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COMPANY REGISTRATION NUMBER: 01369199
THE BRITISH BUNG MANUFACTURING COMPANY LIMITED
FILLETED FINANCIAL STATEMENTS
30 September 2024
THE BRITISH BUNG MANUFACTURING COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 6
THE BRITISH BUNG MANUFACTURING COMPANY LIMITED
BALANCE SHEET
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,700,832
2,785,301
Current assets
Stocks
6
485,001
969,389
Debtors
7
1,483,221
1,208,667
Cash at bank and in hand
248,496
247,855
------------
------------
2,216,718
2,425,911
Creditors: amounts falling due within one year
8
( 478,203)
( 651,492)
------------
------------
Net current assets
1,738,515
1,774,419
------------
------------
Total assets less current liabilities
4,439,347
4,559,720
Creditors: amounts falling due after more than one year
9
( 19,634)
( 22,100)
Provisions
Taxation including deferred tax
10
( 472,227)
( 498,913)
------------
------------
Net assets
3,947,486
4,038,707
------------
------------
Capital and reserves
Called up share capital
12
24,002
24,002
Share premium account
239,190
239,190
Profit and loss account
3,684,294
3,775,515
------------
------------
Shareholders funds
3,947,486
4,038,707
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
C A Gledhill
Director
Company registration number: 01369199
THE BRITISH BUNG MANUFACTURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Lowlands Works, Lowlands Road, Mirfield, WF14 8LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Grants
Grants in respect of expenditure on tangible fixed assets are treated as deferred income which is credited to the profit and loss account by installments over the expected useful economic life of the related assets on a basis consistent with the depreciation policy. Grants of a revenue nature are recognised in the profit and loss account of the period in respect of which they are payable.
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.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
Freehold property
-
2% reducing balance
Plant and machinery
-
10%/15%/20% on reducing balance; 10% straight line
Fixtures, fittings and equipment
-
15% and 25% on reducing balance
Motor vehicles
-
25% on reducing balance and over the term of the lease
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Capital grants for buildings and plant are shown in the balance sheet less amounts transferred to profit and loss account on the same basis as the assets are depreciated.
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 balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 28 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
1,230,275
6,465,387
160,978
91,843
7,948,483
Additions
265,661
14,485
197,082
477,228
Disposals
( 12,001)
( 2,449)
( 84,241)
( 98,691)
------------
------------
------------
------------
------------
At 30 September 2024
1,230,275
6,719,047
173,014
204,684
8,327,020
------------
------------
------------
------------
------------
Depreciation
At 1 October 2023
687,891
4,357,146
100,977
17,168
5,163,182
Charge for the year
13,734
438,980
14,540
32,575
499,829
Disposals
( 9,465)
( 1,850)
( 25,508)
( 36,823)
------------
------------
------------
------------
------------
At 30 September 2024
701,625
4,786,661
113,667
24,235
5,626,188
------------
------------
------------
------------
------------
Carrying amount
At 30 September 2024
528,650
1,932,386
59,347
180,449
2,700,832
------------
------------
------------
------------
------------
At 30 September 2023
542,384
2,108,241
60,001
74,675
2,785,301
------------
------------
------------
------------
------------
The company owns the whole of the issued share capital of Charles Buckley and Sons Limited. This company is dormant and had net assets of £nil as at 30 September 2024 (2023: £nil). The cost of investment of £50,000 has been fully provided for.
Capital commitments
2024
2023
£
£
Contracted for but not provided for in the financial statements
10,500
15,000
------------
------------
6. Stocks
2024
2023
£
£
Raw materials and work in progress
485,001
969,389
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
1,304,293
1,085,898
Prepayments and accrued income
112,001
62,545
Other debtors
66,927
60,224
------------
------------
1,483,221
1,208,667
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
259,439
250,553
Accruals and deferred income
80,925
91,175
Social security and other taxes
104,419
235,177
Directors' current accounts
32,219
71,932
Other creditors
1,201
2,655
------------
------------
478,203
651,492
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
1,500
3,500
Deferred government grant
18,134
18,600
------------
------------
19,634
22,100
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 October 2023
498,913
Charge against provision
( 26,686)
------------
At 30 September 2024
472,227
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 10)
472,227
498,913
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
472,227
498,913
------------
------------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
24,002
24,002
24,002
24,002
------------
------------
------------
------------
13. Summary audit opinion
The auditor's report dated 24 March 2025 was unqualified .
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
14. Related party transactions
During the year, the company made sales of £2,490,779 (2023: £3,161,198) and recharged various expenses totalling £983,721 (2023: £1,078,287) to BBP Marketing Limited, a company related by common control. At the balance sheet date £983,721 (2023: £1,078,287) was owed by BBP Marketing Limited. The directors believe that the terms of such transactions are not materially different from those that could have been obtained from independent enterprises. At the Balance sheet date, the amount owed to the directors is £32,219 (2023: £71,932). This amount is unsecured, repayable on demand and currently interest-free.
15. Control
The company is controlled by C A Gledhill .