Registration number:
Brissco Limited
for the Year Ended 31 December 2024
Brissco Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brissco Limited
Company Information
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Directors |
Mandy Freake Kevin Mark Bartlett Christopher Nicholas Holmes |
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Registered office |
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Accountants |
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Brissco Limited
(Registration number: 10514683)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
550 |
550 |
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Capital redemption reserve |
450 |
450 |
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Retained earnings |
61,545 |
41,029 |
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Shareholders' funds |
62,545 |
42,029 |
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Brissco Limited
(Registration number: 10514683)
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:
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Brissco Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 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 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.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less any subsequent accumulated impairment losses.
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 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.
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.
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 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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The company owns 83% of the issued equity share capital of Brissco (Equipment) Limited, a company registered in England and Wales with registration number 00455916.
Brissco (Equipment) Limited's principal activity is that of the sale and manufacture of signs, labels and vehicle livery, sale of building plastics, plastic materials and the fabrication of sheet plastic.
The carrying value is comprised of the cost of the investment of £1,627,880 (which includes £55,791 of legal and professional fees) less dividends received from the subsidiary during the
year to 31 December 2018 of £937,089, which were paid out of pre-acquisition reserves and have accordingly been deducted from the cost of the investment.
At 31 December 2024, Brissco (Equipment) Limited had net assets of £1,784,137 (2023: £1,636,353) and in the year then ended earned a profit after tax of £246,784 (2023: £210,563).
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Brissco Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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The bank loans totalling £187,569 (2023: £285,744) are secured by a fixed and floating charge over the company's assets, and through a mortgage over the freehold property owned by the subsidiary undertaking, Brissco (Equipment) Limited.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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450 |
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450 |
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100 |
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100 |
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Brissco Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Related party transactions |
During the year to 31 December 2024 the company received dividends from Brissco (Equipment) Limited, the company's subsidiary undertaking, totalling £99,000 (2023: £72,850).
The company also received increased loan funding from Brissco (Equipment) Limited during the year totalling £113,592 (2023: £113,556), and at 31 December 2024 the balance owed by the company to Brissco (Equipment) Limited was £527,918 (2023: £414,326). The loan is unsecured, does not carry any interest, and is repayable on demand.
During the year the company charged Brissco (Equipment) Limited for management services totalling £44,500 (2023: £36,000). At 31 December 2024 the company was owed a total of £7,200 (2023: £7,200) by Brissco (Equipment) Limited which is included in trade debtors. At 31 December 2024 the company charged £8,500 (2023: £3,000) for management services due which are included in other debtors.
At 31 December 2024, the company owed £14,542 (2023: £7,830) to Mrs M Freake and £13,861 (2023: £6,350) to Mr K M Bartlett.
The ultimate controlling party is Mrs M Freake by virtue of her controlling interest in the issued equity share capital.