REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Bruton Knowles Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Bruton Knowles Limited |
Bruton Knowles Limited (Registered number: 12481998) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Reconciliation of Equity | 22 |
Reconciliation of Loss | 24 |
Bruton Knowles Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Bruton Knowles Limited (Registered number: 12481998) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
The principal activity of Bruton Knowles Limited during the year was chartered surveying and property consultancy. The company started trading on 1st October 2023 following the transfer of trade from a related entity, Bruton Knowles (1862) LLP, on the same date. |
Bruton Knowles Limited operates throughout the UK from its Head Office in Gloucester with further offices in Birmingham, Bristol, Cardiff, Exeter, Glasgow, Guildford, Leeds, Leominster, Manchester, Newcastle, Nottingham, Taunton and Wimborne. |
REVIEW OF BUSINESS |
The directors are satisfied with the performance for this financial period specially given the current uncertainty in the economic landscape. |
The results for the period show a Turnover of £14.115m, Gross profits of £4.889m and Profits before tax of £1.758m. |
At the end of the year the company had net assets of £0.967m. |
The company has considerable financial resources and contracts with a number of clients across different geographic areas. Accordingly, we believe that the company is well placed to manage its business risks successfully and look forward to continued growth in 2025 and beyond. |
Bruton Knowles Limited (Registered number: 12481998) |
Strategic Report |
for the Year Ended 30 September 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is exposed to a variety of financial risks which result from both its operating and investing activities. The directors are responsible for co-ordinating the company's risk management and focus on actively securing the company's short to medium-term cash flows. The directors have identified the following key business risks that could have a material impact on future performance of the company and the controls in place to manage this risk: |
Market Risk |
The company operates in a highly competitive marketplace. To remain competitive the company employs a strategy which focuses on the following key points: |
- Continuous review of its systems, people and processes to ensure investment and change is made where necessary to allow the company to adapt to changing market conditions. |
- Continued focus on maintaining strong links with clients and striving to deliver enhanced client service. |
- Maintaining robust professional standards procedures. |
Contractual Risk |
Mispricing contracts and contractual disputes pose a financial and reputational risk to the business. This is controlled by following robust appraisal processes and undertaking appropriate levels of due diligence prior to engagement. |
Liquidity & Financing Risk |
The company utilises a mixture of retained earnings and banking facilities to finance its operation. The company manages its liquidity risk through the use of short and long term cash flow forecasts. The terms of the current facility are considered to be adequate for the foreseeable future. |
The company does not actively engage in the trading of financial assets and has no financial derivatives. |
Health & Safety Risk |
The directors fully recognise that a breach in Health & Safety compliance could pose a risk to the going concern of the company and that the company's activities are inherently complex and potentially hazardous. The result of a breach could result in injury to employees, subcontractors, or members of the public or damage to the environment. This in turn could expose the company to significant potential liability, reputational damage and loss of key accreditation. Detailed policies and procedures exist to minimise such risks and are subject to regular review by the company's directors. |
Based on the above the directors have concluded that it is appropriate for the financial statements to be prepared on the going concern basis. |
EQUALITY AND DIVERSITY |
The company is committed to promoting equality and diversity in its own policies, practices and procedures and in those areas in which it has influence. This applies to the company's professional dealings with members as well as clients, suppliers and other third parties. |
ON BEHALF OF THE BOARD: |
Bruton Knowles Limited (Registered number: 12481998) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 30 September 2024 will be £ |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bruton Knowles Limited |
Opinion |
We have audited the financial statements of Bruton Knowles Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 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 September 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 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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. |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Bruton Knowles Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Bruton Knowles Limited |
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 a Report of the Auditors 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. |
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. |
We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: |
- had a direct effect on the determination of material amounts and disclosures in the financial statements, and |
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: |
The valuation of unbilled revenue and amounts recoverable on contracts has been identified as an area with potential for manipulation as manual intervention is made by management in determining if the value is recoverable which is also subject to judgement. As part of the procedures to address this risk, we performed a test of detail for a sample of unbilled revenue and agreed this sample to post year-end billings and receipts and calculated the over- or under-recovery to assess the reasonableness of management's valuation. |
In common with all audits under ISAs (UK); we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above, our procedures to respond to the risks identified included the following: |
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements, inclusive of, but not limited to, The Royal Institute of Chartered Surveyors, the Health & Safety Executive and employment legislation; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; |
- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
- reading minutes of meetings of those charged with governance. |
However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
Report of the Independent Auditors to the Members of |
Bruton Knowles Limited |
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 Report of the Auditors. |
Opinion relating to the prior year financial statements |
The prior year financial statements were not audited. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Bruton Knowles Limited (Registered number: 12481998) |
Statement of Income and |
Retained Earnings |
for the Year Ended 30 September 2024 |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 6 | ( |
) |
Interest receivable and similar income |
1,808,488 | (813 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | ( |
) | ( |
) |
Dividends | 9 | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
Bruton Knowles Limited (Registered number: 12481998) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bruton Knowles Limited (Registered number: 12481998) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (2,266 | ) | - |
Share issue |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,645 |
Cash and cash equivalents at end of year | 2 | 762,133 | 1,645 |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | 50,324 | - |
Finance income | (15,027 | ) | - |
1,953,564 | (813 | ) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 762,133 | 1,645 |
Period ended 30 September 2023 |
30.9.23 | 1.3.23 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,645 | 1,645 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,645 | 760,488 | 762,133 |
1,645 | 762,133 |
Total | 1,645 | 760,488 | 762,133 |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Bruton Knowles Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) |
These financial statements for the year ended 30 September 2024 are the first that are prepared in accordance with FRS 102. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 is 1st October 2023. |
Turnover |
Turnover for services represents the fair value of professional services provided during the period on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax. |
Professional services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. Fee income recognised in this manner is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. |
Unbilled fee income is included as amounts recoverable on contracts within debtors. Amounts recoverable on contracts are stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on factors outside the control of the company. Contingent fee income (over and above any agreed minimum fee which is recognised as above) is recognised in the period when the contingent event occurs. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments which meet the conditions of FRS 102 section 11.9 are subsequently measured at amortised cost using the effective interest method. |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Fair value measurement |
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below. |
- Non-financial assets |
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
- Financial assets |
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate, where this effect is deemed material. |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Revenue recognition - amounts recoverable on contracts |
The value of accrued revenue is derived on the basis of estimations and assumptions regarding the fair value of unbilled time at the period-end, having regard to the company's accounting policy for revenue recognition. |
lmpairment of debtors, other debtors and amounts recoverable on contracts |
The company makes an estimate of the recoverable value of debtors, other debtors and amounts recoverable on contracts. When assessing impairment of trade receivables, other debtors and amounts recoverable on contracts, management considers factors including the current credit rating of the debtor, the ageing profile and historic experience. |
4. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | EMPLOYEES AND DIRECTORS |
Year Ended 30.9.24 |
Period 1.3.23 to 30.9.23 (Unaudited) |
£ | £ |
Wages and salaries | 7,819,107 | - |
Social security costs | 707,647 | - |
Pensions and other employment costs | 494,827 | - |
9,021,581 | - |
The average number of employees during the year was as follows: |
Year Ended 30.9.24 |
Period 1.3.23 to 30.9.23 (Unaudited) |
Property services | 136 | - |
Administration | 20 | - |
156 | - |
Year Ended 30.9.24 |
Period 1.3.23 to 30.9.23 (Unaudited) |
£ | £ |
Directors' salaries | 22,909 | - |
Directors' pension contributions | 200,000 | - |
Directors' benefits in kind | 21,321 | - |
244,230 | - |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Bank interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit/(loss) |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax movement | 64,321 | - |
Total tax charge | 519,413 | - |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | DIVIDENDS |
Period |
1.3.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 30 September 2024 |
DEPRECIATION |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 836,995 | - |
Other creditors |
Directors' current accounts | - | 2,266 |
Accruals and deferred income |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
The amount of operating lease payments charged as an expense during the accounting period amounts to £287,953. |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Deferred tax | 64,321 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 September 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 9,992 | 9,992 |
A Dividend | £1 | 2 | 2 |
B Dividend | £1 | 2 | 2 |
C Dividend | £1 | 2 | 2 |
D Dividend | £1 | 2 | 2 |
10,000 | 10,000 |
Bruton Knowles Limited (Registered number: 12481998) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
16. | CALLED UP SHARE CAPITAL - continued |
The above classes of shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2023 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
18. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in funds under the control of the trustees. Where there are employees who leave the scheme prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions. Contributions made during the period amounted to £597,066. At 30th September 2024 there were outstanding contributions payable to the scheme of £51,000. |
19. | RELATED PARTY DISCLOSURES |
During the period a company under common control with common directors held a related party balance with Bruton Knowles Limited. At the end of the period Bruton Knowles Limited owed a balance of £53,654 (2023: £Nil) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
During the period a company under common control with common directors held a related party balance with Bruton Knowles Limited. At the end of the period Bruton Knowles Limited owed a balance of £56,635 (2023: £Nil) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
The balance outstanding on interest free loans provided from a company where Mr J Bailey is a director and has control amounted to £68,575 (2023: £2,500 Dr). |
The balance outstanding on interest free loans provided from a company where Mr N Billingsley is a director and has control amounted to £85,942 (2023: £2,500 Dr). |
The balance outstanding on interest free loans provided from a company where Mr G Emmerson is a director and has control amounted to £141,580 (2023: £2,500 Dr). |
The balance outstanding on interest free loans provided from a company where Mr I Pitt is a director and has control amounted to £150,139 (2023: £2,500 Dr). |
20. | POST BALANCE SHEET EVENTS |
On 29th October 2024 Bruton Knowles Limited acquired the entire share capital of Haarer Goss Limited. The overall financial effect is uncertain, however it is expected that a positive effect will occur. Haarer Goss Limited are a firm of independent chartered surveyors and commercial property consultants, based in Exeter, specialising in providing commercial property advice. |
Bruton Knowles Limited (Registered number: 12481998) |
Reconciliation of Equity |
1 March 2023 |
(Date of Transition to FRS 102) |
Effect of |
transition |
FRS 105 | to FRS 102 | FRS 102 |
£ | £ | £ |
CURRENT ASSETS |
Cash at bank | 1,756 | 1,756 |
CREDITORS |
Amounts falling due within one year | (2,266 | ) | (2,266 | ) |
NET CURRENT LIABILITIES | (510 | ) | (510 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(510 |
) |
(510 |
) |
NET LIABILITIES | (510 | ) | (510 | ) |
CAPITAL AND RESERVES |
Called up share capital | 6 | 6 |
Retained earnings | (516 | ) | (516 | ) |
SHAREHOLDERS' FUNDS | (510 | ) | (510 | ) |
Bruton Knowles Limited (Registered number: 12481998) |
Reconciliation of Equity - continued |
30 September 2023 |
Effect of |
transition |
FRS 105 | to FRS 102 | FRS 102 |
£ | £ | £ |
CURRENT ASSETS |
Debtors | 10,000 | 10,000 |
Cash at bank | 1,645 | 1,645 |
11,645 | 11,645 |
CREDITORS |
Amounts falling due within one year | (2,974 | ) | (2,974 | ) |
NET CURRENT ASSETS | 8,671 | 8,671 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,671 |
8,671 |
NET ASSETS | 8,671 | 8,671 |
CAPITAL AND RESERVES |
Called up share capital | 10,000 | 10,000 |
Retained earnings | (1,329 | ) | (1,329 | ) |
SHAREHOLDERS' FUNDS | 8,671 | 8,671 |
Bruton Knowles Limited (Registered number: 12481998) |
Reconciliation of Loss |
for the Period 1 March 2023 to 30 September 2023 |
Effect of |
transition |
FRS 105 | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | - | - |
Administrative expenses | (813 | ) | (813 | ) |
OPERATING LOSS | (813 | ) | (813 | ) |
and |
LOSS BEFORE TAXATION | (813 | ) | (813 | ) |
Tax on loss | - | - |
LOSS FOR THE FINANCIAL YEAR | (813 | ) | (813 | ) |