Brad Europe Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05348227 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

Brad Europe Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

D I Bradburn

I Ascroft

Mrs K Bradburn

SECRETARY:

I Ascroft

REGISTERED OFFICE:

41 Bridgeman Terrace

Wigan

Lancashire

WN1 1TT

REGISTERED NUMBER:

05348227 (England and Wales)

ACCOUNTANTS:

HullJady

Chartered Accountants

41 Bridgeman Terrace

Wigan

Lancashire

WN1 1TT

FIXED ASSETS

Tangible assets

4

871,624

1,009,836

Investments

5

17,569

17,569

889,193

1,027,405

CURRENT ASSETS

Stocks

31,000

31,000

Debtors

6

1,805,052

1,346,633

Cash at bank and in hand

78,070

46,770

1,914,122

1,424,403

CREDITORS

Amounts falling due within one year

7

2,056,707

1,655,350

NET CURRENT LIABILITIES

(142,585

)

(230,947

)

TOTAL ASSETS LESS CURRENT LIABILITIES

746,608

796,458

CREDITORS

Amounts falling due after more than one year

8

(98,486

)

(126,213

)

PROVISIONS FOR LIABILITIES

(159,109

)

(165,304

)

NET ASSETS

489,013

504,941

CAPITAL AND RESERVES

Called up share capital

280,000

280,000

Retained earnings

209,013

224,941

SHAREHOLDERS' FUNDS

489,013

504,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 April 2019 and were signed on its behalf by:

D I Bradburn - Director

1.	STATUTORY INFORMATION

Brad Europe Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced value of goods sold, services provided and kit hire, net of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates to write off each asset over it's expected useful life.

Motor Vehicles - 25% reducing balance

Plant & Machinery - 15% cost

Linen - 10% cost

Investments in subsidiaries

The fixed asset investments are stated in the accounts at the cost at the balance sheet date, subject to exchange

rate variances.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts and finance leases are depreciated over their estimated economic lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Linen

machinery

fittings

£

£

£

COST

At 1 October 2017

1,530,193

1,299,232

105,722

Additions

164,886

24,334

-

Disposals

(174,344

)

-

-

At 30 September 2018

1,520,735

1,323,566

105,722

DEPRECIATION

At 1 October 2017

997,707

887,146

71,279

Charge for year

162,102

86,582

12,173

Eliminated on disposal

(114,520

)

-

-

At 30 September 2018

1,045,289

973,728

83,452

NET BOOK VALUE

At 30 September 2018

475,446

349,838

22,270

At 30 September 2017

532,486

412,086

34,443

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2017

128,508

33,855

3,097,510

Additions

-

2,279

191,499

Disposals

-

-

(174,344

)

At 30 September 2018

128,508

36,134

3,114,665

DEPRECIATION

At 1 October 2017

104,107

27,435

2,087,674

Charge for year

5,467

3,563

269,887

Eliminated on disposal

-

-

(114,520

)

At 30 September 2018

109,574

30,998

2,243,041

NET BOOK VALUE

At 30 September 2018

18,934

5,136

871,624

At 30 September 2017

24,401

6,420

1,009,836

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2017

and 30 September 2018

601,915

5,747

109,022

9,679

726,363

DEPRECIATION

At 1 October 2017

456,661

5,747

84,591

9,520

556,519

Charge for year

39,007

-

5,467

65

44,539

At 30 September 2018

495,668

5,747

90,058

9,585

601,058

NET BOOK VALUE

At 30 September 2018

106,247

-

18,964

94

125,305

At 30 September 2017

145,254

-

24,431

159

169,844

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2017

and 30 September 2018

17,569

NET BOOK VALUE

At 30 September 2018

17,569

At 30 September 2017

17,569

The company's investments at the Balance Sheet date in the share capital of companies include the following:

SARL Brad Beaucaire

Registered office: 45 Avenue Pierre et Marie Curie, Zone Industrielle Domitia Sud, 30300 Beaucaire, France

Nature of business: Commercial Laundry

%

Class of shares:

holding

Share Capital

100.00

30.9.18

30.9.17

£

£

Aggregate capital and reserves

85,555

34,124

Profit for the year

50,956

29,732

Brad Nantes SARL

Registered office: 3 Rue du Moulin, Parc d'Activites du Moulin, 44880 Sautron, France

Nature of business: Commercial Laundry

%

Class of shares:

holding

Share capital

100.00

30.9.18

30.9.17

£

£

Aggregate capital and reserves

36,602

18,622

Profit for the year

17,722

14,230

Brad Italia SRL

Registered office: Viale Europa n/c, Zona Industriale di Gambellara, Gambellara, Vicenza 36053 (VI), Italy

Nature of business: Commercial Laundry

%

Class of shares:

holding

Share capital

100.00

30.9.18

30.9.17

£

£

Aggregate capital and reserves

24,367

18,545

Profit for the year

9,777

9,760

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

1,430,031

1,189,107

Other debtors

375,021

157,526

1,805,052

1,346,633

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans and overdrafts

170,529

132,063

Finance leases

12,986

40,204

Trade creditors

140,902

116,768

Taxation and social security

117,483

132,744

Other creditors

1,614,807

1,233,571

2,056,707

1,655,350

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans

94,736

116,228

Finance leases

3,750

9,985

98,486

126,213

30.9.18

30.9.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,264

35,248

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors owed the company an amount of £23,463 at the end of the financial year. This was repaid on 1

January 2019.

10.	RELATED PARTY DISCLOSURES

The dividends were distributed in accordance with the shareholders percentage.

11.	RELATED PARTY NOTE

The company is owed at the end of the financial year an amount of £5,735 from a related party, SCI SAB. This

related party is a company under the control of the directors of Brad Europe Ltd.

Included in creditors is an amount that Brad Europe Ltd owes to Brad Beaucaire, Brad Nantes & Brad Italia. All

these companies are under the control of Brad Europe Ltd. The amounts owed are £935,501 to Brad Beaucaire,

£399,763 to Brad Nantes & £267,175 to Brad Italia.

Included in debtors is an amount that Brad Beaucaire, Brad Nantes & Brad Italia owe to Brad Europe Ltd. The

amounts are as follows, Brad Beaucaire owes £717,414 Brad Nantes owes £306,535, and Brad Italia owes

£163,789.

12.	ULTIMATE CONTROLLING PARTY

The director, Mr DI Bradburn controls the company as he owns 70% of the share capital.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Brad Europe Ltd for the year ended 30 September 2018 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Brad Europe Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brad Europe Ltd and state those matters that we have agreed to state to the Board of Directors of Brad Europe Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brad Europe Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Brad Europe Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brad Europe Ltd. You consider that Brad Europe Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Brad Europe Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HullJady

Chartered Accountants

41 Bridgeman Terrace

Wigan

Lancashire

WN1 1TT

1 April 2019