BARD_&_BRAZIER_LIMITED - Accounts
BARD_&_BRAZIER_LIMITED - Accounts
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 8
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 1 -
select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
Current assets
Stocks
6
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one year
8
(2,244,006 )
(2,315,642 )
Net current liabilities
(1,381,421 )
(1,445,616 )
Total assets less current liabilities
(1,366,214 )
(1,372,505 )
Capital and reserves
Called up share capital
Profit and loss reserves
(1,366,514 )
(1,372,805 )
Total equity
(1,366,214 )
(1,372,505 )
The financial statements were approved by the board of directors and authorised for issue on 6 May 2020 and are signed on its behalf by:
Director
Company Registration No. 01416910
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
Bard & Brazier Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibroc House, Essex Road, Hoddesdon, Herts, EN11 0QS.
1.1
Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding the Company is in a net liability position of £1,366,214 (2018: £1,372,505). The company's parent entity, Davroc Limited, have provided the Company with an undertaking that, for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company, and in particular will not seek repayment of the amounts currently payable, unless the company has funds available.This should enable to company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any Company placing reliance on other Group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reasons to believe that it will not do so. Based on this undertaking the Directors believe that it remains appropriate to prepare the financial statement on a going concern basis. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus are unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill
Goodwill has been amortised on a straight line basis over its useful life. Goodwill has no residual value.
1.6
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in the income statement.
Depreciation has been computed to write off the cost of the property, plant and equipment over their useful expected lives using the following rates:
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in the income statement.
Depreciation has been computed to write off the cost of the property, plant and equipment over their useful expected lives using the following rates:
Plant and equipment
Fixtures and fittings
Motor vehicles
1.7
Stocks
Stocks have been valued at the lower of cost and the estimated selling price less costs to sell. 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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.8
Trade and other debtors
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other creditors
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by 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 only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.10
Retirement benefits
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider that there are no significant judgements or estimates in the preparation of these financial statements other than the estimation of work in progress in stock.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider that there are no significant judgements or estimates in the preparation of these financial statements other than the estimation of work in progress in stock.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 29 (2018 - 32).
2019
2018
Number
Number
Total
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2018 and 30 September 2019
Amortisation and impairment
At 1 October 2018 and 30 September 2019
Carrying amount
At 30 September 2019
-
At 30 September 2018
-
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2018
Disposals
(2,500 )
(950 )
(19,890 )
(23,340 )
Transfers
-
-
At 30 September 2019
Depreciation and impairment
At 1 October 2018
Depreciation charged in the year
Eliminated in respect of disposals
(2,292 )
(950 )
(19,890 )
(23,132 )
Transfers
-
-
At 30 September 2019
Carrying amount
At 30 September 2019
At 30 September 2018
-
6
Stocks
2019
2018
£
£
Stocks
552,022
658,370
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
Amounts owed by group undertakings
-
Other debtors
2019
2018
Amounts falling due after more than one year:
£
£
Deferred tax asset
Total debtors
8
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
Amounts owed to group undertakings
Corporation tax
-
Other taxation and social security
Other creditors
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mandy Wilson FCA .
The auditor was Wilkins Kennedy Audit Services .
10
Pension commitments
At the balance sheet date, the company had unpaid defined contribution pension payable of £3,356 (2018 - £2,601).
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
12
Events after the reporting date
On 4 October 2019, the company became the wholly owned subsidiary of Ibroc Investments Limited by way of a distribution in specie.
13
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14
Parent company
Davroc Limited is the ultimate parent company, incorporated in England and Wales. Their registered office Ibroc House, Essex Road, Hoddesdon, Hertfordshire, EN11 0QS where their accounts are publicly available.