Sweetnam & Bradley Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06519223 (England and Wales)

Financial Statements

for the Year Ended 31 October 2021

for

Sweetnam & Bradley Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N G Roberts

Mrs B B Roberts

C Olejnik

N Johnson

C Honer

REGISTERED OFFICE:

Industrial Estate

Gloucester Road

Malmesbury

Wiltshire

SN16 0DY

REGISTERED NUMBER:

06519223 (England and Wales)

FIXED ASSETS

Intangible assets

4

14,185

-

Tangible assets

5

378,476

417,879

392,661

417,879

CURRENT ASSETS

Stocks

6

210,765

118,286

Debtors

7

444,439

375,866

Cash at bank and in hand

1,037,754

495,464

1,692,958

989,616

CREDITORS

Amounts falling due within one year

8

605,797

391,446

NET CURRENT ASSETS

1,087,161

598,170

TOTAL ASSETS LESS CURRENT LIABILITIES

1,479,822

1,016,049

PROVISIONS FOR LIABILITIES

73,014

77,456

NET ASSETS

1,406,808

938,593

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,405,808

937,593

1,406,808

938,593

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2022 and were signed on its behalf by:

C Olejnik - Director

1.	STATUTORY INFORMATION

Sweetnam & Bradley Ltd 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.

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.

Functional and presentation currency

The company's functional and presentation currency is Sterling (£).

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 is measured at the fair value of the consideration received or receivable. Turnover is reduced for

customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes

revenue earned from the sale of goods.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree associated with ownership

nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably.

Specifically, revenue from the sale of goods is primarily recognised upon delivery of the goods to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Motor vehicles

- 25% on reducing balance

Plant & machinery

- 15% on reducing balance

Office equipment

- 25% on reducing balance

Furniture & fixtures

- 15% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Repairs and maintenance costs are expensed as incurred.

Stocks

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

Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first-in, first-out method. Stock is recognised as an expense in the period in which the related revenue is recognised.

The cost of finished goods and work in progress comprises direct materials, and where applicable those overheads that have been incurred in bringing the stocks to their present location and condition.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the

identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other

short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the

statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2020 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

23,731

At 31 October 2021

23,731

AMORTISATION

Charge for year

9,546

At 31 October 2021

9,546

NET BOOK VALUE

At 31 October 2021

14,185

5.	TANGIBLE FIXED ASSETS

Furniture

Plant and

and

Motor

Office

machinery

fixtures

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2020

893,473

19,104

59,602

37,682

1,009,861

Additions

20,444

-

-

3,734

24,178

At 31 October 2021

913,917

19,104

59,602

41,416

1,034,039

DEPRECIATION

At 1 November 2020

532,781

13,323

32,353

13,525

591,982

Charge for year

55,435

867

6,812

467

63,581

At 31 October 2021

588,216

14,190

39,165

13,992

655,563

NET BOOK VALUE

At 31 October 2021

325,701

4,914

20,437

27,424

378,476

At 31 October 2020

360,692

5,781

27,249

24,157

417,879

6.

STOCKS

2021

2020

£

£

Stocks

210,765

118,286

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

385,212

331,878

Other debtors

16,246

-

Prepayments

42,981

43,988

444,439

375,866

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

95,125

69,213

Amounts owed to group undertakings

75,194

75,194

Tax

98,228

44,066

Social security and other taxes

23,088

20,013

VAT

136,597

91,799

Other creditors

8,476

11,661

Accruals and deferred income

169,089

79,500

605,797

391,446

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £6,498 (2020: £5,887) were payable to the fund at the balance sheet date and are included in other creditors.

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

82,842

87,520

Between one and five years

321,623

324,083

In more than five years

226,667

306,667

631,132

718,270

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

The Report of the Auditors was unqualified.

David Iain Black (Senior Statutory Auditor)

for and on behalf of MHA Monahans

11.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Megasteel Limited. The parent company is responsible for drawing up the consolidated financial statements for the group of which the company is a member.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group, or with the parent company.

12.	ULTIMATE CONTROLLING PARTY

Sweetnam & Bradley Limited is a wholly-owned subsidiary of Megasteel Limited, a company incorporated in England and Wales.

Megasteel Limited, is the parent of the largest and smallest group in which the company is a member and for which group financial statements are prepared. The consolidated financial statements of Megasteel Limited can be obtained from the following address - Rodbourne Rail Business Centre, Grange Lane, Malmesbury, Wiltshire, SN16 0ES.