H Brett & Son Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05153980 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

H BRETT & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Boutle

D C Jones

A Wood

REGISTERED OFFICE:

75 Norwich Road

Watton

Thetford

Norfolk

IP25 6DH

REGISTERED NUMBER:

05153980 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

52,088

136,314

52,088

136,314

CURRENT ASSETS

Stocks

88,000

84,000

Debtors

6

338,545

73,759

Prepayments and accrued income

3,973

3,205

Cash at bank and in hand

87,050

187,065

517,568

348,029

CREDITORS

Amounts falling due within one year

7

295,588

269,438

NET CURRENT ASSETS

221,980

78,591

TOTAL ASSETS LESS CURRENT LIABILITIES

274,068

214,905

PROVISIONS FOR LIABILITIES

14,161

4,382

NET ASSETS

259,907

210,523

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

259,808

210,424

SHAREHOLDERS' FUNDS

259,907

210,523

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:

A Wood - Director

1.	STATUTORY INFORMATION

H Brett & Son Limited is 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has accepted delivery of the goods.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life, considered to be 10 years.

Intangible assets

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% straight line

Long leasehold - 10% straight line

Plant and machinery - 15% reducing balance

Fixtures and fittings - 15% reducing balance

Computer equipment - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

Stocks

Cost is calculated using the first in, first out method.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

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.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2022

and 31 July 2023

147,500

AMORTISATION

At 1 August 2022

and 31 July 2023

147,500

NET BOOK VALUE

At 31 July 2023

-

At 31 July 2022

-

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 August 2022

143,473

13,500

93,871

Additions

-

-

39,965

Disposals

(143,473

)

(13,500

)

(30,000

)

At 31 July 2023

-

-

103,836

DEPRECIATION

At 1 August 2022

31,570

12,150

73,115

Charge for year

-

1,350

8,774

Eliminated on disposal

(31,570

)

(12,150

)

(27,772

)

At 31 July 2023

-

1,350

54,117

NET BOOK VALUE

At 31 July 2023

-

(1,350

)

49,719

At 31 July 2022

111,903

1,350

20,756

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2022

8,415

23,358

282,617

Additions

1,606

801

42,372

Disposals

-

-

(186,973

)

At 31 July 2023

10,021

24,159

138,016

DEPRECIATION

At 1 August 2022

6,276

23,192

146,303

Charge for year

562

431

11,117

Eliminated on disposal

-

-

(71,492

)

At 31 July 2023

6,838

23,623

85,928

NET BOOK VALUE

At 31 July 2023

3,183

536

52,088

At 31 July 2022

2,139

166

136,314

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

97,797

72,277

Other debtors

240,748

1,482

338,545

73,759

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

1,040

-

Payments on account

168,122

164,328

Trade creditors

1,635

2,889

Taxation and social security

77,894

65,718

Other creditors

46,897

36,503

295,588

269,438

8.	OTHER FINANCIAL COMMITMENTS

The company has commitments under operating leases amounting to £227,642 (2022 - £9,488).

9.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the directors.