REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2021 |
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for |
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Sweetnam & Bradley Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2021 |
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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 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Sweetnam & Bradley Limited |
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Company Information |
for the Year Ended 31 October 2021 |
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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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Balance Sheet |
31 October 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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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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Notes to the Financial Statements |
for the Year Ended 31 October 2021 |
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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 preparing the financial statements |
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Functional and presentation currency |
The company's functional and presentation currency is Sterling (£). |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for |
customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes |
revenue earned from the sale of goods. |
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Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company retains neither continuing managerial involvement to the degree associated with ownership |
nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction can be measured reliably. |
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Specifically, revenue from the sale of goods is primarily recognised upon delivery of the goods to the customer. |
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Tangible fixed assets |
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Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
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Motor vehicles | - 25% on reducing balance |
Plant & machinery | - 15% on reducing balance |
Office equipment | - 25% on reducing balance |
Furniture & fixtures | - 15% on reducing balance |
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The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively. |
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Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
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Repairs and maintenance costs are expensed as incurred. |
Sweetnam & Bradley Limited (Registered number: 06519223) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks 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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Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first-in, first-out method. Stock is recognised as an expense in the period in which the related revenue is recognised. |
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The cost of finished goods and work in progress comprises direct materials, and where applicable those overheads that have been incurred in bringing the stocks to their present location and condition. |
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At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the |
identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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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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. |
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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. |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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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 |
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The average number of employees during the year was
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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 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
Additions |
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At 31 October 2021 |
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AMORTISATION |
Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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5. | TANGIBLE FIXED ASSETS |
Furniture |
Plant and | and | Motor | Office |
machinery | fixtures | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2020 |
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Additions |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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6. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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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 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 136,597 | 91,799 |
Other creditors |
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Accruals and deferred income |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £6,498 (2020: £5,887) were payable to the fund at the balance sheet date and are included in other creditors. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company is a wholly owned subsidiary of Megasteel Limited. The parent company is responsible for drawing up the consolidated financial statements for the group of which the company is a member. |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group, or with the parent company. |
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12. | ULTIMATE CONTROLLING PARTY |
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Sweetnam & Bradley Limited is a wholly-owned subsidiary of Megasteel Limited, a company incorporated in England and Wales. |
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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. |