Brunswick Trading Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04516752 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2019 TO 30 NOVEMBER 2020

FOR

BRUNSWICK TRADING LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

S Patel

SECRETARY:

A Patel

REGISTERED OFFICE:

116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

04516752 (England and Wales)

ACCOUNTANTS:

Ashfords Partnership LLP

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

The director presents his report with the financial statements of the company for the period 1 September 2019 to 30 November 2020.

DIRECTOR

S Patel held office during the whole of the period from 1 September 2019 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Patel - Director

23 June 2021

TURNOVER

4,180,433

3,102,530

Cost of sales

2,773,905

2,192,824

GROSS PROFIT

1,406,528

909,706

Administrative expenses

635,916

477,607

770,612

432,099

Other operating income

128,110

83,235

OPERATING PROFIT

4

898,722

515,334

Interest receivable and similar income

12,844

7,392

911,566

522,726

Interest payable and similar expenses

1,360

-

PROFIT BEFORE TAXATION

910,206

522,726

Tax on profit

192,037

114,602

PROFIT FOR THE FINANCIAL PERIOD

718,169

408,124

FIXED ASSETS

Intangible assets

5

170,834

233,334

Tangible assets

6

1,387,525

1,425,562

1,558,359

1,658,896

CURRENT ASSETS

Stocks

299,148

192,942

Debtors

7

420,900

688,496

Cash at bank and in hand

3,782,372

3,106,701

4,502,420

3,988,139

CREDITORS

Amounts falling due within one year

8

1,312,528

1,517,508

NET CURRENT ASSETS

3,189,892

2,470,631

TOTAL ASSETS LESS CURRENT LIABILITIES

4,748,251

4,129,527

CREDITORS

Amounts falling due after more than one year

9

-

99,445

NET ASSETS

4,748,251

4,030,082

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,748,151

4,029,982

SHAREHOLDERS' FUNDS

4,748,251

4,030,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 23 June 2021 and were signed by:

S Patel - Director

1.	STATUTORY INFORMATION

Brunswick Trading 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Fixtures and fittings

-

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 period 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 period 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.

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 period was 13 (2019 - 6 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.9.19

to

Year Ended

30.11.20

31.8.19

£

£

Depreciation - owned assets

38,037

30,463

Goodwill amortisation

62,500

50,000

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 30 November 2020

1,000,000

AMORTISATION

At 1 September 2019

766,666

Charge for period

62,500

At 30 November 2020

829,166

NET BOOK VALUE

At 30 November 2020

170,834

At 31 August 2019

233,334

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

Short

to

and

property

leasehold

property

fittings

Totals

£

£

£

£

£

COST

At 1 September 2019

and 30 November 2020

1,054,647

9,184

457,530

7,467

1,528,828

DEPRECIATION

At 1 September 2019

32,997

-

64,054

6,215

103,266

Charge for period

26,365

-

11,437

235

38,037

At 30 November 2020

59,362

-

75,491

6,450

141,303

NET BOOK VALUE

At 30 November 2020

995,285

9,184

382,039

1,017

1,387,525

At 31 August 2019

1,021,650

9,184

393,476

1,252

1,425,562

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.8.19

£

£

Trade debtors

219,848

265,830

Amounts owed by associates

-

237,500

VAT

201,052

185,166

420,900

688,496

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.8.19

£

£

Trade creditors

477,630

1,167,704

Hera Property

23,900

-

Ply-Chem

590,000

-

Tax

203,303

125,596

Social security and other taxes

7,802

10,926

NEST pension liability

1,793

1,793

Accrued expenses

8,100

211,489

1,312,528

1,517,508

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

31.8.19

£

£

Loan - Narendra Patel

-

99,445