Company Registration No. 01474968 (England and Wales)
BUTLER REYNOLDS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2015
BUTLER REYNOLDS LIMITED
COMPANY INFORMATION
Directors
Mr N Long
Mrs H E A Tormey
Secretary
Mrs H E A Tormey
Company number
01474968
Registered office
Loughborough Road
Costock
Loughborough
Leicestershire
LE12 6XB
Auditors
Clear & Lane Limited
340 Melton Road
Leicester
LE4 7SL
Business address
Loughborough Road
Costock
Loughborough
Leicestershire
LE12 6XB
Bankers
National Westminster Bank plc
PO Box 4479
Birmingham
B4 6DP
BUTLER REYNOLDS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 16
BUTLER REYNOLDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2015
The directors present the strategic report and financial statements for the year ended 31 March 2015.
Review of the business
We aim to present a balanced summary of the performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
As a company dealing with the sale of construction plant and machinery, the company continues to make purchases from UK and overseas and make sales largely to UK based customers. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, namely operating profit and return on capital employed.
Overall operating profit has
de
creased to £
339,734
from £
341,031
and profit before tax has
de
creased
to
£
331
,
507
from £
335
,
652
. After taxation, £
259
,
438
has been retained and added to reserves.
Return on capital employed has decreased to 2
7
.
72
% (20
14
:
31.37
%). Return on capital employed is calculated as profit after tax and interest divided by capital employed (net assets).
Principal risks and uncertainties
Supply of equipment
We are reliant on continued demand for new and used
equipment
and the continued supply of new
equipment
from manufacturers. This exposes the company to risks in a number of areas as the company is dependent
on manufacturers
i
n respect of:
- availability of new
equipment
- quality of the new
equipment
- pricing of the new
equipment
As for many businesses of our size, the business environment in which we operate continues to be very challenging. The sale of construction equipment remains highly competitive and margins continue to be tight.
With these risks and uncertainties in mind
,
we are aware that any plans for the future development of the company may be subject to unforeseen future events outside of our control.
On behalf of the board
Mrs H E A Tormey
Director
16 September 2015
- 1 -
BUTLER REYNOLDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2015
The directors present their report and financial statements for the year ended 31 March 2015.
Principal activities
The principal activity of the company continued to be that of the sale of construction plant and machinery.
The company is a wholly owned subsidiary of BR Holdings Limited, a company incorporated in England and Wales.
Results and dividends
The results for the year are set out on page 6.
Interim ordinary dividends were paid amounting to £179,573. The directors do not recommend payment of a final dividend.
Directors
The following directors have held office since 1 April 2014:
Mr N Long
Mrs H E A Tormey
Auditors
In accordance with the company's articles, a resolution proposing that Clear & Lane Limited be reappointed as auditors of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
- 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.
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.
- 2 -
BUTLER REYNOLDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mrs H E A Tormey
Director
16 September 2015
- 3 -
BUTLER REYNOLDS LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF BUTLER REYNOLDS LIMITED
We have audited the financial statements of Butler Reynolds Limited for the year ended 31 March 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The prior years financial statements were not audited.
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 an auditors' report 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.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
- 4 -
In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
BUTLER REYNOLDS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF BUTLER REYNOLDS LIMITED
Matters on which we are required to report by exception
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.
David Hope BSc FCA (Senior Statutory Auditor)
for and on behalf of Clear & Lane Limited
Chartered Accountants
Statutory Auditor
340 Melton Road
Leicester
LE4 7SL
18 September 2015
- 5 -
BUTLER REYNOLDS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2015
2015
2014
Notes
£
£
Turnover
2
10,446,747
9,284,283
Cost of sales
(9,558,552)
(8,415,177)
Gross profit
888,195
869,106
Administrative expenses
(548,461)
(528,075)
Operating profit
3
339,734
341,031
Other interest receivable and similar income
4
1,781
423
Interest payable and similar charges
5
(10,008)
(5,802)
Profit on ordinary activities before taxation
331,507
335,652
Tax on profit on ordinary activities
6
(72,069)
(67,140)
Profit for the year
15
259,438
268,512
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
- 6 -
BUTLER REYNOLDS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
8
233,246
262,312
Current assets
Stocks
9
1,441,097
732,517
Debtors: amounts falling due within one year
10
834,666
1,620,787
Debtors: amounts falling due after more than one year
10
504,213
492,213
Cash at bank and in hand
1,496,198
410,610
4,276,174
3,256,127
Creditors: amounts falling due within one year
11
(3,398,329)
(2,447,740)
Net current assets
877,845
808,387
Total assets less current liabilities
1,111,091
1,070,699
Creditors: amounts falling due after more than one year
12
(128,671)
(162,334)
Provisions for liabilities
13
(46,650)
(52,460)
935,770
855,905
Capital and reserves
Called up share capital
14
50,000
50,000
Profit and loss account
15
885,770
805,905
Shareholders' funds
16
935,770
855,905
Approved by the Board and authorised for issue on 16 September 2015
Mr N Long
Mrs H E A Tormey
Director
Director
Company Registration No. 01474968
- 7 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The accounts have been drawn up on a going concern basis. The validity of this assumption depends upon the continued profitability of the company and of its fellow group subsidiary company BR Plant Engineers Limited and of their ability to generate cash in order to repay the bank borrowings of their parent company BR Holdings Limited.
The directors have taken necessary steps and prepared budgets and forecasts for the group that attempt to reflect the fragility of the economy and the construction sector in particular. Costs have also been reduced wherever possible. Bank loan facilities and the deferred consideration within the group have been renegotiated. The company is also reliant on the continued support of its bankers National Westminster Bank Plc.
The financial statements do not include any adjustments that would result should profitability and cashflow generation of the company and fellow group subsidiary fall below expectations and also if National Westminster Bank Plc were to withdraw their support for the company. Based on the budgets and forecasts that the company have in place, the directors firmly believe that it is appropriate to prepare the financial statements on a going concern basis.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking where 90 percent or more of the voting rights are controlled within the group.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised on the date the goods are despatched.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment
20% of Net book value
Fixtures and fittings
20% of Net book value
Motor vehicles
25% of Net book value
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
- 8 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
(Continued)
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
Deferred taxation is not discounted.
2
Turnover
Geographical market
Turnover
2015
2014
£
£
UK
10,304,844
9,110,910
Europe
42,499
66,976
Rest of the World
99,404
106,397
10,446,747
9,284,283
3
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
60,703
32,222
Loss on disposal of tangible assets
817
-
Operating lease rentals - land and buildings
47,000
43,000
Auditors' remuneration
9,515
-
and after crediting:
Profit on disposal of tangible assets
-
(194)
4
Investment income
2015
2014
£
£
Bank interest
1,781
417
Other interest
-
6
1,781
423
- 9 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
5
Interest payable
2015
2014
£
£
Hire purchase interest
10,008
5,802
6
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
76,830
25,595
Adjustment for prior years
1,049
(15)
Total current tax
77,879
25,580
Deferred tax
Deferred tax charge/credit current year
(5,810)
41,560
72,069
67,140
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
331,507
335,652
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 20.00% (2014 - 20.00%)
66,301
67,130
Effects of:
Non deductible expenses
5,190
2,840
Depreciation add back
12,141
6,444
Capital allowances
(7,266)
(48,249)
Group loss relief
(2,880)
(2,570)
Adjustments to previous periods
1,049
(15)
Marginal rate of tax
3,344
-
11,578
(41,550)
Current tax charge for the year
77,879
25,580
7
Dividends
2015
2014
£
£
Ordinary interim paid
179,573
208,330
- 10 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
8
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2014
178,696
70,696
105,471
354,863
Additions
-
9,191
31,817
41,008
Disposals
-
-
(20,277)
(20,277)
At 31 March 2015
178,696
79,887
117,011
375,594
Depreciation
At 1 April 2014
11,295
51,667
29,589
92,551
On disposals
-
-
(10,906)
(10,906)
Charge for the year
33,484
3,973
23,246
60,703
At 31 March 2015
44,779
55,640
41,929
142,348
Net book value
At 31 March 2015
133,917
24,247
75,082
233,246
At 31 March 2014
167,401
19,029
75,882
262,312
Included above are assets held under finance leases or hire purchase contracts as follows:
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Net book values
At 31 March 2015
132,906
9,026
75,083
217,015
At 31 March 2014
166,135
11,283
75,882
253,300
Depreciation charge for the year
At 31 March 2015
33,229
2,257
21,084
56,570
At 31 March 2014
-
2,821
21,472
24,293
9
Stocks
2015
2014
£
£
Finished goods and goods for resale
1,441,097
732,517
- 11 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
10
Debtors
2015
2014
£
£
Trade debtors
692,929
1,479,785
Amounts owed by parent and fellow subsidiary undertakings
602,521
587,759
Other debtors
1,413
-
Prepayments and accrued income
42,016
45,456
1,338,879
2,113,000
Amounts falling due after more than one year and included in the debtors above are:
2015
2014
£
£
Amount owed by parent company
504,213
492,213
11
Creditors: amounts falling due within one year
2015
2014
£
£
Net obligations under hire purchase contracts
59,335
111,102
Trade creditors
2,833,911
1,987,853
Corporation tax
76,830
25,595
Other taxes and social security costs
358,783
235,765
Directors' current accounts
4,000
19,454
Accruals and deferred income
65,470
67,971
3,398,329
2,447,740
Obligations under hire purchase contracts are secured on the assets concerned and interest is charged at
varying commercial rates on the different contracts.
- 12 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
12
Creditors: amounts falling due after more than one year
2015
2014
£
£
Net obligations under hire purchase contracts
128,671
162,334
Obligations under hire purchase contracts are secured on the assets concerned and interest is charged at
varying commercial rates on the different contracts.
Net obligations under hire purchase contracts
Repayable within one year
59,335
111,102
Repayable between one and five years
128,671
162,334
188,006
273,436
Included in liabilities falling due within one year
(59,335)
(111,102)
128,671
162,334
13
Provisions for liabilities
Deferred tax liability
£
Balance at 1 April 2014
52,460
Profit and loss account
(5,810)
Balance at 31 March 2015
46,650
The deferred tax liability is made up as follows:
2015
2014
£
£
Accelerated capital allowances
46,650
52,460
14
Share capital
2015
2014
£
£
Allotted, called up and fully paid
50,000 Ordinary of £1 each
50,000
50,000
- 13 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
15
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2014
805,905
Profit for the year
259,438
Dividends paid
(179,573)
Balance at 31 March 2015
885,770
16
Reconciliation of movements in Shareholders' funds
2015
2014
£
£
Profit for the financial year
259,438
268,512
Dividends
(179,573)
(208,330)
Net addition to shareholders' funds
79,865
60,182
Opening Shareholders' funds
855,905
795,723
Closing Shareholders' funds
935,770
855,905
17
Contingent liabilities
The company has guaranteed the bank borrowings of the other companies within the group by way of an Inter Company Guarantee dated 9 July 2007.
At 31 March 2015, BR Holdings Limited had bank borrowings of £40,465 (2014: £149,615) and B. R. Plant Engineers Limted had borrowings of £nil (2014: £nil).
18
Financial commitments
At 31 March 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2016:
Land and buildings
Other
2015
2014
2015
2014
£
£
£
£
Operating leases which expire:
Between two and five years
12,000
12,000
14,029
7,722
- 14 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
19
Directors' remuneration
2015
2014
£
£
Remuneration for qualifying services
48,637
39,637
20
Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
2015
2014
Number
Number
Management
4
4
Sales
2
2
Parts and service
4
3
Administration
1
1
11
10
Employment costs
2015
2014
£
£
Wages and salaries
248,978
237,675
Social security costs
29,188
24,545
278,166
262,220
21
Control
The ultimate parent company and controlling party is BR Holdings Limited, a company registered in England and Wales
- 15 -
BUTLER REYNOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
22
Related party relationships and transactions
Directors loan account
Amounts due to the director at the year end
£
£
2015
2014
Mr N Long
1,918
9,763
Mrs H E A Tormey
2,082
9,691
4,000
19,454
Balances are interest free and repayble on demand.
Group transactions
The company has taken advantage of the exemption in Financial Reporting Standard Number 8 from the
requirement to disclose transactions with group companies on the grounds that consolidated financial
statements are prepared by the
parent company.
- 16 -
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