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REGISTERED NUMBER: 00366790 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

BURROWS & SMITH LIMITED

BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BURROWS & SMITH LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTORS: C R F Shield
A Dyke





SECRETARY: C R F Shield





REGISTERED OFFICE: 365 Fosse Way
Syston
Leicester
Leicestershire
LE7 1NL





REGISTERED NUMBER: 00366790 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 606,879 582,656

CURRENT ASSETS
Stocks 518,549 580,528
Debtors 5 5,155,210 5,723,748
Cash at bank 171,224 159,642
5,844,983 6,463,918
CREDITORS
Amounts falling due within one year 6 (759,781 ) (1,224,666 )
NET CURRENT ASSETS 5,085,202 5,239,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,692,081

5,821,908

CREDITORS
Amounts falling due after more than one
year

7

(47,964

)

(158,288

)

PROVISIONS FOR LIABILITIES (17,500 ) -
NET ASSETS 5,626,617 5,663,620

CAPITAL AND RESERVES
Called up share capital 106,376 106,376
Retained earnings 5,520,241 5,557,244
SHAREHOLDERS' FUNDS 5,626,617 5,663,620

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





C R F Shield - Director


BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2024


1. STATUTORY INFORMATION

Burrows & Smith Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 365 Fosse Way, Syston, Leicestershire, LE7 1NL and the registered number is 00366790.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised when goods are despatched.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant & machinery20% on a reducing balance basis or over 7 years on a straight line basis
Motor vehicles25% on a reducing balance basis
Fixtures & fittings25% on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Hire purchase contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charge to the Profit and Loss Account over the term of the debt using the effective interest method so that the amounts charged is at a consistent rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023 11,464,792 507,560 78,929 12,051,281
Additions 202,764 - - 202,764
Disposals (22,000 ) - (12,185 ) (34,185 )
At 31 October 2024 11,645,556 507,560 66,744 12,219,860
DEPRECIATION
At 1 November 2023 10,896,931 506,952 64,742 11,468,625
Charge for year 163,631 152 3,272 167,055
Eliminated on disposal (15,714 ) - (6,985 ) (22,699 )
At 31 October 2024 11,044,848 507,104 61,029 11,612,981
NET BOOK VALUE
At 31 October 2024 600,708 456 5,715 606,879
At 31 October 2023 567,861 608 14,187 582,656

The net carrying value of tangible fixed assets includes assets held under finance leases or hire purchase contracts with a net book value of £277,123 (2023 - £338,107). The depreciation charged in respect of these assets was £53,637 (2023 - £38,547).

BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,091,119 1,076,739
Amounts owed by connected companies 4,015,822 4,631,142
Prepayments and accrued income 48,269 15,867
5,155,210 5,723,748

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 110,324 103,562
Trade creditors 239,162 390,957
Amounts owed to connected companies 244,422 -
Corporation tax 63,313 602,641
Social security and other taxes 50,837 56,749
Other creditors 71 79
Accruals and deferred income 51,652 70,678
759,781 1,224,666

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 47,964 158,288

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 110,324 103,562
Between one and five years 47,964 158,288
158,288 261,850

Non-cancellable operating leases
2024 2023
£    £   
Within one year 120,000 120,000
Between one and five years 240,000 360,000
360,000 480,000

Finance lease payments represent rentals payable by the company for certain tangible fixed assets. Leases include plant and machinery on which capital and interest is payable. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BURROWS & SMITH LIMITED (REGISTERED NUMBER: 00366790)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 158,288 261,850

The hire purchase contracts are secured on the assets concerned.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

11. RELATED PARTY DISCLOSURES

During the year the company had the following transactions with related companies, all ultimately controlled by C R F Shield.

Income from related parties
During the year the company made sales of £87,660 (2023 - £107,555) to entities under the control of Mr C R F Shield.

Purchases from related parties
During the year the company purchased goods of £319,834 (2023 - £375,825) and paid rent costs of £137,500 (2023 - £110,000) to entities under the control of Mr C R F Shield.

Amounts owed by related parties
At the year end the company was owed £4,015,823 (2023 - £4,631,142) by entities under the control of Mr C R F Shield.

Amounts owed to related parties
At the year end the company owed £244,422 (2023 - £nil) to entities under the control of Mr C R F Shield.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company, Burrows & Smith Holdings Limited which is controlled by C R F Shield.