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Financial Statements for the Year Ended 31 May 2021 |
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BRICK KILN COMPOSITES LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 May 2021 |
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for |
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BRICK KILN COMPOSITES LIMITED |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Contents of the Financial Statements |
for the year ended 31 May 2021 |
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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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BRICK KILN COMPOSITES LIMITED |
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Company Information |
for the year ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements |
for the year ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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Brick Kiln Composites Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Revenue from the sales of goods is recognised when the Company has transferred the significant risks and |
rewards of ownership to the buyer and it is probable that the Company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are delivered to the buyer. |
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Tangible fixed assets |
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Leasehold property improvement | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Government grants |
Government grants received during the year have been recognised in the profit and loss account in the same period for which the expenditure was incurred. |
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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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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 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. |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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3. | ACCOUNTING POLICIES - continued |
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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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Work in progress |
Components within the production process that have been cured are included as work in progress which is shown in the accounts within trade debtors. |
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Share-based payments |
Some senior employees of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. The cost is recognised in staff costs together with a corresponding increase in equity (share option reserve), over the vesting period. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
property | Plant and | and |
improvement | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 105,454 | 149,423 |
Other creditors |
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Deferred income |
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Accrued expenses |
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8. | 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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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £0.1 | 100 | 100 |
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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. | ULTIMATE CONTROLLING PARTY |
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The company is controlled equally by the directors, J A T Matthews and H G Wood. |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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EMI share option scheme set up in 2017: |
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Number of shares | Av. exercise price |
Outstanding at the beginning of the period | 112 | £1,165 |
Granted during the period | - | - |
Forfeited during the period | (56 | ) | - |
Exercised during the period | - | - |
Expired during the period | - | - |
Outstanding at the end of the period | 56 | £1,165 |
Exercisable at the end of the period | - | - |
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After the year end, the remaining EMI share options were terminated. |