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Registration number: 01927426

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Brierley Lifting Tackle Company Limited

 

Brierley Lifting Tackle Company Limited

Contents

Company Information

1

Accountant's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Brierley Lifting Tackle Company Limited

Company Information



 

Directors

C Austin

Mrs S Austin

Mrs J A Ross

Mrs G D Troon

Registered office

Unit 2,Timmis Road,
Lye
Stourbridge
West Midlands
DY9 7BQ

Accountant

Stephen Jones Accountants
Chartered Certified Accountants
King Edward House
82 Stourbridge Road
Halesowen
West Midlands
B63 3UP

 

Chartered Certified Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Brierley Lifting Tackle Company Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Brierley Lifting Tackle Company Limited for the year ended 30 June 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given me.

As a practising member firm of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Brierley Lifting Tackle Company Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the accounts of Brierley Lifting Tackle Company Limited and state those matters that I have agreed to state to the Board of Directors of Brierley Lifting Tackle Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Brierley Lifting Tackle Company Limited and its Board of Directors as a body for my work or for this report.

It is your duty to ensure that Brierley Lifting Tackle Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Brierley Lifting Tackle Company Limited. You consider that Brierley Lifting Tackle Company Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the accounts of Brierley Lifting Tackle Company Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.

......................................

Stephen Jones Accountants
Chartered Certified Accountants
King Edward House
82 Stourbridge Road
Halesowen
West Midlands
B63 3UP

17 December 2024

 

Brierley Lifting Tackle Company Limited

(Registration number: 01927426)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

537,185

446,145

Current assets

 

Stocks

5

1,751,518

2,166,148

Debtors

6

1,135,646

953,524

Cash at bank and in hand

 

3,525,281

2,796,571

 

6,412,445

5,916,243

Creditors: Amounts falling due within one year

7

(523,446)

(488,024)

Net current assets

 

5,888,999

5,428,219

Total assets less current liabilities

 

6,426,184

5,874,364

Provisions for liabilities

(39,386)

(14,621)

Net assets

 

6,386,798

5,859,743

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

6,386,698

5,859,643

Shareholders' funds

 

6,386,798

5,859,743

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Brierley Lifting Tackle Company Limited

(Registration number: 01927426)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
C Austin
Director

 

Brierley Lifting Tackle Company Limited

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

1

General information

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

The address of its registered office is:
Unit 2,Timmis Road,
Lye
Stourbridge
West Midlands
DY9 7BQ
United Kingdom

These financial statements were authorised for issue by the Board on 17 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Brierley Lifting Tackle Company Limited

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% reducing balance

Furniture, fittings & equipment etc.

33% reducing balance, 25% reducing balance and 10% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and in deposit accounts.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Brierley Lifting Tackle Company Limited

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

Leases

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 12).

 

Brierley Lifting Tackle Company Limited

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

4

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment etc.
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

527,186

270,373

81,148

878,707

Additions

-

-

158,695

158,695

Disposals

-

-

(43,409)

(43,409)

At 30 June 2024

527,186

270,373

196,434

993,993

Depreciation

At 1 July 2023

146,170

227,768

58,624

432,562

Charge for the year

7,619

10,136

43,775

61,530

Eliminated on disposal

-

-

(37,284)

(37,284)

At 30 June 2024

153,789

237,904

65,115

456,808

Carrying amount

At 30 June 2024

373,397

32,469

131,319

537,185

At 30 June 2023

381,016

42,605

22,524

446,145

5

Stocks

2024
£

2023
£

Stock

1,751,518

2,166,148

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,117,878

934,876

Prepayments

10,296

11,455

Other debtors

7,472

7,193

 

1,135,646

953,524

 

Brierley Lifting Tackle Company Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

126,214

110,455

Taxation and social security

374,430

360,469

Accruals and deferred income

8,340

8,961

Other creditors

14,462

8,139

523,446

488,024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £900.00 (2023 - £6,825.00) per each ordinary share

 

90,000

 

682,500

         

10

Related party transactions

Included in creditors due within one year is an amount due to a director of £11,737 (2023 - £7,259) which is interest free and carries no fixed date for repayment.