Brittains (Furnishers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00359830 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

BRITTAINS (FURNISHERS) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr JA Brittain

Mr NJ Brittain

Mr AT Brittain

SECRETARY:

Mr NJ Brittain

REGISTERED OFFICE:

58-62 High Street

St. Neots

Cambridgeshire

PE19 1JQ

REGISTERED NUMBER:

00359830 (England and Wales)

ACCOUNTANTS:

Davey Grover Limited

Chartered Accountants

Fenice Court

Phoenix Business Park

Eaton Socon

St. Neots

Cambridgeshire

PE19 8EP

FIXED ASSETS

Tangible assets

4

977,845

711,562

CURRENT ASSETS

Stocks

149,993

155,207

Debtors

5

126,326

101,355

Cash at bank and in hand

77,436

196,768

353,755

453,330

CREDITORS

Amounts falling due within one year

6

286,965

299,236

NET CURRENT ASSETS

66,790

154,094

TOTAL ASSETS LESS CURRENT LIABILITIES

1,044,635

865,656

PROVISIONS FOR LIABILITIES

55,642

8,093

NET ASSETS

988,993

857,563

CAPITAL AND RESERVES

Called up share capital

2,150

2,150

Capital redemption reserve

3,850

3,850

Retained earnings

982,993

851,563

SHAREHOLDERS' FUNDS

988,993

857,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 August 2020 and were signed on its behalf by:

Mr AT Brittain - Director

Mr NJ Brittain - Director

1.	STATUTORY INFORMATION

Brittains (Furnishers) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention, subject to the revaluation of investment properties to market value at the reporting date.

The principal accounting policies adopted in these financial statements have remained unchanged from the

previous year.

Significant judgements and estimates

The preparation of the financial statements require management to make judgements, estimates and assumptions

that affect the amounts reported for revenues and expenses during the year. However, the nature of estimates

means that the actual outcomes could differ from those estimates. There are no judgements (apart from those

involving estimates for depreciation, doubtful debt provisions, and stock provisions) that have had a significant

effect on amounts recognised in the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and

the revenue can be reliably measured. The following criteria must also be met before revenue is recognised:

Supply of goods

Revenue is recognised when goods are delivered and supplied.

Alterations of goods and fitting

Revenue is recognised at the completion of the repair or fitting.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment

losses. Repairs and maintenance of assets are charged to the Statement of income during the period in which they

are incurred.

Depreciation is charged so as to allocate the cost or valuation of assets less their residual value, over their

estimated useful lives on the following basis:

Building - 2% on cost

Plant and machinery - 15% on reducing balance.

Fixtures and fittings - at variable rates on reducing balance.

Motor vehicles - 25% on reducing balance.

No depreciation is charged on investment properties, as these are revalued by the directors annually at the

reporting date.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Statement of income.

Stocks

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

moving items.

Taxation

The tax expense for the year comprises of current and deferred tax and is recognised in the income statement.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively

enacted by the reporting date.

The current tax creditor is recognised in creditors within the statement of financial position.

Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the

reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits;

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowance have

been met.

Deferred tax balances are not recognised in respect of permanent differences.

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.

Deferred tax is presented within provisions for liabilities on the statement of financial position at the reporting

date. 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.

Leasing commitments

Leases are charged to the statement of income over the term of the lease on a straight line basis.

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 the statement on income in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less impairment.

Creditors

Short term creditors are measured at transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2019

733,505

222,825

956,330

Additions

21,981

-

21,981

Revaluations

261,139

-

261,139

At 31 March 2020

1,016,625

222,825

1,239,450

DEPRECIATION

At 1 April 2019

74,608

170,160

244,768

Charge for year

5,353

11,484

16,837

At 31 March 2020

79,961

181,644

261,605

NET BOOK VALUE

At 31 March 2020

936,664

41,181

977,845

At 31 March 2019

658,897

52,665

711,562

Included in cost or valuation of land and buildings is freehold land of £ 112,975 (2019 - £ 112,975 ) which is not

depreciated.

Land and buildings includes both the company's trading premises and investment properties.

Cost or valuation at 31 March 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

72,763

-

72,763

Valuation in 2020

261,139

-

261,139

Cost

682,723

222,825

905,548

1,016,625

222,825

1,239,450

If investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

284,527

262,546

Value of land in freehold land and buildings

103,500

103,500

Investment properties were valued on an open market basis on 31 March 2020 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

100,767

97,050

Other debtors

25,559

4,305

126,326

101,355

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

123,315

112,928

Taxation and social security

22,615

25,509

Other creditors

141,035

160,799

286,965

299,236

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

-

1,306

8.	CAPITAL COMMITMENTS

2020

2019

£

£

Contracted but not provided for in the

financial statements

-

14,000