31/03/2021
2021-03-31
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No description of principal activities is disclosed
2020-04-01
Sage Accounts Production 21.0 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
04941964
2020-04-01
2021-03-31
04941964
2021-03-31
04941964
2020-03-31
04941964
2019-04-01
2020-03-31
04941964
2020-03-31
04941964
core:IntangibleAssetsOtherThanGoodwill
2020-04-01
2021-03-31
04941964
core:LandBuildings
core:LongLeaseholdAssets
2020-04-01
2021-03-31
04941964
core:PlantMachinery
2020-04-01
2021-03-31
04941964
bus:LeadAgentIfApplicable
2020-04-01
2021-03-31
04941964
bus:Director4
2020-04-01
2021-03-31
04941964
bus:Director1
2020-04-01
2021-03-31
04941964
core:WithinOneYear
2021-03-31
04941964
core:WithinOneYear
2020-03-31
04941964
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
04941964
core:IntangibleAssetsOtherThanGoodwill
2021-03-31
04941964
core:PlantMachinery
2020-03-31
04941964
core:FurnitureFittingsToolsEquipment
2020-03-31
04941964
core:LandBuildings
core:LongLeaseholdAssets
2021-03-31
04941964
core:PlantMachinery
2021-03-31
04941964
core:FurnitureFittingsToolsEquipment
2021-03-31
04941964
core:AfterOneYear
2021-03-31
04941964
core:AfterOneYear
2020-03-31
04941964
core:FurnitureFittingsToolsEquipment
2020-04-01
2021-03-31
04941964
core:ShareCapital
2021-03-31
04941964
core:ShareCapital
2020-03-31
04941964
core:SharePremium
2021-03-31
04941964
core:SharePremium
2020-03-31
04941964
core:RetainedEarningsAccumulatedLosses
2021-03-31
04941964
core:RetainedEarningsAccumulatedLosses
2020-03-31
04941964
core:BetweenOneFiveYears
2020-03-31
04941964
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
04941964
core:PlantMachinery
2020-03-31
04941964
core:FurnitureFittingsToolsEquipment
2020-03-31
04941964
bus:Director1
2020-03-31
04941964
bus:Director1
2021-03-31
04941964
bus:Director1
2019-03-31
04941964
bus:Director1
2020-03-31
04941964
bus:Director1
2019-04-01
2020-03-31
04941964
bus:SmallEntities
2020-04-01
2021-03-31
04941964
bus:Audited
2020-04-01
2021-03-31
04941964
bus:FullAccounts
2020-04-01
2021-03-31
04941964
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
04941964
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
04941964
core:FurtherSpecificReserve1ComponentTotalEquity
2021-03-31
04941964
core:FurtherSpecificReserve1ComponentTotalEquity
2020-03-31
Company registration number:
04941964
Braham & Murray Limited
Filleted financial statements
31 March 2021
BRAHAM & MURRAY LIMITED
Contents
Directors
responsibilities statement
Statement of financial position
Notes to the financial statements
BRAHAM & MURRAY LIMITED
DIRECTORS RESPONSIBILITIES STATEMENT
YEAR ENDED 31 MARCH 2021
The directors are responsible for preparing the 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 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 judgments and accounting estimates that are reasonable and prudent; and
-
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.
BRAHAM & MURRAY LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
50,240
|
|
|
|
11,494
|
|
|
Tangible assets
|
|
6
|
1,064,712
|
|
|
|
1,032,971
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
1,114,952
|
|
|
|
1,044,465
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
488,779
|
|
|
|
702,937
|
|
|
Debtors
|
|
7
|
974,847
|
|
|
|
879,654
|
|
|
Cash at bank and in hand
|
|
|
12,855
|
|
|
|
278,621
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,476,481
|
|
|
|
1,861,212
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
1,489,804)
|
|
|
|
(
986,794)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
(
13,323)
|
|
|
|
874,418
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
1,101,629
|
|
|
|
1,918,883
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
2,352,043)
|
|
|
|
(
930,081)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
-
|
|
|
|
(
220,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net (liabilities)/assets
|
|
|
|
|
(
1,250,414)
|
|
|
|
768,802
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1,536
|
|
|
|
1,523
|
Share premium account
|
|
10
|
|
|
8,974,814
|
|
|
|
8,974,814
|
Equity components of compound instruments
|
|
10
|
|
|
313,293
|
|
|
|
113,128
|
Profit and loss account
|
|
10
|
|
|
(
10,540,057)
|
|
|
|
(
8,320,663)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders (deficit)/funds
|
|
|
|
|
(
1,250,414)
|
|
|
|
768,802
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 June 2021
, and are signed on behalf of the board by:
Mr P H Skipworth
Mr D L Shaw
Director
Director
Company registration number:
04941964
BRAHAM & MURRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is
Braham & Murray Limited
, Collabear Farm, Near Tawstock, Barnstaple, North Devon, EX31 3JZ.
Principal activity
The principal activity of the company is that of the manufacture and supply of food products.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis following the parent company agreeing to provide financial support for a period not less than 12 months from the date of signing the financial statements to allow the company to meet their liabilities as they fall due.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Intellectual Property |
- |
20 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Leasehold improvements
|
-
|
20 %
|
reducing balance
|
|
Plant and machinery
|
-
|
20 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
20% or 25% straight line
|
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the payment is made.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
24
(2020:
24
).
5.
Intangible assets
|
|
Other intangible assets
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2020
|
117,861
|
117,861
|
|
|
|
|
|
Additions
|
122,443
|
122,443
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2021
|
240,304
|
240,304
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2020
|
106,367
|
106,367
|
|
|
|
|
|
Charge for the year
|
25,120
|
25,120
|
|
|
|
|
|
Transfers
|
58,577
|
58,577
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2021
|
190,064
|
190,064
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2021
|
50,240
|
50,240
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2020
|
11,494
|
11,494
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Leasehold improvements
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
-
|
2,142,184
|
151,997
|
2,294,181
|
|
|
|
|
Additions
|
3,300
|
305,090
|
4,900
|
313,290
|
|
|
|
|
Disposals
|
-
|
(
374)
|
(
1,782)
|
(
2,156)
|
|
|
|
|
Transfers
|
344,694
|
(
365,345)
|
(
101,792)
|
(
122,443)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
347,994
|
2,081,555
|
53,323
|
2,482,872
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
-
|
1,187,196
|
74,017
|
1,261,213
|
|
|
|
|
Charge for the year
|
34,225
|
172,072
|
10,280
|
216,577
|
|
|
|
|
Disposals
|
-
|
(
221)
|
(
832)
|
(
1,053)
|
|
|
|
|
Transfers
|
167,827
|
(
174,350)
|
(
52,054)
|
(
58,577)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
202,052
|
1,184,697
|
31,411
|
1,418,160
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2021
|
145,942
|
896,858
|
21,912
|
1,064,712
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
-
|
954,988
|
77,980
|
1,032,968
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
522,287
|
417,431
|
|
Other debtors
|
|
452,560
|
462,223
|
|
|
|
_______
|
_______
|
|
|
|
974,847
|
879,654
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
774,804
|
645,902
|
|
Accruals and deferred income
|
|
200,676
|
99,226
|
|
Social security and other taxes
|
|
25,900
|
29,602
|
|
Other creditors
|
|
488,424
|
212,064
|
|
|
|
_______
|
_______
|
|
|
|
1,489,804
|
986,794
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Included in 'other creditors' is the hire purchase creditor in the sum of £92,538 (2020: £131,469) which is secured over the associated assets. In addition, 'other creditors' also include an amount of £106,316 (2020: £nil) relating to invoice financing.
9.
Creditors: amounts falling due after more than one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Other creditors
|
|
2,352,043
|
930,081
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Included in 'other creditors' is the hire purchase creditor in the sum of £160,836 (2020: £253,072) which is secured over the associated assets. In addition, 'other creditors' also include an amount of £2,191,205 (2020: £677,009) relating to convertible loans.
10.
Reserves
Reserves include the share premium account.The profit and loss reserve records retained earnings and accumulated losses.Included within the Reserves is the equity component associated with convertible debt instruments issued by the company.
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
15,357
|
- |
Later than 1 year and not later than 5 years |
- |
85,044
|
|
_______ |
_______ |
|
|
|
12.
Summary audit opinion
The auditor's report for the year dated
15 July 2021
was unqualified.
The senior statutory auditor was
David Cresswell
for and on behalf of
Thomas Westcott
13.
Directors
advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2020
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 March 2021
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Directors
|
(
32,160)
|
(
125,000)
|
-
|
(
157,160)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2019
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 March 2020
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Directors
|
17,040
|
-
|
(
49,200)
|
(
32,160)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Interest at a rate of 6% pa is accrued on the short term loan advanced of £125,000 (2020: £nil).
14.
Related party transactions
Interest in the sum of £92,685 (2020: £5,548) has been accrued at the year end. This relates to interest payable on convertible loan notes.
15.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.