BURBIDGE & SON LIMITED

Company Registration Number:
00376700 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2024

Period of accounts

Start date: 1 January 2024

End date: 31 December 2024

BURBIDGE & SON LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

BURBIDGE & SON LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Benedict Burbidge
Graham Heaven
Neil Conway
Michael Procter
David Burbidge


The director shown below has held office during the whole of the period from
1 January 2024 to 31 December 2024

Victor Philip Bellanti


Secretary Benjamin Keeling

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 March 2025

And signed on behalf of the board by:
Name: Benedict Burbidge
Status: Director

BURBIDGE & SON LIMITED

Profit And Loss Account

for the Period Ended 31 December 2024

2024 2023


£

£
Turnover: 7,219,667 7,790,333
Cost of sales: ( 4,568,760 ) ( 5,866,306 )
Gross profit(or loss): 2,650,907 1,924,027
Distribution costs: ( 2,329,916 ) ( 2,459,919 )
Administrative expenses: ( 848,485 ) ( 852,109 )
Other operating income: 117,355 6,535
Operating profit(or loss): (410,139) (1,381,466)
Interest receivable and similar income: 35,813 38,363
Interest payable and similar charges: ( 173,396 ) ( 125,654 )
Profit(or loss) before tax: (547,722) (1,468,757)
Tax: 95,888 381,000
Profit(or loss) for the financial year: (451,834) (1,087,757)

BURBIDGE & SON LIMITED

Balance sheet

As at 31 December 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 6,802 23,641
Tangible assets: 4 2,557,791 3,277,272
Investments: 5 1,000,000 0
Total fixed assets: 3,564,593 3,300,913
Current assets
Stocks: 6 1,629,154 1,548,271
Debtors: 7 1,404,428 1,608,261
Cash at bank and in hand: 198,065 267,613
Investments: 8 1,076,116 635,116
Total current assets: 4,307,763 4,059,261
Creditors: amounts falling due within one year: 9 ( 1,519,990 ) ( 2,334,417 )
Net current assets (liabilities): 2,787,773 1,724,844
Total assets less current liabilities: 6,352,366 5,025,757
Creditors: amounts falling due after more than one year: 10 ( 1,649,677 ) ( 874,022 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 4,702,689 4,151,735
Capital and reserves
Called up share capital: 1,277,200 1,277,200
Share premium account: 2,239,040 1,806,030
Other reserves: 37,500 37,500
Profit and loss account: 1,148,949 1,031,005
Total Shareholders' funds: 4,702,689 4,151,735

The notes form part of these financial statements

BURBIDGE & SON LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 March 2025
and signed on behalf of the board by:

Name: Benedict Burbidge
Status: Director

The notes form part of these financial statements

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. 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, excluding discounts and value added tax.

    Tangible fixed assets depreciation policy

    During the year ended 2016, as permitted by FRS 102 paragraph 35.10 (c), the Company adopted the transitional provisions to retain the book value of land and buildings which were re-valued in July 2015 and has not adopted a policy of annual revaluations in the future. However, these values are subject to annual impairment reviews as set out in FRS 102 Section 27 'Impairment of Assets'. Transfers are being made to retained earnings each year in order to amortise the revaluation surplus over the remaining useful lives of the properties. With the exception of land and buildings, all other classes of tangible fixed assets are recognised at cost and subsequently measured under the historical cost model, being cost less accumulated depreciation and impairments losses. Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. Freehold Property = 50 years Plant and machinery = 10 years Motor vehicles = 4 years Fixtures and fittings = 3 to 5 years No depreciation is charged on freehold land. Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

    Intangible fixed assets amortisation policy

    Intangible fixed assets are recognised at cost and subsequently measured under the historical cost model, being cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at an appropriate rate in order to write off the cost of each asset over its estimated useful life, commencing at the point that the asset is readily available for use. Development Costs = 5 Years Goodwill = 20 Years

    Other accounting policies

    Investment property Property that is held for generating rental yields or for capital appreciation or both, is classified as an investment property. When a property is being held with a mixed-use, the property is apportioned between 'freehold property' as a tangible fixed asset used in the principal activity of the Company, and an 'investment property' held for generating rental yields or for capital appreciation, or both. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditure is capitalised as part of the property carrying amount, only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost can be reliably measured. Repairs and maintenance costs are expensed in the period in which they are incurred. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of raw materials includes all costs in bringing the product to its current location and condition, whilst the cost of finished goods incudes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Stocks are maintained on a first in, first out basis. As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised. At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed in the year that the reversal occurs. Financial instruments Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses. Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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. Pension costs and other post-retirement benefits The Company operates a defined contribution pension scheme for the provision of pension benefits to its employees as well as administering a defined benefit scheme which is closed to new members with benefits ceasing to accrue from the the date of closure. In respect of the defined benefit scheme, the cost of providing benefits is determined using the projected unit credit method. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting asset or liability, net of deferred tax, is presented separately after other net assets on the face of the balance sheet. The rate used to discount the benefit obligations is based on market yields for high quality corporate bonds with terms and currencies consistent with those of the benefit obligations. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised in the Income Statement as incurred. Net interest on the net defined benefit liability is recognised in the Income Statement and comprises the interest cost on the defined benefit obligation and interest income on the plan assets, calculated by multiplying the fair value of the plan assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the plan assets and the actual return on the plan assets is recognised in Other Comprehensive Income. Actuarial gains and losses are recognised in Other Comprehensive Income. For defined contribution schemes the amount charged to the Income Statement is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. Hire purchase and leasing commitments 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 as ownership of the asset will be obtained by the Company at the end of the lease. The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid and received under operating leases are recognised in the Income Statement on a straight line basis over the period of the lease.

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 53 60

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2024 17,000 479,786 496,786
Additions 0 0 0
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 December 2024 17,000 479,786 496,786
Amortisation
At 1 January 2024 9,350 463,795 473,145
Charge for year 848 15,991 16,839
On disposals
Other adjustments
At 31 December 2024 10,198 479,786 489,984
Net book value
At 31 December 2024 6,802 0 6,802
At 31 December 2023 7,650 15,991 23,641

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2024 4,004,507 3,104,664 667,991 0 2,000 7,779,162
Additions 1,750 24,813 1,480 0 0 28,043
Disposals 0 0 0 0 0 0
Revaluations 110,506 0 0 0 0 110,506
Transfers 1,000,000 1,000,000
At 31 December 2024 3,116,763 3,129,477 669,471 0 2,000 6,917,711
Depreciation
At 1 January 2024 1,371,158 2,486,472 642,260 0 2,000 4,501,890
Charge for year 42,212 144,510 9,590 0 0 196,312
On disposals 0 0 0 0 0 0
Other adjustments 338,282 0 0 0 0 338,282
At 31 December 2024 1,075,088 2,630,982 651,850 0 2,000 4,359,920
Net book value
At 31 December 2024 2,041,675 498,495 17,621 0 0 2,557,791
At 31 December 2023 2,633,349 618,192 25,731 0 0 3,277,272

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

5. Fixed assets investments note

Investment property Property that is held for generating rental yields or for capital appreciation or both, is classified as an investment property. When a property is being held with a mixed-use, the property is apportioned between 'freehold property' as a tangible fixed asset used in the principal activity of the Company, and an 'investment property' held for generating rental yields or for capital appreciation, or both. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditure is capitalised as part of the property carrying amount, only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost can be reliably measured. Repairs and maintenance costs are expensed in the period in which they are incurred. During the year, one of the freehold properties owned by the Company and used in the principal activity of the business went through a change in use and is now considered a mixed-use property. Therefore, the relevant portion of the property has been revalued to its fair value and reclassified from tangible fixed assets as an investment property.

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

6. Stocks

2024 2023
£ £
Stocks 1,629,154 1,548,271
Payments on account 0 0
Total 1,629,154 1,548,271

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

7. Debtors

2024 2023
£ £
Trade debtors 594,912 905,213
Prepayments and accrued income 182,184 95,816
Other debtors 627,332 607,232
Total 1,404,428 1,608,261
Debtors due after more than one year: 519,000 440,000

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

8. Current assets investments note

Pension costs and other post-retirement benefits The Company operates a defined contribution pension scheme for the provision of pension benefits to its employees as well as administering a defined benefit scheme which is closed to new members with benefits ceasing to accrue from the the date of closure. In respect of the defined benefit scheme, the cost of providing benefits is determined using the projected unit credit method. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting asset or liability, net of deferred tax, is presented separately after other net assets on the face of the balance sheet. The rate used to discount the benefit obligations is based on market yields for high quality corporate bonds with terms and currencies consistent with those of the benefit obligations. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised in the Income Statement as incurred. Net interest on the net defined benefit liability is recognised in the Income Statement and comprises the interest cost on the defined benefit obligation and interest income on the plan assets, calculated by multiplying the fair value of the plan assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the plan assets and the actual return on the plan assets is recognised in Other Comprehensive Income. Actuarial gains and losses are recognised in Other Comprehensive Income. For defined contribution schemes the amount charged to the Income Statement is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. The Company operates a defined benefit pension arrangement called the Burbidge & Son Limited Pension Scheme (the Scheme). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The Scheme is closed to new members with benefits ceasing to accrue from the the date of closure. The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process, the Company must agree with the trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. The most recent comprehensive actuarial valuation of the Scheme was carried out as at 05 April 2023 and the next valuation of the Scheme is due as at 05 April 2026. In the event that the valuation reveals a deficit, the Company may be required to pay contributions. An actuarial estimate performed by an independent qualified actuary has been undertaken as at 31 December 2024. The Company does not expect to pay any contributions in the year to 31 December 2025. The Scheme is managed by a trustee company, BSL Pension Trustee Limited. The Directors of this trustee company are appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the Scheme, administering benefit payments and investing the Scheme's assets. The trustees delegate some of these functions to their professional advisers where appropriate. There were no Scheme amendments, curtailments or settlements during the year. Based on the latest actuarial estimate performed as at 31 December 2024, the Scheme remains in a surplus position. The net defined benefit asset based on this most recent valuation is £1,435,116. With reference to FRS 102 accounting standards, for the past two accounting periods the Company has considered it prudent to restrict the value of the asset in the accounts whilst the trustees undertake the exercise of derisking the Scheme. The asset was restricted to a best estimate of the recoverable value, taking into consideration that employer funding contributions to the scheme have ceased for an initial period of time. With this exercise now successfully complete, the Company considers it appropriate to reinstate the full Scheme asset based on the latest valuation estimate.

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

9. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 507,453 682,353
Amounts due under finance leases and hire purchase contracts 2,270 13,228
Trade creditors 724,049 910,806
Taxation and social security 170,853 220,308
Accruals and deferred income 72,534 196,763
Other creditors 42,831 310,959
Total 1,519,990 2,334,417

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

10. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 1,110,550 0
Amounts due under finance leases and hire purchase contracts 0 2,270
Other creditors 539,127 871,752
Total 1,649,677 874,022

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

11. Financial Commitments

Bank borrowings in the form of an invoice discounting facility is secured against the balance of trade debtors, as well as a fixed and floating charge over the Company assets but excluding land and buildings. The facility is repayable on demand and subject to interest charges at a rate of 5.25%. Bank borrowings in the form of loans are secured by a fixed and floating charge over the Company assets excluding part of the land and buildings. The loans have been taken out over a 2-year term being repayable by February 2026. The loans are subject to interest charges at a rate of 4.39% above the Bank of England Base Rate. Other loans reflects borrowings under the Coronavirus Business Interruption Loan Scheme. The loan was previously secured by a fixed and floating charge over the Company assets excluding part of the land and buildings and incurred interest charges at a rate of 4.09% above the Bank of England Base Rate. This loan was fully repaid during the year.

BURBIDGE & SON LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

12. Loans to directors

Name of director receiving advance or credit: David Burbidge
Description of the transaction:
Business loan to cover cashflow in line with bank borrowing.
£
Balance at 31 December 2023 200,000
Advances or credits made:
Advances or credits repaid:
Balance at 31 December 2024 200,000

Name of director receiving advance or credit: Benedict Burbidge
Description of the transaction:
Business loan to cover cashflow in line with bank borrowing.
£
Balance at 31 December 2023 200,000
Advances or credits made: 100,000
Advances or credits repaid:
Balance at 31 December 2024 300,000

Business loan to cover cashflow in line with bank borrowing.