Brian J. Dale & Company Limited - Period Ending 2022-03-31

Brian J. Dale & Company Limited - Period Ending 2022-03-31


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Registration number: 06378318

Brian J. Dale & Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Brian J. Dale & Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Brian J. Dale & Company Limited

Company Information

Directors

Mr F D Dale

Mr G J Dale

Mr C E B Dale

Mr D B Dale

Mrs L C Prince

Registered office

Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Brian J. Dale & Company Limited

(Registration number: 06378318)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

11,075,037

10,952,261

Investment property

5

5,000

105,150

Investments

6

1

1

 

11,080,038

11,057,412

Current assets

 

Stocks

7

170,225

142,864

Debtors

8

247,769

250,257

Cash at bank and in hand

 

133,233

88,644

 

551,227

481,765

Creditors: Amounts falling due within one year

9

(1,542,332)

(1,490,160)

Net current liabilities

 

(991,105)

(1,008,395)

Total assets less current liabilities

 

10,088,933

10,049,017

Creditors: Amounts falling due after more than one year

9

(5,196,405)

(5,170,000)

Provisions for liabilities

(1,113,198)

(834,073)

Net assets

 

3,779,330

4,044,944

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

169,399

119,399

Profit and loss account

3,609,930

3,925,544

Shareholders' funds

 

3,779,330

4,044,944

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Brian J. Dale & Company Limited

(Registration number: 06378318)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 21 December 2022 and signed on its behalf by:
 

.........................................
Mr C E B Dale
Director

   
 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Furniture, fittings and equipment

33% straight line

Other property, plant and equipment

Not depreciated

Land and buildings

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

10,933,334

4,638

3,713

249,460

11,191,145

Revaluations

50,000

-

-

-

50,000

Additions

12,365

-

-

81,462

93,827

Disposals

-

-

(2,714)

-

(2,714)

At 31 March 2022

10,995,699

4,638

999

330,922

11,332,258

Depreciation

At 1 April 2021

-

4,638

2,913

231,333

238,884

Charge for the year

-

-

200

20,851

21,051

Eliminated on disposal

-

-

(2,714)

-

(2,714)

At 31 March 2022

-

4,638

399

252,184

257,221

Carrying amount

At 31 March 2022

10,995,699

-

600

78,738

11,075,037

At 31 March 2021

10,933,334

-

800

18,127

10,952,261

Included within the net book value of land and buildings above is £10,995,699 (2021 - £10,933,334) in respect of freehold land and buildings.
 

5

Investment properties

2022
£

At 1 April

105,150

Additions

7,275

Disposals

(107,425)

At 31 March

5,000

There has been no valuation of investment property by an independent valuer.

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6

Investments

2022
£

2021
£

Other investments

1

1

7

Stocks

2022
£

2021
£

Work in progress

31,545

31,545

Other inventories

138,680

111,319

170,225

142,864

8

Debtors

Note

2022
£

2021
£

Trade debtors

 

40,146

45,059

Owed by related parties

5,000

-

Other debtors

 

202,623

205,198

Total current trade and other debtors

 

247,769

250,257

9

Creditors

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

1,302,659

1,280,000

Trade creditors

 

198,041

72,527

Taxation and social security

 

6,024

4,639

Other creditors

 

35,608

132,994

 

1,542,332

1,490,160

Due after one year

 

Loans and borrowings

10

5,196,405

5,170,000

 

Brian J. Dale & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

5,149,903

5,170,000

Hire purchase contracts

46,502

-

5,196,405

5,170,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

1,290,800

1,280,000

Hire purchase contracts

11,859

-

1,302,659

1,280,000