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COMPANY REGISTRATION NUMBER: 12287805
Brocklehurst Holdings Ltd
Financial Statements
30 April 2024
Brocklehurst Holdings Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
3
Independent auditor's report to the member
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Brocklehurst Holdings Ltd
Officers and Professional Advisers
Director
DA Webster
Registered office
Goods Lane off Railway Street
Dewsbury
West Yorkshire
WF12 8DZ
Auditor
Burlinson Shaw & Co
Accountants & statutory auditor
21 Henrietta Street
Batley
West Yorkshire
WF17 5DN
Brocklehurst Holdings Ltd
Strategic Report
Year ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Fair review of the business The primary objective of the Company is to act as a holding company for its subsidiary, which has had another successful year.
Principal risks and uncertainties As a holding company, the company has no operating business or relationships with suppliers or customers. Its purpose is simply to act as a parent company. The key business risks and uncertainties stem from the market and risks associated with its subsidiary company.
Key performance indicators The company has received dividends from its subsidiary company during the year and has funded its borrowing from these dividends.
Future developments The future developments of the company are in line with those of its subsidiary.
Section 172 statement From the perspective of the board, as a result of the Company's governance structure, the matters it is responsible for considering under Section 172(1) of the Companies Act 2006 have been appropriately considered by the Board.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
DA Webster
Director
Registered office:
Goods Lane off Railway Street
Dewsbury
West Yorkshire
WF12 8DZ
Brocklehurst Holdings Ltd
Director's Report
Year ended 30 April 2024
The director presents his report and the financial statements of the group for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
DA Webster
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
DA Webster
Director
Registered office:
Goods Lane off Railway Street
Dewsbury
West Yorkshire
WF12 8DZ
Brocklehurst Holdings Ltd
Independent Auditor's Report to the Member of Brocklehurst Holdings Ltd
Year ended 30 April 2024
Opinion
We have audited the financial statements of Brocklehurst Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 30 April 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 auditor’s 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: 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: As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. We gained an understanding of the legal and regulatory framework applicable to the Union and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Union that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Trade Union and Labour Relations (Consolidation) Act 1992, UK tax legislation and equivalent local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the Central Executive Council meetings, minutes of regional meetings held, legal reports provided to the Central Executive Council and correspondence between the Union and its solicitors. We completed a sample of branch audit reviews with a focus on the income, expenditure and cash balances throughout the period to ensure that activities were supported and in line with Union rules and practices. Any unusual findings were raised with the regional secretaries for further investigation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the Central Executive Council that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Mrs Jane H Shaw
(Senior Statutory Auditor)
For and on behalf of
Burlinson Shaw & Co
Accountants & statutory auditor
21 Henrietta Street
Batley
West Yorkshire
WF17 5DN
30 September 2024
Brocklehurst Holdings Ltd
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
5,611,210
5,978,894
Cost of sales
4,324,850
4,257,291
------------
------------
Gross profit
1,286,360
1,721,603
Administrative expenses
1,151,921
875,560
------------
------------
Operating profit
5
134,439
846,043
Other interest receivable and similar income
9
17,628
Interest payable and similar expenses
10
122,723
117,658
------------
------------
Profit before taxation
29,344
728,385
Tax on profit
11
163,595
286,715
---------
---------
(Loss)/profit for the financial year
( 134,251)
441,670
---------
---------
Revaluation of tangible assets
625,000
---------
---------
Total comprehensive income for the year
490,749
441,670
---------
---------
All the activities of the group are from continuing operations.
Brocklehurst Holdings Ltd
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
5,443,627
4,948,576
Investments
14
50,000
50,000
------------
------------
5,493,627
4,998,576
Current assets
Stocks
15
16,296
13,736
Debtors
16
1,259,448
1,196,448
Cash at bank and in hand
620,885
1,018,806
------------
------------
1,896,629
2,228,990
Creditors: amounts falling due within one year
17
1,244,558
1,357,871
------------
------------
Net current assets
652,071
871,119
------------
------------
Total assets less current liabilities
6,145,698
5,869,695
Creditors: amounts falling due after more than one year
18
3,032,545
3,342,723
Provisions
20
772,950
647,516
------------
------------
Net assets
2,340,203
1,879,456
------------
------------
Capital and reserves
Called up share capital
23
100
100
Revaluation reserve
24
2,351,177
1,726,177
Profit and loss account
24
( 11,074)
153,179
------------
------------
Shareholder funds
2,340,203
1,879,456
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
DA Webster
Director
Company registration number: 12287805
Brocklehurst Holdings Ltd
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
4,014,500
4,014,500
Current assets
Debtors
16
125,000
250,000
Cash at bank and in hand
618,885
723,724
---------
---------
743,885
973,724
Creditors: amounts falling due within one year
17
219,581
1,245,940
---------
------------
Net current assets/(liabilities)
524,304
( 272,216)
------------
------------
Total assets less current liabilities
4,538,804
3,742,284
Creditors: amounts falling due after more than one year
18
2,802,298
3,010,372
------------
------------
Net assets
1,736,506
731,912
------------
------------
Capital and reserves
Profit and loss account
24
1,736,506
731,912
------------
---------
Shareholder funds
1,736,506
731,912
------------
---------
The profit for the financial year of the parent company was £ 1,034,594 (2023: £ 252,298 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
DA Webster
Director
Company registration number: 12287805
Brocklehurst Holdings Ltd
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 May 2022
100
1,726,177
( 245,491)
1,480,786
Profit for the year
441,670
441,670
----
------------
---------
------------
Total comprehensive income for the year
441,670
441,670
Dividends paid and payable
12
( 43,000)
( 43,000)
----
------------
---------
------------
Total investments by and distributions to owners
( 43,000)
( 43,000)
At 30 April 2023
100
1,726,177
153,179
1,879,456
Loss for the year
( 134,251)
( 134,251)
Other comprehensive income for the year:
Revaluation of tangible assets
13
625,000
625,000
----
------------
---------
------------
Total comprehensive income for the year
625,000
( 134,251)
490,749
Dividends paid and payable
12
( 30,002)
( 30,002)
----
----
--------
--------
Total investments by and distributions to owners
( 30,002)
( 30,002)
----
------------
--------
------------
At 30 April 2024
100
2,351,177
( 11,074)
2,340,203
----
------------
--------
------------
Brocklehurst Holdings Ltd
Company Statement of Changes in Equity
Year ended 30 April 2024
Profit and loss account
£
At 1 May 2022
522,614
Profit for the year
252,298
---------
Total comprehensive income for the year
252,298
Dividends paid and payable
12
( 43,000)
---------
Total investments by and distributions to owners
( 43,000)
At 30 April 2023
731,912
Profit for the year
1,034,594
------------
Total comprehensive income for the year
1,034,594
Dividends paid and payable
12
( 30,000)
--------
Total investments by and distributions to owners
( 30,000)
------------
At 30 April 2024
1,736,506
------------
Brocklehurst Holdings Ltd
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 134,251)
441,670
Adjustments for:
Depreciation of tangible assets
421,484
322,619
Other interest receivable and similar income
( 17,628)
Interest payable and similar expenses
122,723
117,658
(Gains)/loss on disposal of tangible assets
( 1,143)
21,151
Tax on profit
163,595
286,715
Accrued expenses
22,638
108,445
Changes in:
Stocks
( 2,560)
( 13,736)
Trade and other debtors
( 63,000)
( 1,196,448)
Trade and other creditors
( 80,731)
502,424
---------
------------
Cash generated from operations
431,127
590,498
Interest paid
( 122,723)
( 117,658)
Interest received
17,628
Tax (paid)/received
( 13,717)
276
---------
---------
Net cash from operating activities
312,315
473,116
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 298,391)
( 796,394)
Proceeds from sale of tangible assets
7,999
19,750
---------
---------
Net cash used in investing activities
( 290,392)
( 776,644)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 215,192)
( 153,905)
Proceeds from loans from group undertakings
( 811,697)
Payments of finance lease liabilities
( 174,650)
733,911
Dividends paid
( 30,002)
( 43,000)
---------
---------
Net cash used in financing activities
( 419,844)
( 274,691)
---------
---------
Net decrease in cash and cash equivalents
( 397,921)
( 578,219)
Cash and cash equivalents at beginning of year
1,018,806
815,659
------------
---------
Cash and cash equivalents at end of year
620,885
237,440
------------
---------
Brocklehurst Holdings Ltd
Notes to the Financial Statements
Year ended 30 April 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 Goods Lane off Railway Street, Dewsbury, West Yorkshire, WF12 8DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Brocklehurst Holdings Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are not considered to be any key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
No depreciation is provided on the freehold property as the directors are of the opinion that because the estimated residual value of the property is not materially different from the book value, any depreciation charge would be immaterial.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
5,611,210
5,978,894
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
421,484
322,619
(Gains)/loss on disposal of tangible assets
( 1,143)
21,151
Impairment of trade debtors
126,153
913
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,000
--------
----
7. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
55
52
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,167,463
2,022,382
Social security costs
233,765
206,178
Other pension costs
66,085
63,035
------------
------------
2,467,313
2,291,595
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
210,381
139,980
Company contributions to defined contribution pension plans
20,681
19,337
---------
---------
231,062
159,317
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
100,625
66,325
---------
--------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
17,628
--------
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
91,610
99,857
Interest on obligations under finance leases and hire purchase contracts
31,095
17,926
Other interest payable and similar charges
18
( 125)
---------
---------
122,723
117,658
---------
---------
11. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
38,302
13,871
Adjustments in respect of prior periods
( 141)
( 276)
--------
--------
Total current tax
38,161
13,595
--------
--------
Deferred tax:
Origination and reversal of timing differences
125,434
273,120
---------
---------
Tax on profit
163,595
286,715
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.20 %).
2024
2023
£
£
Profit on ordinary activities before taxation
29,344
728,385
--------
---------
Profit on ordinary activities by rate of tax
58,042
158,840
Effect of expenses not deductible for tax purposes
145
214
Effect of capital allowances and depreciation
30,816
( 126,164)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
(50,701)
(19,019)
--------
---------
Tax on profit
38,302
13,871
--------
---------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
30,000
43,000
--------
--------
13. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
3,275,000
566,666
2,782,983
6,624,649
Additions
26,733
271,658
298,391
Disposals
( 90,125)
( 90,125)
Revaluations
625,000
625,000
------------
---------
------------
------------
At 30 April 2024
3,900,000
593,399
2,964,516
7,457,915
------------
---------
------------
------------
Depreciation
At 1 May 2023
323,975
1,352,098
1,676,073
Charge for the year
37,376
384,108
421,484
Disposals
( 83,269)
( 83,269)
------------
---------
------------
------------
At 30 April 2024
361,351
1,652,937
2,014,288
------------
---------
------------
------------
Carrying amount
At 30 April 2024
3,900,000
232,048
1,311,579
5,443,627
------------
---------
------------
------------
At 30 April 2023
3,275,000
242,691
1,430,885
4,948,576
------------
---------
------------
------------
The company has no tangible assets.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Freehold property
£
At 30 April 2024
Aggregate cost
1,469,288
Aggregate depreciation
------------
Carrying value
1,469,288
------------
At 30 April 2023
Aggregate cost
1,469,288
Aggregate depreciation
------------
Carrying value
1,469,288
------------
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:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 April 2024
767,316
767,316
----
---------
---------
At 30 April 2023
113,481
921,890
1,035,371
---------
---------
------------
14. Investments
Group
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
50,000
--------
Impairment
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 1 May 2023 and 30 April 2024
50,000
--------
At 30 April 2023
50,000
--------
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
4,014,500
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 1 May 2023 and 30 April 2024
4,014,500
------------
At 30 April 2023
4,014,500
------------
Subsidiaries, associates and other investments
The investment represents 100% of the ordinary share capital of G Brocklehurst Transport Limited, a company registered in England. The capital and reserves of G Brocklehurst Transport Ltd at 30.4.2024 were £4,618,097 (2023: £5,161,943)and its profit for the year then ended was £693,554 (2023: £540,726).
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
16,296
13,736
--------
--------
----
----
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,014,275
737,658
Prepayments and accrued income
120,173
187,790
Other debtors
125,000
271,000
125,000
250,000
------------
------------
---------
---------
1,259,448
1,196,448
125,000
250,000
------------
------------
---------
---------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
156,074
161,085
156,074
156,074
Trade creditors
286,196
445,690
Amounts owed to group undertakings
971,281
Accruals and deferred income
138,587
115,949
6,532
7,504
Corporation tax
38,315
13,871
Social security and other taxes
229,950
108,734
Obligations under finance leases and hire purchase contracts
329,014
401,560
Director loan accounts
4,875
58,982
4,975
59,081
Loan notes
52,000
52,000
52,000
52,000
Other creditors
9,547
------------
------------
---------
------------
1,244,558
1,357,871
219,581
1,245,940
------------
------------
---------
------------
The bank borrowing and the loan notes are secured by a guarantee given by the subsidiary company and a fixed and floating charge on the assets of that company.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,984,298
2,140,372
1,984,298
2,140,372
Obligations under finance leases and hire purchase contracts
230,247
332,351
Loan notes
818,000
870,000
818,000
870,000
------------
------------
------------
------------
3,032,545
3,342,723
2,802,298
3,010,372
------------
------------
------------
------------
The bank borrowing and the loan notes are secured by a guarantee given by the subsidiary company and a fixed and floating charge on the assets of that company.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
329,014
401,560
Later than 1 year and not later than 5 years
230,247
332,351
---------
---------
----
----
559,261
733,911
---------
---------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 May 2023
647,516
Additions
125,434
---------
At 30 April 2024
772,950
---------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
772,950
647,516
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
( 30,816)
237,279
Revaluation of tangible assets
156,250
35,841
---------
---------
----
----
125,434
273,120
---------
---------
----
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 66,085 (2023: £ 63,035 ).
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
24. Reserves
Revaluation reserve - £2,351,177 2023: £1,726,177 Profit and loss account - £(11,074) 2023: £153,179
25. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
1,018,806
(397,921)
620,885
Debt due within one year
(621,627)
131,664
(489,963)
Debt due after one year
(2,472,723)
258,178
(2,214,545)
------------
---------
------------
( 2,075,544)
( 8,079)
( 2,083,623)
------------
---------
------------