BRIERLEY BROTHERS LIMITED 31/12/2018 iXBRL

BRIERLEY BROTHERS LIMITED 31/12/2018 iXBRL

BRIERLEY BROTHERS,LIMITED - Company Information

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31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 00049371 2018-01-01 2018-12-31 00049371 2018-12-31 00049371 2017-12-31 00049371 2017-01-01 2017-12-31 00049371 2017-12-31 00049371 bus:Director1 2018-01-01 2018-12-31 00049371 core:NetGoodwill 2018-12-31 00049371 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 00049371 core:PlantMachinery 2017-12-31 00049371 core:MotorVehicles 2017-12-31 00049371 core:LandBuildings core:ShortLeaseholdAssets 2018-12-31 00049371 core:PlantMachinery 2018-12-31 00049371 core:MotorVehicles 2018-12-31 00049371 core:WithinOneYear 2018-12-31 00049371 core:WithinOneYear 2017-12-31 00049371 core:AfterOneYear 2018-12-31 00049371 core:AfterOneYear 2017-12-31 00049371 core:ShareCapital 2018-12-31 00049371 core:ShareCapital 2017-12-31 00049371 core:SharePremium 2018-12-31 00049371 core:SharePremium 2017-12-31 00049371 core:RetainedEarningsAccumulatedLosses 2018-12-31 00049371 core:RetainedEarningsAccumulatedLosses 2017-12-31 00049371 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 00049371 core:PlantMachinery 2018-01-01 2018-12-31 00049371 core:NetGoodwill 2017-12-31 00049371 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 00049371 core:PlantMachinery 2017-12-31 00049371 bus:SmallEntities 2018-01-01 2018-12-31 00049371 bus:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 00049371 bus:FullAccounts 2018-01-01 2018-12-31 00049371 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 00049371 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 00049371 core:LandBuildings core:LongLeaseholdAssets 2018-01-01 2018-12-31 00049371 core:KeyManagementIndividualGroup1 2018-01-01 2018-12-31 00049371 core:KeyManagementIndividualGroup1 2018-12-31 00049371 core:KeyManagementIndividualGroup1 2017-12-31
Company registration number: 00049371
BRIERLEY BROTHERS LIMITED
Unaudited filleted financial statements
31 December 2018
BRIERLEY BROTHERS LIMITED
Contents
Balance sheet
Notes to the financial statements
BRIERLEY BROTHERS LIMITED
Balance sheet
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 565,724 554,249
_______ _______
565,724 554,249
Current assets
Stocks 846,759 791,260
Debtors 7 571,267 488,107
Cash at bank and in hand 1,577 238
_______ _______
1,419,603 1,279,605
Creditors: amounts falling due
within one year 8 ( 1,265,015) ( 1,168,247)
_______ _______
Net current assets 154,588 111,358
_______ _______
Total assets less current liabilities 720,312 665,607
Creditors: amounts falling due
after more than one year 9 ( 301,310) ( 216,543)
_______ _______
Net assets 419,002 449,064
_______ _______
Capital and reserves
Called up share capital 72,108 72,108
Share premium account 49,900 49,900
Profit and loss account 296,994 327,056
_______ _______
Shareholders funds 419,002 449,064
_______ _______
For the year ending 31 December 2018 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:
R M Gledhill
Director
Company registration number: 00049371
BRIERLEY BROTHERS LIMITED
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Albert Mills, Albert Street, Lockwood, Huddersfield, HD1 3PZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property - Straight line over life of lease
Plant and machinery - 2 to 15 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2017: 16 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2018 and 31 December 2018 55,000 55,000
_______ _______
Amortisation
At 1 January 2018 and 31 December 2018 55,000 55,000
_______ _______
Carrying amount
At 31 December 2018 - -
_______ _______
At 31 December 2017 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2018 100,963 924,626 11,675 1,037,264
Additions 98,558 32,830 - 131,388
_______ _______ _______ _______
At 31 December 2018 199,521 957,456 11,675 1,168,652
_______ _______ _______ _______
Depreciation
At 1 January 2018 6,180 465,160 11,675 483,015
Charge for the year 18,300 101,613 - 119,913
_______ _______ _______ _______
At 31 December 2018 24,480 566,773 11,675 602,928
_______ _______ _______ _______
Carrying amount
At 31 December 2018 175,041 390,683 - 565,724
_______ _______ _______ _______
At 31 December 2017 94,783 459,466 - 554,249
_______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 493,778 435,488
Other debtors 77,489 52,619
_______ _______
571,267 488,107
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 496,568 459,671
Trade creditors 628,158 561,365
Amounts owed to group undertakings and undertakings in which the company has a participating interest 27,408 27,408
Social security and other taxes 6,523 12,686
Other creditors 106,358 107,117
_______ _______
1,265,015 1,168,247
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 301,310 216,543
_______ _______
10. Other financial commitments
Bank borrowings are secured on all assets of the company.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
Key Management Personnel - - ( 94,039) ( 90,039)
_______ _______ _______ _______