S J Burrough Agricultural Engineering Limited Filleted accounts for Companies House (small and micro)

S J BURROUGH AGRICULTURAL ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04688112

S J Burrough Agricultural Engineering Limited

Filleted Unaudited Financial Statements

31 March 2021

S J Burrough Agricultural Engineering Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	1,870	2,805
Tangible assets	6	95,457	86,316
		--------	--------
		97,327	89,121

Current assets

Stocks		61,755	51,551
Debtors	7	205,498	126,001
Investments	8	20,000	20,000
Cash at bank and in hand		14,587	20,854
		---------	---------
		301,840	218,406

Creditors: amounts falling due within one year	9	100,715		72,505
		---------		---------
Net current assets			201,125	145,901
			---------	---------
Total assets less current liabilities			298,452	235,022

Creditors: amounts falling due after more than one year	10		20,833	–

Provisions

Taxation including deferred tax	5,051	3,607
	---------	---------
Net assets	272,568	231,415
	---------	---------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		272,468	231,315
		---------	---------
Shareholders funds		272,568	231,415
		---------	---------

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the financial year ended 31 March 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

S J Burrough Agricultural Engineering Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 23 December 2021 , and are signed on behalf of the board by:

S J Burrough
Director

Company registration number: 04688112

S J Burrough Agricultural Engineering Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is The Workshop, Barley Close Farm, Hawkchurch, Axminster, Devon, EX13 5UD.

2. Statement of compliance

These financial statements have been prepared in accordance with FRS102 taking advantage of the disclosure exemptions of FRS102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property Improvements	-	10% straight line
Plant and Equipment	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Computer Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2020: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2020 and 31 March 2021	18,700
	--------
Amortisation
At 1 April 2020	15,895
Charge for the year	935
	--------
At 31 March 2021	16,830
	--------
Carrying amount
At 31 March 2021	1,870
	--------
At 31 March 2020	2,805
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2020	101,308	43,973	20,275	2,026	167,582
Additions	7,188	9,990	6,500	4,438	28,116
Disposals	–	( 5,191)	–	–	( 5,191)
	---------	--------	--------	-------	---------
At 31 March 2021	108,496	48,772	26,775	6,464	190,507
	---------	--------	--------	-------	---------
Depreciation
At 1 April 2020	30,771	35,294	13,176	2,025	81,266
Charge for the year	8,855	4,485	3,400	1,480	18,220
Disposals	–	( 4,436)	–	–	( 4,436)
	---------	--------	--------	-------	---------
At 31 March 2021	39,626	35,343	16,576	3,505	95,050
	---------	--------	--------	-------	---------
Carrying amount
At 31 March 2021	68,870	13,429	10,199	2,959	95,457
	---------	--------	--------	-------	---------
At 31 March 2020	70,537	8,679	7,099	1	86,316
	---------	--------	--------	-------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	200,851	125,216
Other debtors	4,647	785
	---------	---------
	205,498	126,001
	---------	---------

8. Investments

	2021	2020
	£	£
Other investments	20,000	20,000
	--------	--------

The investment was revalued at the director's estimate of net realisable value at 31 March 2021 (cost amounts to £20,000).

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	4,167	–
Trade creditors	21,073	35,159
Corporation tax	13,214	7,237
Social security and other taxes	49,590	14,286
Other creditors	12,671	15,823
	---------	--------
	100,715	72,505
	---------	--------

Included in creditors due within one year is a Coronavirus Bounce Back loan which is secured under the Government Scheme.

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	20,833	–
	--------	----

Included in creditors due after one year is a Coronavirus Bounce Back loan which is secured under the Government Scheme. Instalments due after five years total £833.

11. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
S J Burrough	( 5,748)	8,753	( 208)	2,797
	-------	-------	----	-------

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
S J Burrough	( 410)	2,196	( 7,534)	( 5,748)
	----	-------	-------	-------