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Registered number: 01892133









BROWN AND MASON GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BROWN AND MASON GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
L F A Brown 
R W Brown 
J A Payton 
C E Buckingham 
A Hadden 
A G Collinson 
A M Morris 




Company secretary
L A Hadden



Registered number
01892133



Registered office
Anson House
Schooner Court

Crossways Business Park

Dartford

Kent

DA2 6QQ




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
BROWN AND MASON GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11 - 12
Notes to the financial statements
 
13 - 28


 
BROWN AND MASON GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Business review

The Company has continued to build on a successful financial year 2023 with significantly improved gross profit and operating profit results for financial year 2024 despite reduced turnover levels, demonstrating the Company’s ability to focus on improving margins whilst delivering outstanding service levels to its customers. The results for the year are a testament to the decisive action taken by the directors and key management to adapt to challenges faced and control overheads whilst safeguarding staff members.
The financial key performance indicators below underline a successful trading period and demonstrate that the Company has risen to the task in hand by maintaining strong working relationships with its key customers and suppliers.
 
Principal risks and uncertainties
 
From a financial perspective, the directors have always maintained appropriate banking facilities to ensure that the Company can manage fluctuations in working capital requirements and continue to invest in plant and machinery to successfully tender, win, and complete large high-profile contracts.
The directors recognise that it is important for the Company’s customers to be confident of the financial strength and integrity of the Company.
Risk from customer debt is low, in-line with the Company’s client base and quality standards. Forward contracts are used to de-risk from price fluctuations where appropriate.
The Company also has no significant concentration of supply risk, with exposure adequately spread over several suppliers. As part of the Company’s Quality Management System, all subcontractors and suppliers are required to submit specific information to enable routine review of the Company’s approved subcontractors and suppliers list.
Operating risks are managed via a combination of strong internal controls and external accreditations as detailed above.
Financial assets and business risks are also suitably covered by relevant insurance policies. This provides assurance to both the Company and its customers.
Risk management
The company adopts a measured approach in identifying and managing its financial and business risks.
The directors recognise that the specialist sector and competitive environment in which the Company operates require that management maintains an active and direct involvement in the assessment and running of the key operational priorities:
 
health, safety & environment (via our “Integrated Management Systems”), the Company seeks to achieve its primary objectives of zero accidents, incidents, environmental or otherwise;
staff training (via continuous general and specific training programmes and efforts to obtain full CSCS certification), to work safely, employing and demonstrating a professional, efficient, competent and fully trained workforce;
compliance with industry standards and regulations (as demonstrated by various accreditations and maintained via internal quality control system and regular external audits);
to continue as one of the leading demolition/dismantling contractors and steadily increase upon market share;
to ensure that projects are completed within the stated contract duration and stated contract budget;
to maintain repeat business as 'preferred' contract to major client base.
Page 1

 
BROWN AND MASON GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

 
Financial key performance indicators
 
The directors are pleased to report an underlying profit for the year of £2.680m (2023 - £0.518m) which demonstrates the Company’s continuing ability to secure and fulfil large demolition contracts in the UK and underlining its position as a market leader.
The directors will continue to manage costs and resources effectively and prudently on its multi-year contracts, the results of which are expected to be reflected in improved margins in future years.
The Company has continued to strengthen its balance sheet from £12.772m to £14.551m during the year and ensure it has adequate cash flow facilities to continue investing in new plant allowing it to target further growth in revenues in financial year 2025.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of the Company have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Company and its stakeholders and in doing so must have regard to the following:
 
the likely consequences of any decision in the long term;
the interests of the Company’s employees;
the need to foster the Company’s business relationships with suppliers, customers and others;
the impact of the Company’s operations on the community and the environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly between members of the Company.
 
Our key stakeholders, and the ways in which we engage with them, are as follows:
Employment policy
The Company does not discriminate against anyone on any grounds. The sole criterion for selection or promotion is the suitability of the person for the job. It is the policy of the Company to provide employment to people irrespective of sex, age, religion or disability whenever the demands of the Company and the abilities of the individual will allow. Appropriate levels of training and development are available for all levels and categories of staff.
Customers and suppliers
The Company is aware that our customers and suppliers are an important part of our success. We strive to build long standing, sustainable relationships with both to ensure mutual benefit, and always aim to be honest and transparent in line with our Company culture. Our conduct guarantees that we treat all customers and suppliers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
Environment
The Company is registered with National Quality Assurance (NQA), a leading assessment, verification and certification body in quality, environment and health & safety management. The Company operates an integrated management system which complies with the three recognised standards of BS EN ISO9001, ISO14001 and ISO45001.  
 
Page 2

 
BROWN AND MASON GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Standards of Business Conduct
The Company is committed to conducting its business with the highest integrity and compliance with the law and has standards in place which must be adhered to by everyone who represents the Company.
These standards embody the fundamental principles that govern our ethical and legal obligations and not only comply with the Company's policies but also with applicable laws and regulations.
Outlook
Over the last few financial years the Company has experienced a number of critical business factors whether they be the fragile state of the UK economy, the long-term effects of Brexit on trade within the EU and further afield, inflationary pressures on labour rates, energy costs and almost all other cost centres, together with fluctuating exchange rates. These factors have inevitably given rise to future economic uncertainty for the Company.
Management continues to take decisive action to manage and adapt to an ever-changing situation and, ultimately, have delivered operational efficiencies which place the business on strong footings that ensure it is well-positioned to capitalise on future opportunities.
The Company has strong commercial and strategic relationships with its key trading partners in ferrous and nonferrous scrap and continues to target improving efficiencies across every area of operations and maximise economies of scale as it grows revenue streams.
                                                                      
The Company’s pipeline of projects remains strong on the back of further contract wins during and after the year and the directors anticipate further contract wins over the next 12 months. This demonstrates the Company’s ability to meet its customers’ requirements, to complete projects to their agreed timetable and programme, safely, competently and efficiently. It is also an endorsement of the Company’s operational capabilities.
The directors would like to take this opportunity to thank its staff, customers, and business partners for their continued support throughout the period.



This report was approved by the board on 28 January 2025 and signed on its behalf.



A M Morris
Director

Page 3

 
BROWN AND MASON GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,679,524 (2023 - £518,178).

During the year, the directors declared dividends of £900,000 (2023 - £Nil).

Directors

The directors who served during the year were:

N T Brown (resigned 19 July 2024)
L F A Brown 
R W Brown 
J A Payton 
C E Buckingham 
A Hadden 
A G Collinson (appointed 26 May 2023)
A M Morris (appointed 26 May 2023)

Page 4

 
BROWN AND MASON GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Further information

On 19 July 2024, Nicholas Brown resigned from the board of the Company and ceased all involvement in its management to comply with a competition disqualification undertaking (CDU) given by Mr Brown to the Competition and Markets Authority (CMA) following the settlement of a competition investigation into two historic infringements of competition law involving another company, Brown and Mason Limited, of which the Company is economic successor. Mr Brown is employed by the Company in an advisory and supporting role, subject to strict compliance with the terms of the CDU. 

This report was approved by the board on 28 January 2025 and signed on its behalf.
 





A M Morris
Director

Page 5

 
BROWN AND MASON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWN AND MASON GROUP LIMITED
 

Opinion


We have audited the financial statements of Brown and Mason Group Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
BROWN AND MASON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWN AND MASON GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
BROWN AND MASON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWN AND MASON GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, includingfraud and non-compliance with law and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
- Companies Act 2006 
- FRS102
- ISO standards
- Health and Safety legislation
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquires of management as to where they consider there was susceptibility to fraud and their
knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and reviewing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.

Page 8

 
BROWN AND MASON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWN AND MASON GROUP LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:

Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Barnes (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

28 January 2025
Page 9

 
BROWN AND MASON GROUP LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

Turnover
  
44,720,938
50,019,824

Cost of sales
  
(32,188,149)
(40,697,498)

Gross profit
  
12,532,789
9,322,326

Administrative expenses
  
(10,291,661)
(8,445,914)

Other operating income
 4 
1,064,270
5,888

Operating profit
 5 
3,305,398
882,300

Interest receivable and similar income
 9 
7,695
-

Interest payable and similar charges
 10 
(474,969)
(364,122)

Profit before tax
  
2,838,124
518,178

Tax on profit
 11 
(158,600)
-

Profit after tax
  
2,679,524
518,178

  

Retained earnings at the beginning of the year
  
1,671,887
1,153,709

Profit for the year
  
2,679,524
518,178

Dividends declared and paid
  
(900,000)
-

Retained earnings at the end of the year
  
3,451,411
1,671,887

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
BROWN AND MASON GROUP LIMITED
REGISTERED NUMBER: 01892133

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
21,212,251
22,997,004

Investments
 14 
72,000
72,000

  
21,284,251
23,069,004

Current assets
  

Stocks
 15 
31,168,108
38,540,634

Debtors: amounts falling due after more than one year
 16 
1,563,402
-

Debtors: amounts falling due within one year
 16 
8,656,081
7,394,059

Cash at bank and in hand
 17 
1,670,106
4,835,510

  
43,057,697
50,770,203

Creditors: amounts falling due within one year
 18 
(22,929,363)
(17,072,260)

Net current assets
  
 
 
20,128,334
 
 
33,697,943

Total assets less current liabilities
  
41,412,585
56,766,947

Creditors: amounts falling due after more than one year
 19 
(26,702,574)
(41,645,060)

Provisions for liabilities
  

Deferred tax
 22 
(158,600)
-

Other provisions
 23 
-
(2,350,000)

  
 
 
(158,600)
 
 
(2,350,000)

Net assets
  
14,551,411
12,771,887


Capital and reserves
  

Called up share capital 
 24 
11,100,000
11,100,000

Profit and loss account
 25 
3,451,411
1,671,887

  
14,551,411
12,771,887


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.


A M Morris
Director

The notes on pages 13 to 28 form part of these financial statements.
Page 11

 
BROWN AND MASON GROUP LIMITED
REGISTERED NUMBER: 01892133
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Page 12

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Brown and Mason Group Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Anson House, Schooner Court, Crossways Business Park, Dartford, Kent, DA2 6QQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of income and retained earnings turnover and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Where contracts consist of demolition services and the extraction of scrap, they are treated as one for the purpose of accounting for long term contracts as they are, in effect, part of a single project with an overall profit margin. The scrap arising from the demolition work in reaching that stage of completion is taken to revenue on delivery. Any potential loss on a long-term demolition contract is provided in full as soon as it is foreseen.

In order to apply the above policy, the contracts are reviewed at the end of the year to determine the estimated costs to completion, the future sales value of the contracts and the estimated revenues to be earned on the sale of scrap.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual bases:

Freehold property
-
2% straight line on buildings
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Office equipment
-
5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks represent work in progress in relation to scrap arising from demolition work. This is released to the statement of income and retained earnings over the term of the contract in accordance with the stage of completion. 
At each balance sheet date, work in progress is assessed for impairment and any impairment loss is recognised immediately in the statement of income and retained earnings.


 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Determining the stage of completion on contracts requires the assessment of future costs to complete and the probability that the economic benefits will flow to the entity so that revenue can be measured reliably with reasonable certainty. In order to apply the above assessment, the directors will review the contracts at the end of the year and make estimates and assumptions based on historic experience and expected outcomes. This consideration will impact upon revenue, profits and the valuation of stock of scrap.
The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment, and note 2.10 for useful economic lives for each class of asset. 


4.


Other operating income

2024
2023
£
£

Other operating income
1,064,270
5,888


Other operating income comprises income receivable in the course of normal operating activities which is neither revenue nor contract or scrap related costs in nature, but where the economic benefit of such income has passed to the company at the reporting date, including items such as insurance claims.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
17,667
(10,264)

Other operating lease rentals
1,733,959
2,197,028

Depreciation of tangible fixed assets
2,537,625
2,392,082

Page 18

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
15,000
15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
8,557,644
7,988,666

Social security costs
973,933
908,405

Cost of defined contribution scheme
189,474
183,377

9,721,051
9,080,448


The average monthly number of employees, including directors, during the year was 242 (2023 - 272).


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,401,135
1,021,388

Company contributions to defined contribution pension schemes
48,655
27,256

1,449,790
1,048,644


The highest paid director received remuneration of £525,790 (2023 - £457,099).

Page 19

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
7,695
-


10.


Interest payable and similar charges

2024
2023
£
£


Bank interest payable
47,065
39,258

Other loan interest payable
56,958
-

Finance leases and hire purchase contracts
370,946
324,864

474,969
364,122


11.


Taxation


2024
2023
£
£


Current tax on profits for the year
-
-

Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
158,600
-

Total deferred tax
158,600
-


Tax on profit
158,600
-
Page 20

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,838,124
518,178


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
709,531
98,454

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
164,732
62,876

Capital allowances for year in excess of depreciation
224,658
(622,780)

Utilisation of tax losses
(725,415)
-

Deferred tax adjustment
158,600
-

Unrelieved tax losses carried forward
-
364,147

Group relief
(373,506)
-

Effect of tax rate changes
-
97,303

Total tax charge for the year
158,600
-


Factors that may affect future tax charges

The company has taxable losses to carry forward against future taxable profits of £4,273,691 (2023 -£7,031,581).


12.


Dividends

2024
2023
£
£


Ordinary shares of £1 each
900,000
-

Page 21

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 May 2023
3,695,000
23,710,073
1,628,021
60,646
29,093,740


Additions
-
475,072
309,686
59,224
843,982


Disposals
-
(63,101)
(200,113)
-
(263,214)



At 30 April 2024

3,695,000
24,122,044
1,737,594
119,870
29,674,508



Depreciation


At 1 May 2023
66,131
5,307,530
716,289
6,786
6,096,736


Charge for the year on owned assets
22,037
1,268,788
223,996
24,415
1,539,236


Charge for the year on financed assets
-
877,686
120,703
-
998,389


Disposals
-
(23,158)
(148,946)
-
(172,104)



At 30 April 2024

88,168
7,430,846
912,042
31,201
8,462,257



Net book value



At 30 April 2024
3,606,832
16,691,198
825,552
88,669
21,212,251



At 30 April 2023
3,628,869
18,402,543
911,732
53,860
22,997,004

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Plant and machinery
7,616,071
9,266,155

Motor vehicles
479,459
318,410

8,095,530
9,584,565

Page 22

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
72,000



At 30 April 2024
72,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

T & B Investments Limited
Ordinary
100%
Alf Brown's (Transport) Limited
Ordinary
100%


15.


Stocks

2024
2023
£
£

Work in progress
31,168,108
38,540,634


Page 23

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
1,563,402
-


2024
2023
£
£

Due within one year

Trade debtors
2,047,052
3,015,007

Amounts owed by group undertakings
4,228,546
3,015,084

Other debtors
692,029
392,608

Prepayments and accrued income
44,270
281,013

Amounts recoverable on long-term contracts
1,644,184
690,347

8,656,081
7,394,059



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,670,106
4,835,510



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
189,684
196,289

Trade creditors
4,464,637
6,238,648

Amounts owed to group undertakings
1,097,753
-

Other taxation and social security
1,448,089
1,131,822

Obligations under finance lease and hire purchase contracts
1,426,693
1,846,012

Other creditors
1,250,634
789,934

Accruals and deferred income
13,051,873
6,869,555

22,929,363
17,072,260


Page 24

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
801,770
947,701

Net obligations under finance leases and hire purchase contracts
2,273,543
3,330,478

Accruals and deferred income
23,627,261
37,366,881

26,702,574
41,645,060


Secured loans
The bank loan of £991,454 (2023 - £1,143,990) is secured by means of a legal charge over three properties held by the company and any assets located at these properties.


20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
189,684
196,289

Amounts falling due 1-2 years

Bank loans
183,079
189,684

Amounts falling due 2-5 years

Bank loans
509,610
529,424

Amounts falling due after more than 5 years

Bank loans
109,081
228,593

991,454
1,143,990


Page 25

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
1,426,693
1,846,012

Between 1-5 years
2,273,544
3,330,478

3,700,237
5,176,490


22.


Deferred taxation




2024


£






Charged to profit or loss
158,600



At end of year
158,600

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,227,000
-

Tax losses carried forward
(1,068,400)
-

158,600
-

Page 26

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Provisions




Regulatory fine and associated legal costs

£





At 1 May 2023
2,350,000


Utilised in year
(2,350,000)



At 30 April 2024
-

The Company has addressed a civil regulatory matter relating to historic issues which arose under a separate legal entity for which the Company is considered to be the economic successor. The Company has fully cooperated with the matter and has subsequently reached a settlement pursuant to which payments have been made during the year and post year end.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,100,000 (2023 - 11,100,000) Ordinary shares of £1.00 each
11,100,000
11,100,000



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and foreign exchange differences.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £189,474 (2023 - £183,377). Contributions totalling £26,178 (2023 - £29,683) were payable to the fund at the balance sheet date and are included in creditors. 

Page 27

 
BROWN AND MASON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
453,036
256,477

Later than 1 year and not later than 5 years
50,344
254,174

503,380
510,651


28.


Related party transactions

The Company has taken the exemption available under FRS 102 Section 33 'Related party transactions' not to dislclose inter-group information.


29.


Controlling party

The ultimate parent company is NRLB Limited, a company registered in England and Wales. Its registered office is Anson House, Schooner Court, Crossways Business Park, Dartford, Kent, DA2 6QQ.
The Company is included in the consolidated accounts prepared by NRLB Limited, and copies of those accounts can be obtained from Companies House.

 
Page 28