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Registered number: 00226166
JOHN BRYANT & SONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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JOHN BRYANT & SONS LIMITED
CONTENTS
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Notes to the financial statements
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JOHN BRYANT & SONS LIMITED
REGISTERED NUMBER: 00226166
BALANCE SHEET
AS AT 31 AUGUST 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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JOHN BRYANT & SONS LIMITED
REGISTERED NUMBER: 00226166
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 May 2023.
The notes on pages 3 to 6 form part of these financial statements.
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JOHN BRYANT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
John Bryant & Sons Limited (the Company) is a private company limited by shares incorporated in England. The address of the registered office and principal place of business is 4 Cotswold Link, Cotswold Business Village, Moreton-In-Marsh, Gloucestershire, England, GL56 0JU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the Company in respect of rents and related recharges receivable for the period, exclusive of VAT. Rents from investment properties are accounted for in the period in which they accrue.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences.
Investment property is carried at fair value determined by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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JOHN BRYANT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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The prior year accounts have been restated to incorporate the impact of a miscalculation of the deferred taxation on the revaluation of investment property. The change has resulted in the deferred tax charge for the prior year and the provision in the balance sheet increasing by £199,870. The non distributable reserves for last year are now restated at £1,580,291.
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JOHN BRYANT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Freehold investment property
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A first legal charge over the freehold property has been offered to Lloyds Bank PLC as security against loans in Business Village Limited, the parent undertaking.
A first legal charge over the land has been given to Business Village Limited as security against amounts loaned to the Company.
The 2022 valuations were made by the directors, on an open market value for existing use basis.
The historic cost of freehold investment property is £3,841,686 (2021: £3,471,428).
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JOHN BRYANT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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The immediate and ultimate parent company is Business Village Limited, a company incorporated in England. Its registered office is 4 Cotswold Link, Cotswold Business Village, Moreton-In-Marsh, Gloucestershire, England, GL56 0JU.
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