Britannia Machinery (Pontefract) Limited Filleted accounts for Companies House (small and micro)

BRITANNIA MACHINERY (PONTEFRACT) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02022970

Britannia Machinery (Pontefract) Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2022

Britannia Machinery (Pontefract) Limited

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		11,223		14,941

Current assets

Stocks		156,591	143,736
Debtors	6	67,748	80,944
Cash at bank and in hand		3,616	1,629
		----------	----------
		227,955	226,309

Creditors: amounts falling due within one year	7	149,244		83,477
		----------		----------
Net current assets			78,711		142,832
			--------		----------
Total assets less current liabilities			89,934		157,773

Creditors: amounts falling due after more than one year	8	28,333	38,334
		--------	----------
Net assets		61,601	119,439
		--------	----------

Britannia Machinery (Pontefract) Limited

Statement of Financial Position (continued)

31 July 2022

	2022		2021
Note	£	£	£	£

Capital and reserves

Called up share capital	30,000	30,000
Share premium account	18,000	18,000
Profit and loss account	13,601	71,439
	--------	----------
Shareholders funds	61,601	119,439
	--------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 19 July 2023 , and are signed on behalf of the board by:

Mr. M. Ruddock
Director

Company registration number: 02022970

Britannia Machinery (Pontefract) Limited

Notes to the Financial Statements

Year ended 31 July 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Stuart Street, Pontefract, West Yorkshire, WF8 4PW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

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. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

(d) Current tax

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.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) 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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance

(g) 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.

(h) 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.

(i) 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2021 and 31 July 2022	27,922	3,442	28,445	59,809
	--------	-------	--------	--------
Depreciation
At 1 August 2021	27,849	3,345	13,674	44,868
Charge for the year	15	10	3,693	3,718
	--------	-------	--------	--------
At 31 July 2022	27,864	3,355	17,367	48,586
	--------	-------	--------	--------
Carrying amount
At 31 July 2022	58	87	11,078	11,223
	--------	-------	--------	--------
At 31 July 2021	73	97	14,771	14,941
	--------	-------	--------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	54,622	59,818
Other debtors	13,126	21,126
	--------	--------
	67,748	80,944
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	49,787	10,000
Trade creditors	3,381	3,903
Accruals	39,683	2,900
Corporation tax	361	361
Social security and other taxes	9,099	11,429
Directors loan account	34,022	44,973
Other creditors	12,911	9,911
	----------	--------
	149,244	83,477
	----------	--------

The Company's bankers have secured the bank overdraft by means of a debenture over all assets.

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

	2022	2021
	£	£
Bank loans and overdrafts	28,333	38,334
	--------	--------

9. Director's advances, credits and guarantees

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

	Balance brought forward and outstanding
	2022	2021
	£	£
Mr. T. Jones	10,500	10,500
	--------	--------

10. Related party transactions

During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 34,022 (2021 - £44,974).