Brookeson Material Handling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04495529 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

BROOKESON MATERIAL HANDLING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

I D Brookes

SECRETARY:

Mrs J K Brookes

REGISTERED OFFICE:

129 Sydenham Road

Sparkbrook

BIRMINGHAM

B11 1DP

REGISTERED NUMBER:

04495529 (England and Wales)

AUDITORS:

Flint & Thompson

Statutory Auditors

Logistics House

1325a Stratford Road

Hall Green

Birmingham

West Midlands

B28 9HH

FIXED ASSETS

Tangible assets

4

90,185

113,184

CURRENT ASSETS

Stocks

52,634

99,895

Debtors

5

306,033

373,043

Cash at bank

271,733

111,700

630,400

584,638

CREDITORS

Amounts falling due within one year

6

361,368

356,333

NET CURRENT ASSETS

269,032

228,305

TOTAL ASSETS LESS CURRENT LIABILITIES

359,217

341,489

CREDITORS

Amounts falling due after more than one year

7

(50,000

)

-

PROVISIONS FOR LIABILITIES

8

(11,520

)

(14,986

)

NET ASSETS

297,697

326,503

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

297,597

326,403

SHAREHOLDERS' FUNDS

297,697

326,503

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 director and authorised for issue on 14 January 2021 and were signed by:

I D Brookes - Director

1.	STATUTORY INFORMATION

Brookeson Material Handling 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.

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 is the total amount receivable by the company during the year for performance of services provided and goods supplied, excluding VAT. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised.

a) Sale of goods

Turnover from the sale of goods supplied is recognised when title has transferred to a customer.

b) Rendering of services

Turnover from the services rendered is recognised once the company has obtained the right to consideration in exchange of its performance.

c) Long-term contracts

Turnover from long-term contracts is recognised by reference to the stage of completion of the contract. The stage of completion is determined according to the nature of the specific contract concerned. Methods used to assess the stage of completion include incurred costs as a proportion of total costs, labour hours incurred or earned value of work performed. Profit attributable to the contractual activity is recognised if the final outcome of such contracts can reliably be assessed. An expected loss is recognised immediately.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.. Excess progress payments are included in creditors as payments on account. Cumulative costs incurred net amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as long-term contract balances in stock.

Tangible fixed assets

Tangible fixed assets are recognised initially at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% per annum of net book value

Fixture and fittings

-

15% per annum of net book value

Motor vehicles

-

25% per annum of net book value

Computer equipment

-

50% per annum of cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss 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 31 (2019 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2019

415,228

24,677

32,595

56,861

529,361

Additions

-

-

-

818

818

At 30 June 2020

415,228

24,677

32,595

57,679

530,179

DEPRECIATION

At 1 July 2019

321,619

12,550

27,418

54,590

416,177

Charge for year

18,722

1,819

1,294

1,982

23,817

At 30 June 2020

340,341

14,369

28,712

56,572

439,994

NET BOOK VALUE

At 30 June 2020

74,887

10,308

3,883

1,107

90,185

At 30 June 2019

93,609

12,127

5,177

2,271

113,184

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

Motor

vehicles

£

COST

At 1 July 2019

18,000

Transfer to ownership

(18,000

)

At 30 June 2020

-

DEPRECIATION

At 1 July 2019

14,795

Transfer to ownership

(14,795

)

At 30 June 2020

-

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

3,205

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

256,423

318,313

Other debtors

49,610

54,730

306,033

373,043

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

133,614

229,559

Taxation and social security

142,215

75,575

Other creditors

85,539

51,199

361,368

356,333

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

50,000

-

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

11,520

14,986

Deferred

tax

£

Balance at 1 July 2019

14,986

Provided during year

(3,466

)

Accelerated capital allowances

Balance at 30 June 2020

11,520

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 July 2019

326,403

Profit for the year

1,194

Dividends

(30,000

)

At 30 June 2020

297,597

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Georgiades (Senior Statutory Auditor)

for and on behalf of Flint & Thompson

12.	RELATED PARTY DISCLOSURES

During the year the following transactions were undertaken with Clockland Limited, a company which is controlled by DW Brookes, the father of the director ID Brookes:

Charged by Clockland Limited

- rent of property £24,000 (2019 - £24,000)

Charged to Clockland Limited

- health insurance recharge £Nil (2019 - £6,092)

At the balance sheet date the following amounts were outstanding with Clockland Limited:

Trade debtors £6,092 (2019 - £6,092)

Trade creditors £8,234 (2019 - £7,200)

DW Brookes gave an interest free loan to Brookeson Material Handling Limited. At the balance sheet date £28,400 (2019 - £28,400) was outstanding.

The director ID Brookes is a partner in Static Investments. At the balance sheet date the following amounts were outstanding with Static Investments:

Trade debtors £12,900 (2019 - £12,900)

Trade creditors £16,200 (2019 - £21,600)

Charged by Static Investments

- rent of property £18,000 (2019 - £18,000)

Charged to Static Investments

- health insurance recharge £Nil (2019 - £1,697)