Registration number:
Briarwood Products Limited
for the Year Ended 31 December 2024
Briarwood Products Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Briarwood Products Limited
Company Information
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Director |
O W Janes |
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Registered office |
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Auditors |
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Briarwood Products Limited
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the supply of roofing materials and other related products
Fair review of the business
During 2020 the company acquired a controlling interest in Briarwood Landini SRL, a company registered in Italy. In conjunction with this acquisition, the company was also able to acquire the manufacturing and distribution facility and trade of Landini SPA, a company incorporated in Italy, the long-established key supplier of Briarwood Products Limited. This acquisition has enabled the company to establish a stable and effective supply chain for the UK customer base and provide greater future opportunities. In December 2023 the company acquired the remaining minority interest in Briarwood Landini SRL to establish the company as a wholly owned subsidiary within the group.
On 1 June 2023 the group undertook a restructure, with the entire issued share capital of the company being acquired by Briarwood Janes Holdings & Co Ltd, a company registered in England & Wales. The restructure was undertaken to provide the opportunity for the growth and development of Briarwood Products Limited (the company) together with its group companies, Briarwood Supplies Limited and Briarwood Landini SRL.
During 2024 the investment property and freehold property within the accounts of Briarwood Products Limited were transferred to the parent company, Briarwood Janes Holdings & Co Ltd.
On 1 April 2024 the entire shareholding in the subsidiary company, Briarwood Supplies Limited, was transferred to the holding company, Briarwood Janes Holdings & Co Ltd, as part of a group restructure.
The director is satisfied with the performance of the company during 2024, with an increase in both turnover and profitability levels in the year.
The director anticipates reporting continued growth in turnover and profitability for the year ended 31 December 2025 following the progress of the company during the current year.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
21,657,659 |
15,002,977 |
|
Gross Profit |
£ |
4,588,211 |
2,310,912 |
|
Gross Profit Margin |
% |
21.19 |
15.4 |
Briarwood Products Limited
Strategic Report for the Year Ended 31 December 2024 (continued)
Principal risks and uncertainties
The future growth and development of the business is dependent on the competitiveness and reputation of the company and the Briarwood brand within the roofing and agricultural construction industry and with the general public.
Approved and authorised by the
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Briarwood Products Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company and group strives to ensure that it meets the needs and requirements of an ever-changing industry through a range of methods including continual investment in new property, plant and equipment together with the development and welfare of staff as key contributors to the business.
Price risk, credit risk, liquidity risk and cash flow risk
The main risks arising from the company and group’s financial instruments are interest rate fluctuations and liquidity risk. It is the company and group's policy to finance its operations through a mixture of cash and borrowings and to review periodically the mix of these instruments with regard to the projected cashflow requirements of the company and an acceptable level of risk exposure.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
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......................................... |
Briarwood Products Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Briarwood Products Limited
Independent Auditor's Report to the Members of Briarwood Products Limited
Opinion
We have audited the financial statements of Briarwood Products Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 auditor 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 UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Briarwood Products Limited
Independent Auditor's Report to the Members of Briarwood Products Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: |
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Discussing with the director and management their policies and procedures regarding compliance with laws and regulations; |
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Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
Briarwood Products Limited
Independent Auditor's Report to the Members of Briarwood Products Limited (continued)
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Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
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Our audit procedures in relation to fraud included but were not limited to: |
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Making enquiries of the director and management on whether they had knowledge of any actual, suspected or alleged fraud; |
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Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
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Discussing amongst the engagement team the risks of fraud; and |
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• |
Addressing the risks of fraud through management override of controls by performing journal entry testing. |
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There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, 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 members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chipping Sodbury
Bristol
BS37 6AH
Briarwood Products Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
1,138,564 |
835,661 |
|
|
Loss on financial assets at fair value through profit and loss |
- |
( |
|
|
Income from shares in group undertakings |
- |
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
|
( |
|
|
250,210 |
(583,083) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
|
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Briarwood Products Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Deficit on property, plant and equipment revaluation |
- |
( |
|
Deficit on revaluation of other assets |
( |
- |
|
(9,435,621) |
(532,902) |
|
|
Total comprehensive income for the year |
( |
( |
Briarwood Products Limited
(Registration number: 02900287)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investment property |
- |
|
|
|
Investments |
|
|
|
|
|
|
||
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Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
82,104 |
82,104 |
|
|
Revaluation reserve |
- |
9,435,621 |
|
|
Retained earnings |
28,387,801 |
15,278,834 |
|
|
Shareholders' funds |
28,469,905 |
24,796,559 |
Approved and authorised by the
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Briarwood Products Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
|
( |
|
Transfers |
- |
- |
9,435,621 |
9,435,621 |
|
At 31 December 2024 |
|
- |
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
|
( |
|
Dividends |
- |
- |
( |
( |
|
Transfers |
- |
- |
324,554 |
324,554 |
|
At 31 December 2023 |
82,104 |
9,435,621 |
15,278,834 |
24,796,559 |
Briarwood Products Limited
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
- |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
( |
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Increase in trade debtors |
( |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiaries |
- |
( |
|
|
Proceeds from sale of subsidiaries |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Payments to finance lease creditors |
|
|
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
( |
( |
|
|
Cash and cash equivalents at 31 December |
(68,262) |
(512,704) |
|
Briarwood Products Limited
Notes to the 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 & Wales.
The address of its registered office is:
England
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
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 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.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Where tangible assets are revalued they are stated in the balance sheet at a revaluation amount, being the fair value at the date of revaluation, 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.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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 |
2% straight line subject to revaluation |
|
Plant and machinery |
20% reducing balance |
|
Fixtures and fittings |
20% straight line |
|
Motor vehicles |
25% reducing balance |
|
Corporate aircraft |
10% reducing balance |
|
Computer software |
20% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Brand names and intellectual property |
20% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Leases
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
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.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Sub lease rental income |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
(Loss)/gain on disposal of Tangible assets |
( |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Foreign exchange (gains)/ losses |
( |
|
|
( |
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production and warehouse |
|
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
Management |
|
|
|
|
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
308,139 |
101,822 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax receipt in the income statement |
( |
( |
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
11 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Decrease from effect of different UK tax rates on some earnings |
- |
( |
|
Tax decrease from other short-term timing differences |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Total tax credit |
( |
( |
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Timing differences on capital allowances and depreciation |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Timing differences on capital allowances and depreciation |
- |
|
|
Revaluation of property |
- |
|
|
Revauation of investment property |
- |
|
|
- |
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Intangible assets |
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Intangible assets relate to the acquisition of the Tubex brand name, intellectual property and web domain of Tubex SA, a limited company registered in Spain, by Briarwood Products Limited.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Commercial aircraft |
||||
|
Cost or valuation |
|||||||
|
At 1 January 2024 |
|
|
|
|
|||
|
Additions |
- |
|
|
- |
|||
|
Disposals |
( |
( |
( |
- |
|||
|
At 31 December 2024 |
- |
|
|
|
|||
|
Depreciation |
|||||||
|
At 1 January 2024 |
- |
|
|
|
|||
|
Charge for the year |
- |
|
|
- |
|||
|
Eliminated on disposal |
- |
( |
( |
- |
|||
|
At 31 December 2024 |
- |
|
|
|
|||
|
Carrying amount |
|||||||
|
At 31 December 2024 |
- |
|
|
- |
|||
|
At 31 December 2023 |
|
|
|
- |
|||
|
Motor vehicles |
Computer software |
Total |
|||||
|
Cost or valuation |
|||||||
|
At 1 January 2024 |
|
|
|
||||
|
Additions |
|
- |
|
||||
|
Disposals |
( |
- |
( |
||||
|
At 31 December 2024 |
|
|
|
||||
|
Depreciation |
|||||||
|
At 1 January 2024 |
|
|
|
||||
|
Charge for the year |
|
|
|
||||
|
Eliminated on disposal |
( |
- |
( |
||||
|
At 31 December 2024 |
|
|
|
||||
|
Carrying amount |
|||||||
|
At 31 December 2024 |
|
|
|
||||
|
At 31 December 2023 |
|
|
|
||||
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
13 |
Tangible assets (continued) |
Included within the net book value of land and buildings above is £Nil (2023 - £8,540,000) in respect of freehold land and buildings.
|
Investment properties |
|
2024 |
|
|
At 1 January |
|
|
Disposals |
( |
|
At 31 December |
- |
During the year, a restructuring of the group was undertaken and the investment and freehold property within the company was transferred to the parent company, Briarwood Janes Holdings & Co Ltd.
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
15 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Via E. Curiel,
Italy |
|
|
|
|
|
Briarwood Business Park
England & Wales |
|
|
|
|
Subsidiary undertakings |
|
Briarwood Landini S.R.L. The principal activity of Briarwood Landini S.R.L. is |
|
Briarwood Supplies Limited The principal activity of Briarwood Supplies Limited is |
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(68,262) |
(512,704) |
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
- |
|
|
|
Accruals |
|
|
|
|
Income tax liability |
325,857 |
13,110 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
82,104 |
|
82,104 |
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
|
Bank overdrafts |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Bank loans were secured against the freehold and investment property of the company and were settled in full when the properties were sold.
Hire purchase contracts are secured against the underlying assets to which they relate.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
24 |
Obligations under leases and hire purchase contracts (continued) |
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
24 |
Obligations under leases and hire purchase contracts (continued) |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
|
Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
O W Janes |
||||
|
Directors loan account |
|
|
( |
|
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
O W Janes |
||||
|
Directors loan account |
|
|
( |
|
The loan to the director was repaid, in full, following the period end, with interest charged at a rate of 2.25% per annum.
Summary of transactions with group companies
Advantage has been taken of the exemption under FRS102 Paragraph 33.1A from disclosing any intercompany transactions as the company and its fellow group companies are 100% subsidiaries of the ultimate parent company, Briarwood Janes Holdings & Co Ltd.
Briarwood Products Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
25 |
Related party transactions (continued) |
Summary of transactions with other related parties
During the year Briarwood Products Limited received goods and services from businesses that are connected through control or ownership by key management personnel and other related parties.
During the year the company provided services in the sum of £30,661 (2023 - £143,000) from companies owed by companies controlled by the director, Mr O W Janes, and close family members.
At the balance sheet date trade debtors included balances totalling £96,796 (2023 - £1,140,039) and other debtors included balances totalling £97,657 (2023 - £19,262) owed by companies controlled by the director, Mr O W Janes, and close family members.
During the year the company received services in the sum of £63,000 (2023 - £225,874) from companies controlled by the director, Mr O W Janes, and close family members.
At the balance sheet date trade creditors included a balance of £3,600 (2023 - £3,600) due to these companies.
At the balance sheet date other debtors included a balance of £14,215 (2023 - £14,215) owed to the company by companies controlled by the estate of the late director, Mr A Janes. Together with a balance owed by the estate itself of £441,130 (2022 - £49,207).
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the largest group in which these financial statements are consolidated is
The address of Briarwood Janes Holdings & Co Ltd (company 14422475) is:
TA9 4AG