M Brears & Sons Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07743098

M Brears & Sons Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

M Brears & Sons Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	4	181,495	189,855
Investments	5	393,440	417,564
		----------	----------
		574,935	607,419

Current assets

Stocks		351,898	280,008
Debtors	6	302,647	172,766
Cash at bank and in hand		407,075	605,788
		-------------	-------------
		1,061,620	1,058,562

Creditors: amounts falling due within one year	7	160,734		244,506
		-------------		-------------
Net current assets			900,886		814,056
			-------------		-------------
Total assets less current liabilities			1,475,821		1,421,475

Creditors: amounts falling due after more than one year	8		214,189		253,926

Provisions

Taxation including deferred tax	11,936	12,257
	-------------	-------------
Net assets	1,249,696	1,155,292
	-------------	-------------

Capital and reserves

Called up share capital	200,000	200,000
Profit and loss account	1,049,696	955,292
	-------------	-------------
Shareholders funds	1,249,696	1,155,292
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

M Brears & Sons Limited

Statement of Financial Position (continued)

31 March 2025

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:

Dr T Brears

Director

Company registration number: 07743098

M Brears & Sons Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beal House Farm, Ings Lane, Beal, Goole, East Yorkshire, DN14 0SJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

(c) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	5% reducing balance
Tenant Improvements	-	5% reducing balance
Grain Dryers	-	5% reducing balance
Plant & Machinery	-	15% reducing balance

Tractors	-	25% reducing balance
Computer Equipment	-	25% reducing balance

(g) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

(k) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(l) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Freehold property	Long leasehold property	Grain dryers	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	16,674	13,862	224,975	113,462	159,976	528,949
Additions	–	–	–	6,807	4,500	11,307
	--------	--------	----------	----------	----------	----------
At 31 Mar 2025	16,674	13,862	224,975	120,269	164,476	540,256
	--------	--------	----------	----------	----------	----------
Depreciation
At 1 Apr 2024	7,928	1,177	106,951	78,631	144,407	339,094
Charge for the year	437	635	5,902	8,520	4,173	19,667
	--------	--------	----------	----------	----------	----------
At 31 Mar 2025	8,365	1,812	112,853	87,151	148,580	358,761
	--------	--------	----------	----------	----------	----------
Carrying amount
At 31 Mar 2025	8,309	12,050	112,122	33,118	15,896	181,495
	--------	--------	----------	----------	----------	----------
At 31 Mar 2024	8,746	12,685	118,024	34,831	15,569	189,855
	--------	--------	----------	----------	----------	----------

5. Investments

	Other investments other than loans
	£
Cost
At 1 April 2024	417,564
Additions	58,193
Disposals	( 82,576)
Revaluations	259
	----------
At 31 March 2025	393,440
	----------
Impairment
At 1 April 2024 and 31 March 2025	–
	----------

Carrying amount
At 31 March 2025	393,440
	----------
At 31 March 2024	417,564
	----------

6. Debtors

	2025	2024
	£	£
Trade debtors	131,264	112,533
Other debtors	171,383	60,233
	----------	----------
	302,647	172,766
	----------	----------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	12,477	12,091
Trade creditors	35,297	47,894
Accruals and deferred income	21,980	66,835
Corporation tax	21,688	25,731
Director loan accounts	–	2,478
Other creditors	69,292	89,477
	----------	----------
	160,734	244,506
	----------	----------

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

	2025	2024
	£	£
Bank loans and overdrafts	212,563	252,013
Accruals and deferred income	1,626	1,913
	----------	----------
	214,189	253,926
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £158,538 (2024: 199,660) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	11,936	12,257
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	11,936	12,257
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
T M Brears	( 17,821)	–	–	( 17,821)
Dr T Brears	15,343	120,767	( 40,327)	95,783
	--------	----------	--------	--------
	( 2,478)	120,767	( 40,327)	77,962
	--------	----------	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
T M Brears	( 20,573)	2,752	–	( 17,821)
Dr T Brears	101,545	60,960	( 147,162)	15,343
	----------	--------	----------	--------
	80,972	63,712	( 147,162)	( 2,478)
	----------	--------	----------	--------