Registered number:
02932358
Brewer Metalcraft Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended
31 March 2018
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Brewer Metalcraft Limited
Registered number:
02932358
Balance Sheet
As at
31 March 2018
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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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Capital redemption reserve
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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 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 by
:
Page 1
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
The principal place of business is:
Units C&D Ford Lane Industrial Estate
Ford
Arundel
West Sussex
BN18 0DF
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:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as 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
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Page 2
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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, as follows:.
Depreciation is provided on the following basis:
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straight line and 25% reducing balance
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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 are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 3
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
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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Cash and cash equivalents
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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.
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.
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, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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.
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The average monthly number of employees, including directors, during the year was
16
(2017 -
23
)
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Page 4
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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Charge for the year on owned assets
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Page 5
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 6
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Brewer Metalcraft Limited
Notes to the Financial Statements
For the Year Ended 31 March 2018
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Allotted, called up and fully paid
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Nil
(2017 -
10
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Ordinary shares of £
1.00
each
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10
(2017 -
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Ordinary A
shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary C shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary D shares of £
1.00
each
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Nil
(2017 -
10
)
Ordinary E shares of £
1.00
each
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Nil
(2017 -
10
)
Ordinary F shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary G shares of £
1.00
each
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Nil
(2017 -
10
)
Ordinary J shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary L shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary M shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary P shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary U shares of £
1.00
each
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Nil
(2017 -
10
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Ordinary X shares of £
1.00
each
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10.
Other financial commitments
The total amount of operating lease commitments not included in the balance sheet is £42,662 (2017 - £103,118).
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Related party transactions
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Loft Centre Products Limited - a company under common control.
During the year, the company recharged administration expenses of £49,600 and paid expenses of £1,628 on behalf of Loft Centre Products Limited. At the balance sheet date the amount due from Loft Centre Products Limited was £10,371 (2017 - £nil).
Myrtle Tree Estates Limited (formerly known as Windmill Park Limited) - a company under common control.
During the year the company lent £nil (2017 - £130,000) to Myrtle Tree Estates Limited. At the balance sheet date the amount due from Myrtle Tree Estates Limited was £130,000 (2017 - £130,000).
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Page 7
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