A F BROWNE LIMITED Filleted accounts for Companies House (small and micro)
A F BROWNE LIMITED Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
00716779
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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Investments |
7 |
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– |
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--------- |
--------- |
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Current assets
Stocks |
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Debtors |
8 |
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Investments |
9 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
10 |
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Net current assets |
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--------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
11 |
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Provisions
Taxation including deferred tax |
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--------- |
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Net assets |
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Statement of Financial Position (continued) |
2020 |
2019 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Profit and loss account |
13 |
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-------- |
-------- |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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
;
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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
4 September 2020
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
00716779
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Notes to the Financial Statements |
Year ended 30th April 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by the management is the estimated useful life of the tangible fixed assets.
Revenue recognition
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
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:
Goodwill |
- |
Over the period of 20 years |
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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
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 the life of the lease |
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Leashold Improvements |
- |
Straight line over the life of the lease |
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Fixtures & Fittings |
- |
10% p.a reducing balance |
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Investments in subsidiaries
Stocks
Government grants
Provisions
Current asset investments
Investments are initially recorded at cost. At each reporting date any changes in the fair value are recognised in the profit and loss, if a reliable measure of fair value is available.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Defined contribution plans
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2019:
33
).
5.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1st May 2019 and 30th April 2020 |
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Amortisation |
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At 1st May 2019 |
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Charge for the year |
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At 30th April 2020 |
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Carrying amount |
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At 30th April 2020 |
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At 30th April 2019 |
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The reliable useful estimated life of the Goodwill of 20 years is reasonable.
6.
Tangible assets
Leasehold property |
Leasehold Improvements |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1st May 2019 and 30th April 2020 |
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Depreciation |
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At 1st May 2019 |
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Charge for the year |
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– |
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------- |
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At 30th April 2020 |
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Carrying amount |
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At 30th April 2020 |
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At 30th April 2019 |
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7.
Investments
Shares in group undertakings |
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£ |
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Cost |
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At 1st May 2019 |
– |
Additions |
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---- |
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At 30th April 2020 |
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Impairment |
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At 1st May 2019 and 30th April 2020 |
– |
---- |
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Carrying amount |
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At 30th April 2020 |
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At 30th April 2019 |
– |
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The company owns 100% equity in A F Browne Pharma Limited, a company incorporated in Engand.
8.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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9.
Investments
2020 |
2019 |
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£ |
£ |
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Other investments |
400 |
18,764 |
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The directors have reviewed the value of the non listed share investment at the balance sheet date, with reference to similar firms in the same industry and consider the value to be £400 (2019: £Nil). The historical cost of the investments is £400 (2019: £400)
10.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Included under creditors falling due within one year is £36,764 (2019 - £42,749) bank loan secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.
11.
Creditors:
amounts falling due after more than one year
2020 |
2019 |
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£ |
£ |
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Bank loans and overdrafts |
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Included under creditors falling due after more than one year is £168,511 (2019 - £197,632) bank loan secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £26,637) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
12.
Government grants
Dring the year the company benefited from government grant assistance to mitigate the impact of Covid 19 pandemic. £80,000 Retail, Hospitality and Leisure business grants and £3,006 Corona Virus Job Retention Scheme.
13.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserve is an amount of distributable profits of £15,211 (2019 - £4,946) and undistributable reserves of £Nil (2019 - £12,033).
14.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020 |
2019 |
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£ |
£ |
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Later than 5 years |
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15.
Related party transactions
1) During the year the company paid rent of £91,000 (2019 - £91,000) to Patel properties london limited, a company in which the directors have an interest. 2) The directors have provided a personal guarantee of £450,000 in respect of the bank loans taken out by the company.The amounts due at the balance sheet date were £205,275 (2019 - £240,381). 3) Included in creditors due within one year, is a balance of £481,233 (2019 - £305,142) owed to the directors. No interest is charged in respect of this balance.