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COMPANY REGISTRATION NUMBER: 01822911
T. Brown & Son (Covington) Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
T. Brown & Son (Covington) Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
T. Brown & Son (Covington) Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
T R Brown
M W Brown
COMPANY SECRETARY
M J Brown
REGISTERED OFFICE
Bottom Farm
Keyston Road
Covington
Huntingdon
Cambs
PE28 0RU
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays Bank Plc
East Northants Group
8 Market Place
Kettering
Northants
NN16 0AX
T. Brown & Son (Covington) Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,836,721
1,947,498
Current assets
Stocks
594,784
553,688
Debtors
6
231,985
141,966
Cash at bank and in hand
151,959
219,026
---------
---------
978,728
914,680
Creditors: amounts falling due within one year
7
180,608
182,424
---------
---------
Net current assets
798,120
732,256
------------
------------
Total assets less current liabilities
2,634,841
2,679,754
Creditors: amounts falling due after more than one year
8
56,250
112,500
Provisions
Taxation including deferred tax
158,319
175,810
------------
------------
Net assets
2,420,272
2,391,444
------------
------------
Capital and reserves
Called up share capital
14,602
14,602
Share premium account
258,795
258,795
Capital redemption reserve
5,898
5,898
Profit and loss account
2,140,977
2,112,149
------------
------------
Shareholders funds
2,420,272
2,391,444
------------
------------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 .
T. Brown & Son (Covington) Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
T R Brown
Director
Company registration number: 01822911
T. Brown & Son (Covington) Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bottom Farm, Keyston Road, Covington, Huntingdon, Cambs, PE28 0RU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the Statement of Comprehensive Income represents goods and services provided during the period, exclusive of value added tax and trade discounts. Income received under operating leases is included in other operating income on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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
-
10% reducing balance
Long leasehold buildings
-
5, 7 or 10% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance or 33.33% straight line
Land is not depreciated.
Stocks
Stocks have been valued by the directors. Raw materials and consumables are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, and cultivations and stocks of produce are valued using accepted valuation principles.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution pension plans
The company contributes to a defined contribution pension scheme for the benefit of certain directors and staff members. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the Statement of Comprehensive Income.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
1,222,890
77,839
1,572,610
34,329
390
2,908,058
Additions
58,344
594
58,938
Disposals
( 1,822)
( 23,835)
( 25,657)
------------
--------
------------
--------
----
------------
At 30 Jun 2024
1,222,890
76,017
1,607,119
34,329
984
2,941,339
------------
--------
------------
--------
----
------------
Depreciation
At 1 Jul 2023
182,269
49,267
697,540
31,094
390
960,560
Charge for the year
10,986
4,464
139,941
647
163
156,201
Disposals
( 1,621)
( 10,522)
( 12,143)
------------
--------
------------
--------
----
------------
At 30 Jun 2024
193,255
52,110
826,959
31,741
553
1,104,618
------------
--------
------------
--------
----
------------
Carrying amount
At 30 Jun 2024
1,029,635
23,907
780,160
2,588
431
1,836,721
------------
--------
------------
--------
----
------------
At 30 Jun 2023
1,040,621
28,572
875,070
3,235
1,947,498
------------
--------
------------
--------
----
------------
Land valued at £925,238 (2023 £925,238) has not been depreciated.
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
£
At 30 June 2024
286,663
---------
At 30 June 2023
337,250
---------
6. Debtors
2024
2023
£
£
Trade debtors
112,916
55,442
Other debtors
119,069
86,524
---------
---------
231,985
141,966
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,606
7,667
Social security and other taxes
47,944
43,239
Pension fund loan
60,000
Other creditors
76,058
71,518
---------
---------
180,608
182,424
---------
---------
Creditors due within one year includes the pension fund loan of £NIL (2023 £60,000) which is secured on part of the company's freehold land and hire purchase liabilities of £56,250 (2023 £56,250) which are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
56,250
112,500
--------
---------
Creditors due after one year includes hire purchase liabilities totalling £56,250 (2023 £112,500) which are secured on the assets concerned.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
111,542
111,542
Later than 1 year and not later than 5 years
55,771
167,313
---------
---------
167,313
278,855
---------
---------
10. Directors' advances, credits and guarantees
The directors reimburse goods and services purchased through the company for personal use. At the beginning of the year the directors owed the company £840 which was repaid in full. At the reporting date, the no amounts were due from the directors.