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Registration number: 00455916

Brissco (Equipment) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Brissco (Equipment) Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 13

Accountants' Report

14

 

Brissco (Equipment) Limited

Company Information

Directors

Mandy Freake

Kevin Mark Bartlett

Christopher Nicholas Holmes

Registered office

Block 9, 25 Cater Road
Bishopsworth
Bristol
BS13 7TX

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Brissco (Equipment) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mandy Freake

Kevin Mark Bartlett

Christopher Nicholas Holmes

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 16 June 2025 and signed on its behalf by:

.........................................
Christopher Nicholas Holmes
Director

 

Brissco (Equipment) Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

3,406,556

3,527,502

Cost of sales

 

(1,623,493)

(1,823,934)

Gross profit

 

1,783,063

1,703,568

Administrative expenses

 

(1,478,385)

(1,449,110)

Other operating income

 

21,650

34,097

Operating profit

 

326,328

288,555

Other interest receivable and similar income

 

5,994

19

Interest payable and similar expenses

 

(4,485)

(4,961)

   

1,509

(4,942)

Profit before tax

327,837

283,613

Tax on profit

 

(81,053)

(73,050)

Profit for the financial year

 

246,784

210,563

 

Brissco (Equipment) Limited

(Registration number: 00455916)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

5

 

461,964

515,549

Current assets

   

Stocks

6

263,424

 

283,699

Debtors

7

809,716

 

647,486

Cash at bank and in hand

 

776,997

 

786,314

 

1,850,137

 

1,717,499

Creditors: Amounts falling due within one year

8

(468,034)

 

(502,217)

Net current assets

   

1,382,103

1,215,282

Total assets less current liabilities

   

1,844,067

1,730,831

Creditors: Amounts falling due after more than one year

8

 

(34,054)

(54,698)

Provisions for liabilities

 

(25,876)

(39,780)

Net assets

   

1,784,137

1,636,353

Capital and reserves

   

Called up share capital

35,000

 

35,000

Share premium reserve

2,300

 

2,300

Capital redemption reserve

8,000

 

8,000

Retained earnings

1,738,837

 

1,591,053

Shareholders' funds

   

1,784,137

1,636,353

 

Brissco (Equipment) Limited

(Registration number: 00455916)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

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

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
Mandy Freake
Director

.........................................
Kevin Mark Bartlett
Director

.........................................
Christopher Nicholas Holmes
Director

     
 

Brissco (Equipment) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

35,000

2,300

8,000

1,454,159

1,499,459

Profit for the year

-

-

-

210,563

210,563

Dividends

-

-

-

(73,669)

(73,669)

At 31 December 2023

35,000

2,300

8,000

1,591,053

1,636,353


 

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2024

35,000

2,300

8,000

1,591,053

1,636,353

Profit for the year

-

-

-

246,784

246,784

Dividends

-

-

-

(99,000)

(99,000)

At 31 December 2024

35,000

2,300

8,000

1,738,837

1,784,137

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Block 9, 25 Cater Road
Bishopsworth
Bristol
BS13 7TX

These financial statements were authorised for issue by the Board on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Going concern

The directors have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Tax

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

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

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

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

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Straight line over 10 to 50 years

Plant and machinery

Straight line over 3 to 15 years

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

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

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

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

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 33).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

94,957

75,107

Deferred taxation

Arising from origination and reversal of timing differences

(13,904)

(2,057)

Tax expense in the income statement

81,053

73,050

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

707,548

1,121,450

114,324

1,943,322

Additions

19,706

6,929

-

26,635

Disposals

-

(14,546)

-

(14,546)

At 31 December 2024

727,254

1,113,833

114,324

1,955,411

Depreciation

At 1 January 2024

379,849

1,014,177

33,747

1,427,773

Charge for the year

22,464

29,175

28,581

80,220

Eliminated on disposal

-

(14,546)

-

(14,546)

At 31 December 2024

402,313

1,028,806

62,328

1,493,447

Carrying amount

At 31 December 2024

324,941

85,027

51,996

461,964

At 31 December 2023

327,699

107,273

80,577

515,549

At the reporting date, the company held motor vehicles under hire purchase agreements and a total net book value of £51,996 (2023: £80,577). The assets are included within tangible fixed assets at their cost, and a corresponding liability is recognised within creditors. The hire purchase agreements are secured against the related motor vehicles. Ownership of the assets will transfer to the company upon final payment of the outstanding balances under the agreements.

6

Stocks

2024
£

2023
£

Other inventories

263,424

283,699

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

226,138

197,397

Amounts owed by related parties

10

527,918

414,326

Prepayments

 

55,660

35,763

   

809,716

647,486

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20,644

20,644

Trade creditors

 

111,228

121,130

Taxation and social security

 

177,121

168,834

Accruals and deferred income

 

152,625

185,014

Other creditors

 

6,416

6,595

 

468,034

502,217

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

34,054

54,698

The company has also provided security for bank loans held by Brissco Limited, the company's parent undertaking, totalling £187,569 (2023: £285,744), in the form of a legal mortgage over its freehold property and through fixed and floating charges over the assets of the company.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

25,323

22,234

Later than one year and not later than five years

56,929

39,396

82,252

61,630

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,994 (2023 - £21,113).

 

Brissco (Equipment) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party transactions

The company paid dividends totalling £99,000 (2023: £72,850) to Brissco Limited, which is the company’s parent undertaking, and £Nil to the Brissco Equipment Limited Employers Trust (2023: £819) during the year.

During the year the company also provided additional loan funding totalling £113,592 (2023: £113,556) to Brissco Limited. At 31 December 2024 the balance owed by Brissco Limited to the company was £527,918 (2023: £414,326), and is repayable on demand, unsecured and does not attract interest.

During the year the company was charged management fees totalling £44,500 (2023: £36,000) by Brissco Limited, the company’s parent undertaking. A balance of £7,200 (2023: £7,200) was outstanding in respect of these fees at 31 December 2024 and is included within trade creditors. At 31 December 2024 the company was charged £8,500 (2023: £3,000) relating to management charges due for the year which are included within accruals.

The controlling party is Brissco Limited.

Brissco Limited owns 83% of the issued share capital of the company and is the immediate and ultimate parent. Brissco Limited is incorporated in England & Wales and has its registered office as the same address of that of the company.

The ultimate controlling party is Mrs M Freake by virtue of the controlling interest in the issued share capital of Brissco Limited.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Brissco (Equipment) Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Brissco (Equipment) Limited for the year ended 31 December 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Brissco (Equipment) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Brissco (Equipment) Limited and state those matters that we have agreed to state to the Board of Directors of Brissco (Equipment) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brissco (Equipment) Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Brissco (Equipment) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

16 June 2025