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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 October 2022 |
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for |
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Sweetnam & Bradley Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 October 2022 |
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for |
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Sweetnam & Bradley Limited |
Sweetnam & Bradley Limited (Registered number: 06519223) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Statement of Profit or Loss and Other Comprehensive
Income |
6 |
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Statement of Financial Position | 7 |
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Statement of Changes in Equity | 8 |
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Statement of Cash Flows | 9 |
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Notes to the Statement of Cash Flows | 10 |
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Notes to the Financial Statements | 11 |
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Reconciliation of Equity | 19 |
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Reconciliation of Profit | 21 |
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Sweetnam & Bradley Limited |
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Company Information |
for the Year Ended 31 October 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Report of the Directors |
for the Year Ended 31 October 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the fabrication of sheet metal products. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2022. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2021 to the date of this report. |
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Other changes in directors holding office are as follows: |
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POLITICAL DONATIONS AND EXPENDITURE |
Total donations made in the year - £650 (2021: £779) |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Sweetnam & Bradley Limited |
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Opinion |
We have audited the financial statements of Sweetnam & Bradley Limited (the 'company') for the year ended 31 October 2022 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK. |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with IFRSs as adopted by the UK; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Sweetnam & Bradley Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which |
non-compliance might have a material effect on the financial statements of the Company. We also considered those |
laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent |
manipulation of the financial statements (including the risk of override of controls), and determined that the principal |
risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
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- Discussions with management, including consideration of known or suspected instances of non-compliance with laws |
and regulations and fraud; |
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud; |
- Review of tax compliance |
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of |
expenses; |
- Testing transactions entered into outside of the normal course of the Company's business; and |
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with |
round numbers. |
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There are inherent limitations in the audit procedures described above and the further removed non-compliance with |
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Sweetnam & Bradley Limited |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
14a Forest Gate |
Pewsham |
Chippenham |
Wiltshire |
SN15 3RS |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Statement of Profit or Loss and Other Comprehensive Income |
for the Year Ended 31 October 2022 |
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2022 | 2021 |
Notes | £ | £ |
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CONTINUING OPERATIONS |
Revenue |
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Cost of sales | ( |
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GROSS PROFIT |
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Other operating income |
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Administrative expenses | ( |
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OPERATING PROFIT |
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Finance costs | 4 | (13,578 | ) | (15,477 | ) |
PROFIT BEFORE INCOME TAX | 5 |
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Income tax | 6 | ( |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Statement of Financial Position |
31 October 2022 |
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2022 | 2021 |
Notes | £ | £ |
ASSETS |
NON-CURRENT ASSETS |
Owned |
Intangible assets | 7 |
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Property, plant and equipment | 8 |
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Right-of-use |
Property, plant and equipment | 8, 16 |
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CURRENT ASSETS |
Inventories | 9 |
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Trade and other receivables | 10 |
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Cash and cash equivalents | 11 |
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TOTAL ASSETS |
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EQUITY |
SHAREHOLDERS' EQUITY |
Called up share capital | 12 |
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Retained earnings | 13 |
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TOTAL EQUITY |
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LIABILITIES |
NON-CURRENT LIABILITIES |
Financial liabilities - borrowings |
Interest bearing loans and borrowings | 15 |
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Deferred tax | 17 | 127,312 | 69,516 |
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CURRENT LIABILITIES |
Trade and other payables | 14 |
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Financial liabilities - borrowings |
Interest bearing loans and borrowings | 15 |
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Tax payable |
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TOTAL LIABILITIES |
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TOTAL EQUITY AND LIABILITIES |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Statement of Changes in Equity |
for the Year Ended 31 October 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 November 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 October 2021 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 October 2022 |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Statement of Cash Flows |
for the Year Ended 31 October 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Lease interest paid | (279 | ) | (551 | ) |
Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Payment of lease liabilities | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning
of year |
2 |
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495,464 |
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Cash and cash equivalents at end of year | 2 |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Statement of Cash Flows |
for the Year Ended 31 October 2022 |
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1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before income tax |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 13,578 | 15,477 |
1,195,634 | 715,635 |
Increase in inventories | ( |
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Increase in trade and other receivables | ( |
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(Decrease)/increase in trade and other payables | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
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Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 1,483,842 | 1,037,754 |
Year ended 31 October 2021 |
31.10.21 | 1.11.20 |
£ | £ |
Cash and cash equivalents | 1,037,754 | 495,464 |
Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
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1. | STATUTORY INFORMATION |
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Sweetnam & Bradley Ltd 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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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Cash and cash equivalents |
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
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In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
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Property, plant and equipment |
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Short leasehold | - | 10% on straight line basis |
Plant and machinery | - |
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Furniture and fixtures | - |
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Motor vehicles | - |
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Office equipment | - |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Leases |
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
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Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
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Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
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Impairment of financial assets |
Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
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For all other financial assets, objective evidence of impairment could include: |
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- significant financial difficulty of the issuer or counterparty; or |
- breach of contract, such as a default or delinquency in interest or principal payments; or |
- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or |
- the disappearance of an active market for that financial asset because of financial difficulties. |
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For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables. |
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For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. |
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For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. |
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The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. |
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For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; |
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(ii) the company and the party are subject to common control; |
(iii) the party is an associate of the company or a joint venture in which the company is a venturer; |
Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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2. | ACCOUNTING POLICIES - continued |
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
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Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
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Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
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Government grants |
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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. |
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3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2022 | 2021 |
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2022 | 2021 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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4. | NET FINANCE COSTS |
2022 | 2021 |
£ | £ |
Finance costs: |
Right-of-use asset interest | 13,299 | 14,926 |
Leasing charges | 279 | 551 |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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5. | PROFIT BEFORE INCOME TAX |
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The profit before income tax is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Cost of inventories recognised as expense |
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Depreciation - owned assets |
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Depreciation - assets on finance leases |
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Loss on disposal of fixed assets |
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Computer software amortisation |
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Auditors' remuneration | 12,910 | 10,260 |
Foreign exchange differences |
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( |
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6. | INCOME TAX |
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Analysis of tax expense |
2022 | 2021 |
£ | £ |
Current tax: |
Tax |
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Deferred tax: |
Deferred tax |
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( |
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Deferred tax on IFRS conversion | (728 | ) | (1,037 | ) |
Total deferred tax |
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( |
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Total tax expense in statement of profit or loss and other comprehensive
income |
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7. | INTANGIBLE ASSETS |
Computer |
software |
£ |
COST |
At 1 November 2021 |
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Additions |
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At 31 October 2022 |
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AMORTISATION |
At 1 November 2021 |
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Amortisation for year |
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At 31 October 2022 |
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NET BOOK VALUE |
At 31 October 2022 |
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At 31 October 2021 |
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Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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8. | PROPERTY, PLANT AND EQUIPMENT |
Furniture |
Short | Plant and | and |
leasehold | machinery | fixtures |
£ | £ | £ |
COST |
At 1 November 2021 |
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Additions |
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Disposals |
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( |
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At 31 October 2022 |
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DEPRECIATION |
At 1 November 2021 |
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Charge for year |
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|
|
Eliminated on disposal |
|
( |
) |
|
At 31 October 2022 |
|
|
|
NET BOOK VALUE |
At 31 October 2022 |
|
|
|
At 31 October 2021 |
|
|
|
|
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
( |
) |
At 31 October 2022 |
|
|
|
DEPRECIATION |
At 1 November 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 31 October 2022 |
|
|
|
NET BOOK VALUE |
At 31 October 2022 |
|
|
|
At 31 October 2021 |
|
|
|
|
9. | INVENTORIES |
|
2022 | 2021 |
£ | £ |
Stocks |
|
|
|
10. | TRADE AND OTHER RECEIVABLES |
|
2022 | 2021 |
£ | £ |
Current: |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
11. | CASH AND CASH EQUIVALENTS |
|
2022 | 2021 |
£ | £ |
Cash in hand |
|
|
Bank accounts |
|
|
|
|
|
12. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | 1 | 1,000 | 1,000 |
|
13. | RESERVES |
Retained |
earnings |
£ |
|
At 1 November 2021 |
|
Profit for the year |
|
At 31 October 2022 |
|
|
|
14. | TRADE AND OTHER PAYABLES |
|
2022 | 2021 |
£ | £ |
Current: |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
VAT |
|
|
|
|
|
15. | FINANCIAL LIABILITIES - BORROWINGS |
|
2022 | 2021 |
£ | £ |
Current: |
Leases (see note 16) | 68,368 | 66,701 |
|
Non-current: |
Leases (see note 16) | 447,596 | 515,964 |
|
Terms and debt repayment schedule |
|
1 year or | More than |
less | 1-2 years | 2-5 years | 5 years | Totals |
£ | £ | £ | £ | £ |
Leases | 68,368 | 70,049 | 220,918 | 156,629 | 515,964 |
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
16. | LEASING |
|
Right-of-use assets |
|
Property, plant and equipment |
|
2022 | 2021 |
£ | £ |
COST |
At 1 November 2021 | 740,585 | 740,585 |
|
DEPRECIATION |
At 1 November 2021 | 176,330 | 105,798 |
Charge for year | 70,532 | 70,532 |
246,862 | 176,330 |
|
NET BOOK VALUE | 493,723 | 564,255 |
|
Lease liabilities |
|
Minimum lease payments fall due as follows: |
|
2022 | 2021 |
£ | £ |
Gross obligations repayable: |
Within one year | 80,000 | 80,000 |
Between one and five years | 320,000 | 320,000 |
In more than five years | 160,000 | 240,000 |
|
560,000 | 640,000 |
|
Finance charges repayable: |
Within one year | 11,632 | 13,299 |
Between one and five years | 29,033 | 36,130 |
In more than five years | 3,371 | 7,906 |
44,036 | 57,335 |
|
Net obligations repayable: |
Within one year | 68,368 | 66,701 |
Between one and five years | 290,967 | 283,870 |
In more than five years | 156,629 | 232,094 |
515,964 | 582,665 |
|
17. | DEFERRED TAX |
|
2022 | 2021 |
£ | £ |
Balance at 1 November | 69,516 | 74,995 |
Accelerated capital allowances | 58,524 | (4,442 | ) |
Deferred tax on IFRS conversion | (728 | ) | (1,037 | ) |
Balance at 31 October |
|
|
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
18. | ULTIMATE CONTROLLING PARTY |
|
Sweetnam & Bradley Limited is a wholly-owned subsidiary of Megasteel Limited, a company incorporated in England and Wales. |
|
Megasteel Limited, is the parent of the largest and smallest group in which the company is a member and for which group financial statements are prepared. The consolidated financial statements of Megasteel Limited can be obtained from the following address - Rodbourne Rail Business Centre, Grange Lane, Malmesbury, Wiltshire, SN16 0ES. |
|
19. | FIRST YEAR ADOPTION |
|
The accounts for the year ended 31 October 2021 were prepared under FRS102 . The current year |
has been prepared under IFRS and the date of transition was 1 November 2021. |
|
The comparatives have been updated to adopt IFRS 16 'Leases'. Under FRS102 leases in which a significant portion of the risks and rewards of ownership were not transferred to the group as lessee were classified as operating leases. Payments made under operating leases were charged to profit or loss on a straight-line basis over the period of the lease. Under IFRS 16 these leases are recognised as right-of-use assets and capitalised, a corresponding liability is also recognised at the date at which the leased asset is available for use by the company. Assets an liabilities are initially measured on a present value basis and lease payments are discounted using the lessees incremental borrowing rate for similar items here this is 2.5%. |
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Reconciliation of Equity |
1 November 2020 |
(Date of Transition to IFRSs) |
|
Effect of |
transition |
FRS 102 | to IFRSs | IFRSs |
£ | £ | £ |
ASSETS |
NON-CURRENT ASSETS |
Property, plant and equipment | 417,879 |
|
1,052,666 |
CURRENT ASSETS |
Inventories | 118,286 |
|
118,286 |
Trade and other receivables | 331,878 |
|
331,878 |
Cash and cash equivalents | 495,464 |
|
495,464 |
Prepayments | 43,988 |
|
43,988 |
989,616 |
|
989,616 |
TOTAL ASSETS | 1,407,495 |
|
2,042,282 |
SHAREHOLDERS' EQUITY |
Called up share capital | 1,000 |
|
1,000 |
Retained earnings | 937,593 | ( |
) | 927,102 |
TOTAL EQUITY | 938,593 | ( |
) | 928,102 |
LIABILITIES |
NON-CURRENT LIABILITIES |
Trade and other payables | - |
|
582,665 |
CURRENT LIABILITIES |
Trade and other payables | 347,380 |
|
412,454 |
Tax payable | 44,066 |
|
44,066 |
Provisions | 77,456 | ( |
) | 74,995 |
468,902 |
|
531,515 |
TOTAL LIABILITIES | 468,902 |
|
1,114,180 |
TOTAL EQUITY AND LIABILITIES | 1,407,495 |
|
2,042,282 |
|
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Reconciliation of Equity - continued |
31 October 2021 |
|
Effect of |
transition |
FRS 102 | to IFRSs | IFRSs |
£ | £ | £ |
ASSETS |
NON-CURRENT ASSETS |
Intangible assets | 14,185 |
|
14,185 |
Property, plant and equipment | 378,476 |
|
942,731 |
392,661 |
|
956,916 |
CURRENT ASSETS |
Inventories | 210,765 |
|
210,765 |
Trade and other receivables | 444,439 |
|
444,439 |
Cash and cash equivalents | 1,037,754 |
|
1,037,754 |
1,692,958 |
|
1,692,958 |
TOTAL ASSETS | 2,085,619 |
|
2,649,874 |
EQUITY |
SHAREHOLDERS' EQUITY |
Called up share capital | 1,000 |
|
1,000 |
Retained earnings | 1,405,808 | ( |
) | 1,390,896 |
TOTAL EQUITY | 1,406,808 | ( |
) | 1,391,896 |
LIABILITIES |
NON-CURRENT LIABILITIES |
Financial liabilities - borrowings |
Interest bearing loans and borrowings | - |
|
515,964 |
Deferred tax | 73,014 | (3,498 | ) | 69,516 |
73,014 |
|
585,480 |
CURRENT LIABILITIES |
Trade and other payables | 507,569 |
|
507,569 |
Financial liabilities - borrowings |
Interest bearing loans and borrowings | - |
|
66,701 |
Tax payable | 98,228 |
|
98,228 |
605,797 |
|
672,498 |
TOTAL LIABILITIES | 678,811 |
|
1,257,978 |
TOTAL EQUITY AND LIABILITIES | 2,085,619 |
|
2,649,874 |
|
Sweetnam & Bradley Limited (Registered number: 06519223) |
|
Reconciliation of Profit |
for the Year Ended 31 October 2021 |
|
Effect of |
transition |
FRS 102 | to IFRSs | IFRSs |
£ | £ | £ |
Revenue | 2,828,236 |
|
2,828,236 |
Cost of sales | (1,580,185 | ) |
|
(1,500,185 | ) |
GROSS PROFIT | 1,248,051 |
|
1,328,051 |
Other operating income | 1,912 |
|
1,912 |
Administrative expenses | (687,455 | ) | ( |
) | (757,987 | ) |
|
Finance costs | (551 | ) | ( |
) | (15,477 | ) |
PROFIT BEFORE TAX | 561,957 | ( |
) | 556,499 |
Income tax | (93,742 | ) |
|
(92,705 | ) |
PROFIT FOR THE YEAR | 468,215 | ( |
) | 463,794 |