,473,818

Creditors: Amounts falling due after more than one year

7

(151,168)

(98,463)

Provisions for liabilities

(18,942)

(5,343)

Net assets

 

1,891,776

1,370,012

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

2,104

2,104

Capital redemption reserve

1,400

1,400

Revaluation reserve

152,177

152,177

Retained earnings

1,735,995

1,214,231

Shareholders' funds

 

1,891,776

1,370,012

 

Brown & Kirby Limited

(Registration number: 01006832)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 October 2024
 

.........................................
M. P. Kirby
Director

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the director on 22 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.

Departure from requirements of FRS 102 and the Companies Act

It is company policy to maintain the freehold property in a continual state of sound repair and, accordingly, the director considers that the residual value and life of the freehold property is such that its depreciation would be immaterial. The director performs annual impairment reviews in accordance with the requirements of FRS 102 to ensure that the recoverable amount is not lower than the carrying value. This treatment is contrary to FRS 102 and the Companies Act but, in the opinion of the director, is applicable to give a true and fair view. The effect of not departing from FRS 102 and the Companies Act would be to reduce the reported profit for the year by depreciation. The amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown cannot be separately identified or quantified

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

Fixtures, fittings and equipment

25% straight line

Motor vehicles

20% straight line

Plant and machinery

15% reducing balance

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 debtor.

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 stocks 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 useful life of the asset. 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 14).

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

190,000

15,423

286,281

39,276

530,980

Additions

-

2,707

103,818

-

106,525

Disposals

-

-

(23,000)

-

(23,000)

At 30 April 2024

190,000

18,130

367,099

39,276

614,505

Depreciation

At 1 May 2023

-

12,920

210,472

37,661

261,053

Charge for the year

-

2,239

53,159

245

55,643

Eliminated on disposal

-

-

(23,000)

-

(23,000)

At 30 April 2024

-

15,159

240,631

37,906

293,696

Carrying amount

At 30 April 2024

190,000

2,971

126,468

1,370

320,809

At 30 April 2023

190,000

2,503

75,809

1,615

269,927

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

740

580

Work in progress

161,481

93,970

162,221

94,550

6

Debtors

2024
£

2023
£

Trade debtors

568,951

258,014

Prepayments

14,845

13,039

Other debtors

-

26,237

583,796

297,290

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,474

14,289

Trade creditors

 

192,319

370,448

Taxation and social security

 

504,087

299,406

Accruals and deferred income

 

7,242

8,014

Other creditors

 

8,040

4

 

752,162

692,161


Creditors include net obligations under bank loans and hire purchase contracts which are secured of £40,474 (2023 - £14,289).

 

Brown & Kirby Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

151,168

98,463


Creditors include net obligations under bank loans and hire purchase contracts which are secured of £151,168 (2023 - £98,463).

Creditors include bank loans repayable by instalments of £52,846 (2023 - £53,033) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

72,846

76,533

Hire purchase contracts

78,322

21,930

151,168

98,463

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,800

5,800

Hire purchase contracts

35,674

8,489

40,474

14,289