B & T Rewinds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01259884 (England and Wales)

B & T REWINDS LIMITED

Unaudited Financial Statements for the Year Ended 31 May 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

Directors:

Mr B Phelps

Mr D Phelps

Mrs S Phelps

Registered office:

134 Brearley Street

Hockley

Birmingham

West Midlands

B19 3XJ

Registered number:

01259884 (England and Wales)

Accountants:

Haines Watts South East LLP

5-6 Greenfield Crescent

Edgbaston

Birmingham

West Midlands

B15 3BE

Bankers:

Barclays Bank PLC

PO Box 9

Dudley

West Midlands

DY1 1PP

Fixed assets

Tangible assets

4

33,709

42,864

Current assets

Stocks

55,000

55,000

Debtors

5

355,645

337,130

Cash at bank

115,164

65,491

525,809

457,621

Creditors

Amounts falling due within one year

6

199,042

205,036

Net current assets

326,767

252,585

Total assets less current liabilities

360,476

295,449

Creditors

Amounts falling due after more than one year

7

(24,850

)

(15,833

)

Provisions for liabilities

(3,395

)

(4,300

)

Net assets

332,231

275,316

Capital and reserves

Called up share capital

8

3,000

3,000

Retained earnings

329,231

272,316

Shareholders' funds

332,231

275,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:

Mr D Phelps - Director

1.	Statutory information

B & T Rewinds Limited os 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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 year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	Employees and directors

The average number of employees during the year was 13 (2022 - 16 ) .

4.	Tangible fixed assets

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost

At 1 June 2022

and 31 May 2023

193,414

90,477

283,891

Depreciation

At 1 June 2022

177,806

63,221

241,027

Charge for year

2,341

6,814

9,155

At 31 May 2023

180,147

70,035

250,182

Net book value

At 31 May 2023

13,267

20,442

33,709

At 31 May 2022

15,608

27,256

42,864

5.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

172,772

162,213

Amounts owed by group undertakings

160,198

149,850

Other debtors

289

2,500

Prepayments

22,386

22,567

355,645

337,130

6.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

5,000

5,000

Hire purchase contracts

5,800

-

Trade creditors

113,711

118,660

Amounts owed to group undertakings

-

15,038

Corporation tax

24,188

16,554

Social security and other taxes

6,314

9,604

VAT

30,225

28,028

Other creditors

1,100

-

Directors' loan accounts

9,569

9,108

Accruals and deferred income

3,135

3,044

199,042

205,036

7.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans - 1-2 years

5,000

5,000

Bank loans - 2-5 years

5,833

10,833

Hire purchase contracts

14,017

-

24,850

15,833

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

3,000

Ordinary

£1

3,000

3,000

9.	Related party transactions

The company's ultimate parent undertaking, B & T Rewinds (Holdings) 2011 Limited is controlled by Mr D Phelps, who is also a director of B & T Rewinds Limited.

During the year the company paid rent of £36,000 to Mr B Phelps (2022: £36,000), a director and shareholder. There was no balance outstanding at the year end.

Included in debtors is a balance of £149,850 (2022: £149,850) due from B & T Rewinds (Holdings) 2011 Limited.

Included in debtors (2022: creditors) is a balance of £10,348 (2022:£15,038) due to B & T Rewinds (Holdings) Limited, the intermediate parent company.

Included in other creditors is a balance of £1,769 (2022: £9,108) due to Mr D Phelps.

10.	Ultimate parent company

The ultimate parent company is B & T Rewinds (Holdings) 2011 Limited, a company also incorporated in England & Wales.