Company registration number 03038182 (England and Wales)
BIRMINGHAM TRANSFORMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BIRMINGHAM TRANSFORMERS LIMITED
COMPANY INFORMATION
Director
Mr L Adey
(Appointed 31 August 2022)
Company number
03038182
Registered office
Unit 6, Weston Works
Weston Lane
Tyseley
Birmingham
West Midlands
B11 3RP
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BIRMINGHAM TRANSFORMERS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
BIRMINGHAM TRANSFORMERS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BIRMINGHAM TRANSFORMERS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Birmingham Transformers Limited for the year ended 30 November 2022 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Birmingham Transformers Limited, as a body, in accordance with the terms of our engagement letter dated 10 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Birmingham Transformers Limited and state those matters that we have agreed to state to the board of directors of Birmingham Transformers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Birmingham Transformers Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Birmingham Transformers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Birmingham Transformers Limited. You consider that Birmingham Transformers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Birmingham Transformers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
18 August 2023
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BIRMINGHAM TRANSFORMERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,109
3,953
Current assets
Stocks
104,528
93,095
Debtors
5
347,733
225,991
Cash at bank and in hand
22,243
101,647
474,504
420,733
Creditors: amounts falling due within one year
6
(267,608)
(186,958)
Net current assets
206,896
233,775
Total assets less current liabilities
209,005
237,728
Creditors: amounts falling due after more than one year
7
(26,667)
(36,667)
Provisions for liabilities
8
(507)
Net assets
182,338
200,554
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
182,336
200,552
Total equity
182,338
200,554
BIRMINGHAM TRANSFORMERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2023 and are signed on its behalf by:
Mr L Adey
Director
Company Registration No. 03038182
BIRMINGHAM TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Birmingham Transformers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Weston Works, Weston Lane, Tyseley, Birmingham, West Midlands, B11 3RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line basis
Fixtures and fittings
20% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BIRMINGHAM TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
10,000
Amortisation and impairment
At 1 December 2021 and 30 November 2022
10,000
Carrying amount
At 30 November 2022
At 30 November 2021
BIRMINGHAM TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2021
39,268
20,476
12,350
72,094
Disposals
(28,500)
(9,350)
(37,850)
At 30 November 2022
10,768
20,476
3,000
34,244
Depreciation and impairment
At 1 December 2021
38,778
18,388
10,975
68,141
Depreciation charged in the year
331
763
750
1,844
Eliminated in respect of disposals
(28,500)
(9,350)
(37,850)
At 30 November 2022
10,609
19,151
2,375
32,135
Carrying amount
At 30 November 2022
159
1,325
625
2,109
At 30 November 2021
490
2,088
1,375
3,953
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
164,273
163,694
Corporation tax recoverable
58,934
Other debtors
180,000
Prepayments and accrued income
3,460
3,363
347,733
225,991
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Trade creditors
126,171
125,273
Corporation tax
7,001
6,900
Other taxation and social security
71,067
11,876
Other creditors
41,430
26,204
Accruals and deferred income
11,939
6,705
267,608
186,958
BIRMINGHAM TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
26,667
36,667
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
507
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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