Bricesco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06035964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

BRICESCO LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

178,270

195,255

178,270

195,255

CURRENT ASSETS

Stocks

263,510

144,233

Debtors

6

1,223,720

812,519

1,487,230

956,752

CREDITORS

Amounts falling due within one year

7

1,120,471

736,737

NET CURRENT ASSETS

366,759

220,015

TOTAL ASSETS LESS CURRENT LIABILITIES

545,029

415,270

CREDITORS

Amounts falling due after more than one year

8

442,223

331,520

NET ASSETS

102,806

83,750

CAPITAL AND RESERVES

Called up share capital

42,228

42,228

Capital redemption reserve

16,695

16,695

Retained earnings

43,883

24,827

102,806

83,750

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2022 and were signed on its behalf by:

Mrs K R E Yeoman - Director

1.	STATUTORY INFORMATION

Bricesco Limited is a private company, limited by shares, registered in England and Wales, registered number 06035964. Its registered office is Unit 101 Bentley Road South, Wednesbury, England, WS10 8LQ.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 has been fully amortised.

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.

Plant and machinery etc

-

25% on reducing balance, 25% on cost, 20% on reducing balance and 15% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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.

Going concern

The accounts have been drawn up on the going concern basis. The company's ongoing activities are dependent upon the continued financial support of its loan creditors, who have undertaken that this support will be given for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.

Government grants

Amounts receivable from the government in relation to Covid19 assistance have been accounted for on an accruals basis.

Financial instruments

Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2020 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

37,800

AMORTISATION

At 1 October 2020

and 30 September 2021

37,800

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

417,623

Additions

22,416

At 30 September 2021

440,039

DEPRECIATION

At 1 October 2020

222,368

Charge for year

39,401

At 30 September 2021

261,769

NET BOOK VALUE

At 30 September 2021

178,270

At 30 September 2020

195,255

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

716,328

416,014

Other debtors

507,392

396,505

1,223,720

812,519

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

89,844

30,333

Hire purchase contracts (see note 9)

16,608

21,423

Trade creditors

582,163

275,413

Taxation and social security

362,978

331,424

Other creditors

68,878

78,144

1,120,471

736,737

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans

316,667

186,667

Hire purchase contracts (see note 9)

25,682

42,309

Other creditors

99,874

102,544

442,223

331,520

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

10,000

26,667

Other loans

19,394

-

29,394

26,667

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.21

30.9.20

£

£

Net obligations repayable:

Within one year

16,608

21,423

Between one and five years

25,682

42,309

42,290

63,732

Non-cancellable operating leases

30.9.21

30.9.20

£

£

Between one and five years

26,281

6,598

In more than five years

764,000

860,000

790,281

866,598

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Other loans

140,638

145,858

Hire purchase contracts

42,290

63,732

182,928

209,590

Hire purchase liabilities are secured against the assets acquired.

Other loans are secured by way of fixed and floating charges against the assets of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

30.9.21

30.9.20

£

£

Mrs K R E Yeoman

Balance outstanding at start of year

97,556

84,253

Amounts advanced

170,844

238,879

Amounts repaid

(163,243

)

(225,576

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

105,157

97,556

S E Kitson

Balance outstanding at start of year

37,726

60,260

Amounts advanced

109,935

73,066

Amounts repaid

(113,819

)

(95,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,842

37,726

D J Green

Balance outstanding at start of year

1,680

17,624

Amounts advanced

10,562

13,736

Amounts repaid

(11,255

)

(29,680

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

987

1,680

R J Bridgewater

Balance outstanding at start of year

30,472

39,954

Amounts advanced

8,858

30,472

Amounts repaid

(30,472

)

(39,954

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,858

30,472

The above amounts were unsecured, interest free and repayable on demand.