Bray & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04259105 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Bray & Son Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

G Bray

A Bray

S Bray

SECRETARY:

A Bray

REGISTERED OFFICE:

Unit 15

Heronden Road

Parkwood

Maidstone

Kent

ME15 9YR

REGISTERED NUMBER:

04259105 (England and Wales)

ACCOUNTANTS:

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bray & Son Limited for the year ended 30 September 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bray & Son Limited, as a body, in accordance with the terms of our engagement letter dated 15 April 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Bray & Son Limited and state those matters that we have agreed to state to the Board of Directors of Bray & Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bray & Son Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bray & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bray & Son Limited. You consider that Bray & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bray & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

27 June 2022

FIXED ASSETS

Intangible assets

4

15,000

30,000

Tangible assets

5

85,869

101,794

100,869

131,794

CURRENT ASSETS

Stocks

20,000

15,000

Debtors

6

445,432

266,403

Cash at bank

653,988

311,466

1,119,420

592,869

CREDITORS

Amounts falling due within one year

7

279,705

165,013

NET CURRENT ASSETS

839,715

427,856

TOTAL ASSETS LESS CURRENT LIABILITIES

940,584

559,650

CREDITORS

Amounts falling due after more than one year

8

(46,066

)

(57,921

)

PROVISIONS FOR LIABILITIES

(15,557

)

(18,417

)

NET ASSETS

878,961

483,312

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

878,861

483,212

SHAREHOLDERS' FUNDS

878,961

483,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 27 June 2022 and were signed on its behalf by:

A Bray - Director

1.	STATUTORY INFORMATION

Bray & Son 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from the sale of goods and the rendering of services.

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.

Turnover from the rendering of services is recognised in the period in which the service is carried out.

Goodwill

Goodwill is being written off in equal instalments over its estimated economic life of 20 years. On transition to FRS 102 including Section 1A on 1 October 2015, 7 years of estimated useful life remained.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

15% on reducing balance

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.

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

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.

Going concern

The directors acknowledge the uncertainty concerning Covid-19 and the impact that this could have on the company's operational existence. At the time of approving the financial statements, Covid-19 has not had a material impact on the activities of the company and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors deem it appropriate to continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

300,000

AMORTISATION

At 1 October 2020

270,000

Charge for year

15,000

At 30 September 2021

285,000

NET BOOK VALUE

At 30 September 2021

15,000

At 30 September 2020

30,000

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 October 2020

7,382

78,330

329,547

415,259

Additions

-

-

750

750

At 30 September 2021

7,382

78,330

330,297

416,009

DEPRECIATION

At 1 October 2020

7,382

69,658

236,425

313,465

Charge for year

-

2,167

14,508

16,675

At 30 September 2021

7,382

71,825

250,933

330,140

NET BOOK VALUE

At 30 September 2021

-

6,505

79,364

85,869

At 30 September 2020

-

8,672

93,122

101,794

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

Motor

vehicles

£

COST

At 1 October 2020

and 30 September 2021

55,494

DEPRECIATION

At 1 October 2020

15,400

Charge for year

6,014

At 30 September 2021

21,414

NET BOOK VALUE

At 30 September 2021

34,080

At 30 September 2020

40,094

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

48,544

25,001

Other debtors

396,888

241,402

445,432

266,403

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,575

3,135

Hire purchase contracts

2,280

11,781

Trade creditors

54,123

37,350

Taxation and social security

181,457

82,949

Other creditors

32,270

29,798

279,705

165,013

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

37,290

46,865

Hire purchase contracts

8,776

11,056

46,066

57,921

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2021 and 30 September 2020:

2021

2020

£

£

G Bray and A Bray

Balance outstanding at start of year

165,870

125,526

Amounts advanced

126,140

64,298

Amounts repaid

(25,097

)

(23,954

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

266,913

165,870

The above loan is included in other debtors and is unsecured, interest free and repayable on demand.