for the Period Ended 31 December 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes |
Directors' report period ended
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
The director shown below has held office during the whole of the period from
1 January 2024
to
31 December 2024
Secretary
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
| 2024 | 2023 | |
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£ |
£ |
| Turnover: |
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| Cost of sales: |
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| Gross profit(or loss): |
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| Distribution costs: |
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| Administrative expenses: |
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| Other operating income: |
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| Operating profit(or loss): |
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| Interest receivable and similar income: |
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| Interest payable and similar charges: |
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| Profit(or loss) before tax: |
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| Tax: |
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| Profit(or loss) for the financial year: |
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As at
| Notes | 2024 | 2023 | |
|---|---|---|---|
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£ |
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| Called up share capital not paid: |
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| Fixed assets | |||
| Intangible assets: | 3 |
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| Tangible assets: | 4 |
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| Investments: | 5 |
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| Total fixed assets: |
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| Current assets | |||
| Stocks: | 6 |
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| Debtors: | 7 |
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| Cash at bank and in hand: |
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| Investments: | 8 |
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| Total current assets: |
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| Creditors: amounts falling due within one year: | 9 |
(
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(
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| Net current assets (liabilities): |
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| Total assets less current liabilities: |
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| Creditors: amounts falling due after more than one year: | 10 |
(
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(
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| Provision for liabilities: |
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| Accruals and deferred income: |
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| Total net assets (liabilities): |
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| Capital and reserves | |||
| Called up share capital: |
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| Share premium account: |
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| Other reserves: |
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| Profit and loss account: |
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| Total Shareholders' funds: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2024
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| Average number of employees during the period |
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for the Period Ended 31 December 2024
| Goodwill | Other | Total | |
|---|---|---|---|
| Cost | £ | £ | £ |
| At 1 January 2024 |
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| Disposals |
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| Revaluations |
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| Transfers |
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| At 31 December 2024 |
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| Amortisation | |||
| At 1 January 2024 |
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| Charge for year |
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| On disposals | |||
| Other adjustments | |||
| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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for the Period Ended 31 December 2024
| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
|---|---|---|---|---|---|---|
| Cost | £ | £ | £ | £ | £ | £ |
| At 1 January 2024 |
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| Additions |
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| Disposals |
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| At 31 December 2024 |
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| Depreciation | ||||||
| At 1 January 2024 |
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| Charge for year |
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| On disposals |
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| Other adjustments |
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| At 31 December 2024 |
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| Net book value | ||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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for the Period Ended 31 December 2024
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.
for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Stocks |
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| Payments on account |
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| Total |
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for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Total |
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| Debtors due after more than one year: |
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for the Period Ended 31 December 2024
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.
for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts |
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| Amounts due under finance leases and hire purchase contracts |
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| Trade creditors |
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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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| Total |
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for the Period Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts |
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| Amounts due under finance leases and hire purchase contracts |
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| Other creditors |
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| Total |
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for the Period Ended 31 December 2024
for the Period Ended 31 December 2024
| Name of director receiving advance or credit: |
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| Description of the transaction: | |
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| £ | |
|---|---|
| Balance at 31 December 2023 |
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| Advances or credits made: | |
| Advances or credits repaid: | |
| Balance at 31 December 2024 |
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| Name of director receiving advance or credit: |
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| Description of the transaction: | |
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| £ | |
| Balance at 31 December 2023 |
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| Advances or credits made: |
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| Advances or credits repaid: | |
| Balance at 31 December 2024 |
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