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Company Registration Number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
COMPANY INFORMATION
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BROCKLESBY LIMITED
CONTENTS
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BROCKLESBY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end.
The principal activity of the company is the reprocessing and recycling of used fats and oils. The company operates from its registered office of Brocklesby House, Crosslands Lane, North Cave, East Yorkshire, HU15 2PG. The company continues to recycle used cooking oil and fatty acids into products primarily for use in the biofuels and HVO industry. The directors have reviewed the company’s performance for the year and consider the results to be in line with expectations. The Directors consider the Key Performance Indicators to be Turnover, Gross Margin and Operating Profit and use these numbers/ ratios to monitor the Company’s operational and strategic direction.
EBITDA is the profit/(loss) for the financial year after tax, adding back tax charge for the year, interest charge for the year, depreciation and amortisation charge for the year and exceptional items for the year. Operating loss is stated before exceptional items.
Volumes have remained strong during the year to 31 December 2024 and the business has experienced year on year growth against prior year volumes. The business continued to keep tight control of it's underlying cost base. The board believes that good environmental practices support the Company’s strategy by enhancing the reputation of the Company and the quality of the products. The board are acutely aware of good environmental practices, with their business built upon recycling and producing products for use in ‘cleaner’ fuels. Consequently, the Company regularly tests the composition of the land upon which the site is built, to ensure that waste products are not released into the surrounding areas and that local businesses and individuals can eventually benefit from cleaner, greener energy.
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BROCKLESBY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Management continually monitor the key risks facing the company together with assessing the controls used for managing risks.
The Company is committed to ensuring a safe working environment and these risks are managed through the promotion of health and safety policies, work controls and procedures. The principal risks are the volatility of worldwide fuel commodity prices and the competition in the UK market place. In an effort to manage these risks the Company: • recognise the importance of quality both in terms of the product and service they supply;
•ensures that we have agreements with a wide range of suppliers of raw material where we can prove
appropriate provenance of our products;
•annual sales targets are set alongside cost budgets;
•monthly reporting of performance and variance analysis to forecasts are undertaken;
•monthly assessment of Key Performance Indicators across the full Balanced Business Scorecard;
•weekly assessment of cashflow and future requirements.
One of the key strengths of the company is the fact that it is lean and has employees who are extremely well versed in the industry. Financial Risks The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company undertakes a variety of risk management processes that seek to limit the adverse effects on the financial performance of the company. Credit Risk Customer credit risk is controlled by credit checks of all new customers prior to supply and this is reviewed on a regular basis to ensure we manage any emerging issues in a timely manager. This has proven successful to minimise financial loss through bad debts. Liquidity Risk The directors believe that the company has sufficient funds available to support its activities in the future. Working capital facilities are provided through cash reserves and bank debt facilities and the company continues to experience a good working relationship with its bankers. The business generates significant money from operating activities, therefore it is of great importance that cash inflows and outflows are monitored continually in order to ensure any potential difficulties can be managed. Cash flow forecasting is prepared and reviewed weekly and any potential risks are highlighted to Senior Management and managed accordingly. Development and future performance The strategy is to continue to develop the Company to meet its goals and those of the shareholders. The performance expectations are to maintain market share in the markets in which we operate and to develop new products that meet the needs of our current and future clients. In order to deliver on our goals we will continue to need the support of our superb staff and we will maintain our focus on their continuous professional development.
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BROCKLESBY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors’ statement of compliance with duty to promote the success of the Company
Directors’ Duties The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 as follows: A director of a company must act in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: • the likely consequences of any decisions in the long-term. • the interests of the Company’s employees. • the need to foster the Company’s business relationships with suppliers, customers and others. • the impact of the Company’s operations on the community and environment • the desirability of the Company maintaining a reputation for high standards of business conduct, and • the need to act fairly as between shareholders of the Company. The board of directors of Brocklesby Limited consider individually and together that they have acted in the way they consider in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to shareholders and matters set out in section 172(1) of the Act) in the decisions taken during the year ended 31 December 2024. Examples of how the directors have oversight of stakeholder matters and have regard for these matters when making decisions are set out below. Employees
The business engages its employees through regular global and local informative townhalls, a Company-wide intranet providing latest business updates, knowledge sharing through conferences and workshops, quarterly employee engagement surveys with results feedback and actions, and specific tailored employee target, development and appraisal plans.
Customers
The business closely monitors is Customers and relationships through dedicated account management. This includes regular communication and collaboration around product quality and development.
Suppliers
The business engages its suppliers through dedicated account managers who manage the relationships very closely. This includes regular supplier visits and meetings held to review product quality, specifications and account management, including areas of collaboration and product development.
Others
The business and its employees are mindful of the environmental impacts of our activity, and live the values of being a responsible corporate citizen.
This report was approved by the board and signed on its behalf.
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BROCKLESBY 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 2006. They 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.
The loss for the year, after taxation, amounted to £3,231,094 (2023 - loss £4,093,678).
The directors have not recommended a final dividend.
The directors who served during the year were:
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BROCKLESBY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The strategy is to continue to develop the Company to meet its goals and those of the shareholders. The performance expectations are to maintain market share in the markets in which we operate and to develop new products that meet the needs of our current and future clients.
In order to deliver on our goals we will continue to need the support of our superb staff and we will maintain our focus on their continuous professional development.
Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.
We have followed the 2019 HM Government Environmental Reporting Guidelines.
We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting. The chosen intensity measurement ratio is total gross emissions in tonnes of CO2e per £1,000 turnover.
During the financial period we have invested in new efficient heat rooms that will reduce the site’s energy consumption and carbon footprint. In addition, we have invested in a new factory roof along with solar panels that will reduce our electricity usage.
The business adopts a continuous improvement culture, which includes identifying energy reduction and efficiency opportunities.
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BROCKLESBY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no post balance sheet events affecting the company.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited 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 and signed on its behalf.
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BROCKLESBY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED
We have audited the financial statements of Brocklesby Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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 Report. Our 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.
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BROCKLESBY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)
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.
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.
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BROCKLESBY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)
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 obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, employment and tax legislation. • We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. • We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. • The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. • We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. • We enquired of the directors about actual and potential litigation and claims. • We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. • In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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.
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BROCKLESBY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)
This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
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BROCKLESBY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
REGISTERED NUMBER: 03333029
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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BROCKLESBY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
The principal activity of the company is the reprocessing and recycling of used fats and oils. The company operates from its registered office of Brocklesby House, Crosslands Lane, North Cave, East Yorkshire, HU15 2PG. The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of St1 Nordic Oy as at 31 December 2024 and these financial statements may be obtained from the company website.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. A letter of support has been provided from the parent company and the directors have assesed the support will be forthcoming.
The company’s current trading information is extremely positive; and the company’s clients and customers operate within sectors that are considered critical to the UK and Europe. In reaching their conclusion, the directors have considered cash flow forecasts covering a period of 12 months from the date of approval of the financial statements. Financial statements of the parent entity St1 Nordic Oy, year ended 31 December 2024, may be obtained from the company website.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a systematic basis per class of assets.
Depreciation is provided on the following basis:
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.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. 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 the revision and future periods where the revision affects both current and future periods. The directors consider the key accounting estimates to be the expected yield of finished goods, the capitalisation and carrying value of development costs and depreciation of tangible fixed assets. The directors make judgements on the expected yield of finished goods from raw materials based on their knowledge of the composition of the raw material purchased, and previous yields attained from similar products. This is a key source of estimation uncertainty when valuing year end stocks, mitigated by the directors' extensive knowledge of their industry. Development costs are capitalised in accordance with the company's accounting policies where future economic benefit can be generated and the residual value is reviewed for impairment on an ongoing basis. The directors use their specific knowledge and industry experience to make these estimates. Depreciation is charged over the useful life of the asset which is estimated from the directors knowledge of each tangible fixed asset class.
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Profit and loss account
The directors have reassessed the split of tangible fixed assets between asset categories to reflect the true nature of the assets. There have been no changes to the previously reported net book value of the tangible fixed assets and therefore no effect on the reported net assets for the year ended 31 December 2023.
The directors have assessed that the cash pooling facility is short term in nature and therefore have reclassified the amount of this liability of £10,208,848 at 31 December 2023 as due within one year, having previously reported the liability as due after more than one year. This prior year reclassification has not changed the previously reported net assets at 31 December 2023. The previously reported net current assets position has changed to a net current liability position of £3,745,865.
The Company operates a defined contribution scheme for its employees. The amount recognised as an expense during the period was £
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BROCKLESBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party is
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