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 2023

S J Burrough Agricultural Engineering Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Intangible assets	5	–	935
Tangible assets	6	106,592	103,032
		---------	---------
		106,592	103,967

Current assets

Stocks		91,078	60,896
Debtors	7	279,148	165,924
Investments	8	18,000	20,000
Cash at bank and in hand		21,903	37,146
		---------	---------
		410,129	283,966

Creditors: amounts falling due within one year	9	112,136		75,865
		---------		---------
Net current assets			297,993	208,101
			---------	---------
Total assets less current liabilities			404,585	312,068

Creditors: amounts falling due after more than one year	10		–	15,833

Provisions

Taxation including deferred tax	13,607	8,069
	---------	---------
Net assets	390,978	288,166
	---------	---------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		390,878	288,066
		---------	---------
Shareholders funds		390,978	288,166
		---------	---------

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 2023, 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 2023

These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , 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 2023

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

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.

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 9 (2022: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2022 and 31 March 2023	18,700
	--------
Amortisation
At 1 April 2022	17,765
Charge for the year	935
	--------
At 31 March 2023	18,700
	--------
Carrying amount
At 31 March 2023	–
	--------
At 31 March 2022	935
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	115,265	68,507	24,025	6,464	214,261
Additions	2,312	30,484	6,500	–	39,296
Disposals	–	( 14,199)	–	–	( 14,199)
	---------	--------	--------	-------	---------
At 31 March 2023	117,577	84,792	30,525	6,464	239,358
	---------	--------	--------	-------	---------
Depreciation
At 1 April 2022	49,158	41,228	15,859	4,984	111,229
Charge for the year	9,763	12,321	3,667	1,480	27,231
Disposals	–	( 5,694)	–	–	( 5,694)
	---------	--------	--------	-------	---------
At 31 March 2023	58,921	47,855	19,526	6,464	132,766
	---------	--------	--------	-------	---------
Carrying amount
At 31 March 2023	58,656	36,937	10,999	–	106,592
	---------	--------	--------	-------	---------
At 31 March 2022	66,107	27,279	8,166	1,480	103,032
	---------	--------	--------	-------	---------

7. Debtors

	2023	2022
	£	£
Trade debtors	241,500	158,139
Other debtors	37,648	7,785
	---------	---------
	279,148	165,924
	---------	---------

8. Investments

	2023	2022
	£	£
Other investments	20,000	20,000
Fair value adjustment to other investments	(2,000)	–
	--------	--------
	18,000	20,000
	--------	--------

The investment was revalued by the director to reflect fair value at 31 March 2023 (original cost £20,000).

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	3,897	5,000
Trade creditors	26,417	25,490
Corporation tax	30,765	6,522
Social security and other taxes	47,006	35,570
Other creditors	4,051	3,283
	---------	--------
	112,136	75,865
	---------	--------

Included in creditors due within one year is a Coronavirus Bounce Back loan which is secured under the Government Scheme. Interest is charged at 2%.

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

	2023	2022
	£	£
Bank loans and overdrafts	–	15,833
	----	--------

11. Called up share capital

Issued, called up and fully paid

	2023		2022
	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:

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
S J Burrough	5,735	39,607	( 38,469)	6,873
	-------	--------	--------	-------

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
S J Burrough	2,797	3,146	( 208)	5,735
	-------	-------	----	-------

(a) the maximum amount outstanding during the year was £19,178 (b) interest is charged at the official rate of interest on loans made over £10,000.