Company No: 03305470 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	964,028		866,437
Investment property	4	302,343		302,343
		1,266,371		1,168,780
Current assets
Stocks	5	1,158,933		1,423,183
Debtors	6	122,710		94,732
Cash at bank and in hand		395		73,642
		1,282,038		1,591,557
Creditors: amounts falling due within one year	7	( 1,012,931)		( 851,139)
Net current assets		269,107		740,418
Total assets less current liabilities		1,535,478		1,909,198
Creditors: amounts falling due after more than one year	8	( 675,617)		( 706,435)
Provision for liabilities	9	0		( 25,525)
Net assets		859,861		1,177,238
Capital and reserves
Called-up share capital		9		9
Profit and loss account		859,852		1,177,229
Total shareholder's funds		859,861		1,177,238

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of J. Brake & Son Limited (registered number: 03305470) were approved and authorised for issue by the Board of Directors on 30 October 2025. They were signed on its behalf by:

D A Adams Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J. Brake & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brakes Motor Company, Station Road, Ilminster, TA19 9BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Plant and machinery	6.67 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	10 years straight line
Office equipment	10 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes consumables and items for re-sale. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		26

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 February 2024	1,041,576		232,472		190,391		94,240		18,289		7,586		1,584,554
Additions	41,334		19,642		135,781		952		0		1,200		198,909
Disposals	( 2,458)		( 68,066)		( 33,330)		( 19,232)		( 14,594)		( 6,445)		( 144,125)
At 31 January 2025	1,080,452		184,048		292,842		75,960		3,695		2,341		1,639,338
Accumulated depreciation
At 01 February 2024	342,231		185,795		91,772		78,513		16,523		3,283		718,117
Charge for the financial year	15,357		18,047		33,293		2,589		322		1,398		71,006
Disposals	( 262)		( 64,602)		( 11,999)		( 16,603)		( 13,902)		( 6,445)		( 113,813)
At 31 January 2025	357,326		139,240		113,066		64,499		2,943		( 1,764)		675,310
Net book value
At 31 January 2025	723,126		44,808		179,776		11,461		752		4,105		964,028
At 31 January 2024	699,345		46,677		98,619		15,727		1,766		4,303		866,437

4. Investment property

	Investment property
	£
Valuation
As at 01 February 2024	302,343
As at 31 January 2025	302,343

The investment property was transferred from tangible assets on 31 January 2020 on a cost basis. There has been no material change in value since that date.

There has been no valuation of investment property by an independent valuer.

5. Stocks

	2025		2024
	£		£
Stocks	1,150,785		1,413,118
Work in progress	8,148		10,065
	1,158,933		1,423,183

6. Debtors

	2025		2024
	£		£
Trade debtors	56,531		30,716
Amounts owed by directors	4,721		12,328
Prepayments and accrued income	61,391		51,626
Other debtors	67		62
	122,710		94,732

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured £ 323,257)	333,526		376,865
Trade creditors	161,758		162,838
Taxation and social security	41,045		102,960
Obligations under finance leases and hire purchase contracts (secured)	9,500		17,000
Other creditors	467,102		191,476
	1,012,931		851,139

Within other creditors is a balance of £363,824 (2024 - £154,349) relating to the outstanding amount on the business's vehicle stocking facility. This amount is secured upon vehicle stocks and a personal guarantee from the Directors.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured £ 538,346)	547,934		593,712
Obligations under finance leases and hire purchase contracts (secured)	2,376		20,626
Other creditors	125,307		92,097
	675,617		706,435

Within bank loans is a balance of £861,659 (2024 - £940,739) which is secured by fixed and floating charges over the company's properties and the Directors personal guarantee of £566,000.

Also within bank loans is a balance of £19,857 (2024 - £29,838) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK Government have guaranteed 100% of the value of this loan.

The obligations under finance leases and hire purchase contracts are secured on the underlying assets which are included within motor vehicles. The net book value of the relevant assets at the balance sheet date is £39,230 (2024 - £70,368).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	379,860		421,878

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	0		25,525

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	4,296		0
between one and five years	17,184		0
after five years	1,074		0
Total future minimum lease payments under non-cancellable operating leases	22,554		0

The commitment shown above is in relation to non-cancellable operating leases over office equipment.

11. Related party transactions

Transactions with the entity's directors

The directors loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 February 2024 the balance owed from the directors was £12,328. During the year, the company made advances to directors amounting to £20,610 and received repayments of £28,697 leaving a balance due from the directors of £,4,241.

At 1 February 2023 the balance owed from the directors was £9,814. During the year, the company made advances to directors amounting to £20,760 and received repayments of £18,246 leaving a balance due from the directors of £12,328.

12. (Loss)/profit before taxation

(Loss)/profit before taxation is stated after charging/(crediting):

	2025		2024
	£		£
Repairs and maintenance	430,809		14,313

Within repairs and maintenance for the year ended 31 January 2025 is expenditure of £371,652 (2024 - £nil) in respect of roofing repairs and removing asbestos on multiple units. This was required due to significant deterioration of the old roofs.