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Registration number: 01987654

B & T Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

(Registration number: 01987654)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,239,020

1,556,834

Investment property

6

169,848

168,648

 

1,408,868

1,725,482

Current assets

 

Stocks

7

1,865,784

3,428,330

Debtors

8

3,266,787

3,559,842

Cash at bank and in hand

 

300,250

291,322

 

5,432,821

7,279,494

Creditors: Amounts falling due within one year

9

(2,706,673)

(4,358,768)

Net current assets

 

2,726,148

2,920,726

Total assets less current liabilities

 

4,135,016

4,646,208

Creditors: Amounts falling due after more than one year

9

(595,401)

(991,504)

Provisions for liabilities

(93,634)

(133,997)

Net assets

 

3,445,981

3,520,707

Capital and reserves

 

Called up share capital

10

10,000

18,000

Capital redemption reserve

7,920

-

Revaluation reserve

-

278,618

Retained earnings

3,428,061

3,224,089

Shareholders' funds

 

3,445,981

3,520,707

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.

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 14 January 2025 and signed on its behalf by:
 

.........................................
M Chapman
Director

 

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:
Davis House
Manby Park
Manby
Louth
LN11 8UT

The principal place of business is:
Manby Business Park
Louth
Lincolnshire
LN11 8UT

These financial statements were authorised for issue by the Board on 14 January 2025.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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 sales/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 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.

 

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets, other than Freehold Property which is stated at valuation, are stated in the statement of financial position 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 and machinery

10%, 20% & 33% straight line

Fixtures and fittings

20% & 25% straight line

Motor vehicles

10%, 20% & 33% straight line

Leasehold improvements

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

Trademarks

50% straight line

Software

25 % straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

 

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 49 (2023 - 49).

 

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2023

7,825

7,825

At 30 April 2024

7,825

7,825

Amortisation

At 1 May 2023

7,825

7,825

At 30 April 2024

7,825

7,825

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,433,360

709,623

114,087

2,257,070

Revaluations

(323,915)

-

-

(323,915)

Additions

7,600

100,321

-

107,921

Disposals

-

(2,989)

-

(2,989)

At 30 April 2024

1,117,045

806,955

114,087

2,038,087

Depreciation

At 1 May 2023

225,546

415,317

59,373

700,236

Charge for the year

14,632

73,762

13,426

101,820

Eliminated on disposal

-

(2,989)

-

(2,989)

At 30 April 2024

240,178

486,090

72,799

799,067

Carrying amount

At 30 April 2024

876,867

320,865

41,288

1,239,020

At 30 April 2023

1,207,814

294,306

54,714

1,556,834

Revaluation

The fair value of the Company's freehold buildings was revalued on 30 April 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £890,918 (2023 - £890,918).

 

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

6

Investment properties

2024
£

At 1 May

168,648

Additions

1,200

At 30 April

169,848

Valued by the director at the balance sheet date

7

Stocks

2024
£

2023
£

Raw materials and consumables

1,865,784

3,428,330

8

Debtors

Current

2024
£

2023
£

Trade debtors

2,373,440

2,511,724

Prepayments

123,817

251,042

Other debtors

769,530

797,076

 

3,266,787

3,559,842

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

259,183

260,241

Trade creditors

 

989,598

1,039,739

Taxation and social security

 

168,696

497,195

Accruals and deferred income

 

609,914

461,588

Other creditors

 

679,282

2,100,005

 

2,706,673

4,358,768

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts and invoice discounting facility which are secured of £624,093 (2023 - £2,074,221).

 

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

11

595,401

991,504

2024
£

2023
£

Due after more than five years

After more than five years by instalments

116,665

266,866

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts and invoice discounting facility which are secured of £595,401 (2023 - £991,504).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

B shares of £1 each

-

-

8,000

8,000

10,000

10,000

18,000

18,000

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

436,263

746,490

Other borrowings

159,138

245,014

595,401

991,504

Current loans and borrowings

2024
£

2023
£

Bank borrowings

134,108

153,651

Other borrowings

125,075

106,590

259,183

260,241

 

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

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 £302,200 (2023 - £375,200). This amount consists of rent payable to the Haugham Retirement Fund over the next 5 years.

13

Related party transactions

Transactions with Directors

2024

At 1 May 2023
£

Advances to Director
£

Repayments by Director
£

At 30 April 2024
£

M Chapman

Directors Loan Account - Interest Free Loan

-

26,569

(26,569)

-

2023

At 1 May 2022
£

Advances to Director
£

Repayments by Director
£

At 30 April 2023
£

M Chapman

Directors Loan Account - Interest Free Loan

-

30,788

(30,788)

-

14

Parent and ultimate parent undertaking

The Company's immediate parent is Lumineux Holdings Limited, incorporated in United Kingdom.

  These financial statements are available upon request from the address on page 1