Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302025-05-232024-09-302025-05-23false86manufacture and sale of coffinsfalse83falsefalse2023-10-01 03486406 2023-10-01 2024-09-30 03486406 2022-10-01 2023-09-30 03486406 2024-09-30 03486406 2023-09-30 03486406 2022-10-01 03486406 5 2023-10-01 2024-09-30 03486406 5 2022-10-01 2023-09-30 03486406 1 2023-10-01 2024-09-30 03486406 e:Director1 2023-10-01 2024-09-30 03486406 e:Director2 2023-10-01 2024-09-30 03486406 e:Director3 2023-10-01 2024-09-30 03486406 e:Director3 2024-09-30 03486406 e:Director4 2023-10-01 2024-09-30 03486406 e:Director5 2023-10-01 2024-09-30 03486406 e:RegisteredOffice 2023-10-01 2024-09-30 03486406 d:Buildings 2023-10-01 2024-09-30 03486406 d:Buildings 2024-09-30 03486406 d:Buildings 2023-09-30 03486406 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03486406 d:PlantMachinery 2023-10-01 2024-09-30 03486406 d:PlantMachinery 2024-09-30 03486406 d:PlantMachinery 2023-09-30 03486406 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03486406 d:MotorVehicles 2023-10-01 2024-09-30 03486406 d:MotorVehicles 2024-09-30 03486406 d:MotorVehicles 2023-09-30 03486406 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03486406 d:FurnitureFittings 2023-10-01 2024-09-30 03486406 d:FurnitureFittings 2024-09-30 03486406 d:FurnitureFittings 2023-09-30 03486406 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03486406 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03486406 d:CurrentFinancialInstruments 2024-09-30 03486406 d:CurrentFinancialInstruments 2023-09-30 03486406 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 03486406 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 03486406 d:UKTax 2023-10-01 2024-09-30 03486406 d:UKTax 2022-10-01 2023-09-30 03486406 d:ShareCapital 2024-09-30 03486406 d:ShareCapital 2023-09-30 03486406 d:CapitalRedemptionReserve 2023-10-01 2024-09-30 03486406 d:CapitalRedemptionReserve 2024-09-30 03486406 d:CapitalRedemptionReserve 2023-09-30 03486406 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 03486406 d:RetainedEarningsAccumulatedLosses 2024-09-30 03486406 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 03486406 d:RetainedEarningsAccumulatedLosses 2023-09-30 03486406 d:RetainedEarningsAccumulatedLosses 2022-10-01 03486406 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 03486406 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 03486406 d:FinancialAssetsAmortisedCost 2024-09-30 03486406 d:FinancialAssetsAmortisedCost 2023-09-30 03486406 d:FinancialLiabilitiesAmortisedCost 2024-09-30 03486406 d:FinancialLiabilitiesAmortisedCost 2023-09-30 03486406 e:OrdinaryShareClass1 2023-10-01 2024-09-30 03486406 e:OrdinaryShareClass1 2024-09-30 03486406 e:OrdinaryShareClass1 2023-09-30 03486406 e:OrdinaryShareClass2 2023-10-01 2024-09-30 03486406 e:OrdinaryShareClass2 2024-09-30 03486406 e:OrdinaryShareClass2 2023-09-30 03486406 e:OrdinaryShareClass3 2023-10-01 2024-09-30 03486406 e:OrdinaryShareClass3 2024-09-30 03486406 e:OrdinaryShareClass3 2023-09-30 03486406 e:OrdinaryShareClass4 2023-10-01 2024-09-30 03486406 e:OrdinaryShareClass4 2024-09-30 03486406 e:OrdinaryShareClass4 2023-09-30 03486406 e:FRS102 2023-10-01 2024-09-30 03486406 e:Audited 2023-10-01 2024-09-30 03486406 e:FullAccounts 2023-10-01 2024-09-30 03486406 e:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03486406 d:WithinOneYear 2024-09-30 03486406 d:WithinOneYear 2023-09-30 03486406 d:BetweenOneFiveYears 2024-09-30 03486406 d:BetweenOneFiveYears 2023-09-30 03486406 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 03486406 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03486406 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 03486406 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 03486406 2 2023-10-01 2024-09-30 03486406 7 2023-10-01 2024-09-30 03486406 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03486406









BRADNAM JOINERY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BRADNAM JOINERY LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr A Spittle 
Mr D Spittle 
Mr G Ashcroft (resigned 14 June 2024)
Mrs L Kowalski 
Mrs T E Spittle 




REGISTERED NUMBER
03486406



REGISTERED OFFICE
Tennyson House
Cambridge Business Park

Cambridge

CB4 0WZ




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
BRADNAM JOINERY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Statement of Cash Flows
 
11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 24


 
BRADNAM JOINERY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

INTRODUCTION
 
The Directors of Bradnam Joinery Limited present their strategic report for the year ended 30 September 2024.
During the year the Company’s principal activities continued to be that of the manufacture and sale of coffins and related Funeral Director’s supplies.

BUSINESS REVIEW
 
            2024            2023
Turnover        £9,727,110   £9,932,990
Gross Profit        £3,247,820   £2,945,307
Operating Profit       £1,698,094   £1,616,222
Profit after tax       £1,298,668   £1,283,503
The Directors are satisfied with the results for the year.
Overall the Company is striving to deliver high quality products with excellent service to all of our customers.
The Directors are constantly looking to control costs whilst improving the efficiency of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Company pays for some supplies in US Dollars and to minimise the risk of loss through exchange rate variations we use currency forward contracts.
The main credit risk arises from trade debtors.  To manage this risk the aged debtors reports are reviewed twice a month and appropriate action taken for overdue accounts.
The Company operates in a very competitive market and strives for excellence to retain existing customers and win new ones.  The Directors maintain good relationships with suppliers of raw materials to ensure continued supply at reasonable costs.
The Directors are aware of the environmental risks surrounding manufacturing businesses and have a biomass boiler to recycle waste products as energy.  Other waste is also recycled wherever possible.  Raw materials are sourced with consideration for the environment.  
The Directors are aware of the risks surrounding Health and Safety matters and take their responsibilities seriously, accordingly they have appointed an experienced Health and Safety Officer.  There are procedures in place which the Directors continue to monitor.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors monitor the performance of the Company in various way including key performance indicators.  The main key performance indicators for 2023 and 2024 are as follows:
          
2024  2023                         
Gross Profit as a Percentage of Turnover    33.4%  30.2%
Operating Profit as a Percentage of Turnover    17.5%  16.3%
Trade Debtor Days        42 days 43 days
Current Ratio        3.3 : 1  3.5 : 1
The gross profit is slightly higher this year due to fluctuating raw material prices, but still within the range expected by the Directors.  
Other KPI’s are at an acceptable level and continue to be monitored.

Page 1

 
BRADNAM JOINERY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

OTHER KEY PERFORMANCE INDICATORS
 
The Company also uses certain non-financial indicators, the main one being the number of employees.  The average number of employees during the year was 83 (2023 – 86) 


This report was approved by the board on 23 May 2025 and signed on its behalf.





Mrs L Kowalski
Director

Page 2

 
BRADNAM JOINERY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,298,668 (2023 - £1,283,503).

DIRECTORS

The directors who served during the year were:

Mr A Spittle 
Mr D Spittle 
Mr G Ashcroft (resigned 14 June 2024)
Mrs L Kowalski 
Mrs T E Spittle 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

Page 3

 
BRADNAM JOINERY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 23 May 2025 and signed on its behalf.
 





Mrs L Kowalski
Director

Page 4

 
BRADNAM JOINERY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRADNAM JOINERY LIMITED
 

OPINION


We have audited the financial statements of Bradnam Joinery Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
BRADNAM JOINERY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRADNAM JOINERY LIMITED (CONTINUED)


OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, 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 Directors' Responsibilities Statement set out on page 3, 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 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 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.


Page 6

 
BRADNAM JOINERY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRADNAM JOINERY LIMITED (CONTINUED)


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 an Auditors' 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
 
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.  
These included the following:
- agreeing the financial statement disclosures to underlying supporting documentation to assess      compliance with provisions of relevant laws and regulations described as having a direct effect on the    financial statements;
-  enquiries of management including those responsible for key regulations;
-  performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
BRADNAM JOINERY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRADNAM JOINERY LIMITED (CONTINUED)


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 2006Our 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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Darren Amott (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

6 June 2025
Page 8

 
BRADNAM JOINERY LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
9,727,110
9,932,990

Cost of sales
  
(6,479,290)
(6,987,683)

Gross profit
  
3,247,820
2,945,307

Administrative expenses
  
(1,549,726)
(1,329,085)

Operating profit
 4 
1,698,094
1,616,222

Interest receivable and similar income
 8 
51,981
12,199

Profit before tax
  
1,750,075
1,628,421

Tax on profit
 9 
(451,407)
(344,918)

Profit after tax
  
1,298,668
1,283,503

  

  

Retained earnings at the beginning of the year
  
4,362,406
3,738,903

Profit for the year
  
1,298,668
1,283,503

Dividends declared and paid
  
(875,000)
(660,000)

Retained earnings at the end of the year
  
4,786,074
4,362,406

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
BRADNAM JOINERY LIMITED
REGISTERED NUMBER: 03486406

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
 11 

Tangible fixed assets
  
2,406,387
2,300,570

Current assets
  

Stocks
 12 
630,563
712,029

Debtors: amounts falling due within one year
 13 
1,313,943
1,254,996

Cash at bank and in hand
 14 
1,837,823
1,196,845

  
3,782,329
3,163,870

Creditors: amounts falling due within one year
 15 
(1,140,226)
(902,545)

Net current assets
  
 
 
2,642,103
 
 
2,261,325

Total assets less current liabilities
  
5,048,490
4,561,895

Provisions for liabilities
  

Deferred tax
 17 
(251,415)
(188,488)

Net assets
  
4,797,075
4,373,407


Capital and reserves
  

Called up share capital 
 18 
2,201
2,201

Capital redemption reserve
 19 
8,800
8,800

Profit and loss account
 19 
4,786,074
4,362,406

  
4,797,075
4,373,407


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 May 2025.




Mrs L Kowalski
Director


The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
BRADNAM JOINERY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,298,668
1,283,503

Adjustments for:

Depreciation of tangible assets
277,113
219,174

Loss on disposal of tangible assets
(2,625)
(8,229)

Interest received
(51,981)
(12,199)

Taxation charge
451,407
344,918

Decrease/(increase) in stocks
81,466
(98,295)

(Increase) in debtors
(58,947)
(98,413)

Increase in creditors
124,873
10,566

Corporation tax (paid)
(275,672)
(542,779)

Net cash generated from operating activities

1,844,302
1,098,246


Cash flows from investing activities

Purchase of tangible fixed assets
(468,042)
(465,414)

Sale of tangible fixed assets
87,737
36,450

Interest received
51,981
12,199

Net cash from investing activities

(328,324)
(416,765)

Cash flows from financing activities

Dividends paid
(875,000)
(660,000)

Net cash used in financing activities
(875,000)
(660,000)

Net increase in cash and cash equivalents
640,978
21,481

Cash and cash equivalents at beginning of year
1,196,845
1,175,364

Cash and cash equivalents at the end of year
1,837,823
1,196,845


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,837,823
1,196,845


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
BRADNAM JOINERY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

1,196,845

640,978

1,837,823


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Bradnam Joinery Limited is a private company limited by shares and incorporated in England and Wales, United Kingdom. The registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP and the financial statements have been rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised on the date of dispatch when all of the following conditions are satisfied:

-the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually     associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date

Page 14

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the rates below;.


Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance or straight line
Fixtures and fittings
-
15%
reducing balance or straight line over 2 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price.

Page 15

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 and loans to related parties.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make significant judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Details of the company's significant accounting judgements and critical accounting estimates include:
Tangible fixed assets
 
Each year the Company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation.
Impairment of stock and work in progress
Management have assessed the need to write off or provide against any specific items based on the levels held at period end and the expected sales of such items in the immediate period post year end.
Management take into account historic sales data at the date the estimate is made.
Impairment of trade debtors
The recoverability of trade debtors has been assessed at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.


4.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangbile fixed assets
277,113
219,174

Other operating lease rentals
144,165
64,829

Defined contribution pension cost
132,290
99,079


5.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,550
18,975
Page 17

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,706,049
2,581,168

Social security costs
245,327
230,008

Cost of defined contribution scheme
132,290
99,079

3,083,666
2,910,255


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
5



Employees
78
81

83
86


7.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
367,410
305,893

Company contributions to defined contribution pension schemes
23,950
16,428

391,360
322,321


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £138,254 (2023 - £104,701).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,088 (2023 - £6,511).

Page 18

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
51,981
12,199


9.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
388,480
302,707


Deferred tax


Origination and reversal of timing differences
62,927
42,211


Taxation on profit on ordinary activities
451,407
344,918

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,750,075
1,628,421


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
437,519
342,714

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(55)
8,099

Capital allowances for year in excess of depreciation
(45,961)
(48,693)

Changes in provisions leading to an increase (decrease) in the tax charge
(3,023)
587

Deferred taxation
62,927
42,211

Total tax charge for the year
451,407
344,918


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 19

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


DIVIDENDS

2024
2023
£
£


Dividends paid
875,000
660,000


11.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 October 2023
1,488,311
1,710,091
553,169
155,701
3,907,272


Additions
-
190,040
258,023
19,979
468,042


Disposals
-
(110,037)
(232,068)
(1,316)
(343,421)



At 30 September 2024

1,488,311
1,790,094
579,124
174,364
4,031,893



Depreciation


At 1 October 2023
104,772
1,060,125
348,652
93,153
1,606,702


Charge for the year on owned assets
25,166
125,284
110,812
15,851
277,113


Disposals
-
(105,259)
(151,826)
(1,224)
(258,309)



At 30 September 2024

129,938
1,080,150
307,638
107,780
1,625,506



Net book value



At 30 September 2024
1,358,373
709,944
271,486
66,584
2,406,387



At 30 September 2023
1,383,539
649,966
204,517
62,548
2,300,570

Included in freehold property is land of £230,000 (2023 - £230,000) that is not depreciated.


12.


STOCKS

2024
2023
£
£

Raw materials and consumables
433,776
508,668

Work in progress (goods to be sold)
117,357
120,263

Finished goods and goods for resale
79,430
83,098

630,563
712,029


Page 20

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


DEBTORS

2024
2023
£
£


Trade debtors
1,124,875
1,173,287

Other debtors
12,581
16,441

Prepayments
176,487
65,268

1,313,943
1,254,996



14.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,837,823
1,196,845

1,837,823
1,196,845



15.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
562,301
459,759

Corporation tax
175,554
62,746

Other taxation and social security
275,605
240,340

Other creditors
15,280
20,758

Accruals
111,486
118,942

1,140,226
902,545


Page 21

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,837,823
1,196,845

Financial assets that are debt instruments measured at amortised cost
1,137,456
1,189,728

2,975,279
2,386,573


Financial liabilities


Financial liabilities measured at amortised cost
(689,067)
(599,459)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and current asset investments


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise bank overdrafts, trade creditors, other creditors, accruals and deferred income.


17.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(188,488)
(146,277)


Charged to profit or loss
(62,927)
(42,211)



At end of year
(251,415)
(188,488)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(188,488)
(193,417)

Other timing differences
(62,927)
4,929

(251,415)
(188,488)

Page 22

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



686 (2023 - 686) Ordinary A shares of £1.00 each
686
686
1,026 (2023 - 1,026) Ordinary B shares of £1.00 each
1,026
1,026
488 (2023 - 488) Ordinary C shares of £1.00 each
488
488
1 (2023 - 1) Ordinary D share of £1.00
1
1

2,201

2,201



19.


RESERVES

Capital redemption reserve

Included amounts recognised in prior periods relating to the purchase of the Company's own shares.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.


20.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £132,090 (2023 - £99,079). Contributions totalling £16,648 (2023 - £19,716) were payable to the fund at the balance sheet date and are included in creditors.


21.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
145,328
142,424

Later than 1 year and not later than 5 years
336,279
463,323

481,607
605,747

Page 23

 
BRADNAM JOINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


RELATED PARTY TRANSACTIONS

During the year the company rented premises from the Elite retirement Account of A R Spittle, a pension scheme of which the beneficiary is A R Spittle, a director of the company. The rent payable for the year was £139,965 (2023 - £60,605). 
The balance owed to the pension scheme at the year end was £35,000  (2023 - £35,000).
During the year the company purchased heating services totalling £7,271 (2023 - £37,509) from Taldr Limited, a company in which A R Spittle is the director.
Also during the year dividends totalling £Nil (2023 - £Nil) were paid to Taldr Ltd.
The balance owed to  Taldr Ltd at the year end was £4,930 (2023 - £2,713). 
During the year dividends totalling £640,000 (2023 - £440,000) were paid to directors of the company.
The gross remuneration of key management and personnel is £321,824 (2023 - £322,321).


23.


POST BALANCE SHEET EVENTS

There have been no post balance sheet events noted. 


Page 24