REGISTERED NUMBER: 09900575 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BRITTON PRICE HOLDINGS LIMITED |
REGISTERED NUMBER: 09900575 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BRITTON PRICE HOLDINGS LIMITED |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Other Comprehensive Income | 4 |
Consolidated Balance Sheet | 5 |
Company Balance Sheet | 7 |
Consolidated Statement of Changes in Equity | 9 |
Company Statement of Changes in Equity | 10 |
Notes to the Consolidated Financial Statements | 11 |
BRITTON PRICE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the design and installation of lifts, the sale of hoists to the care sector and the servicing of lifts, profiling beds and hoists owned by third parties. |
DIRECTORS |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 | 5,528,967 | 4,824,500 |
Cost of sales | 4,704,377 | 3,455,172 |
GROSS PROFIT | 824,590 | 1,369,328 |
Administrative expenses | 1,231,775 | 1,596,554 |
(407,185 | ) | (227,226 | ) |
Other operating income | - | 54,473 |
OPERATING LOSS | 5 | (407,185 | ) | (172,753 | ) |
Interest receivable and similar income | 452 | - |
(406,733 | ) | (172,753 | ) |
Interest payable and similar expenses | 23,311 | 7,234 |
LOSS BEFORE TAXATION | (430,044 | ) | (179,987 | ) |
Tax on loss | 6 | (29,968 | ) | (3,726 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (398,042 | ) | (190,386 | ) |
Non-controlling interests | (2,034 | ) | 14,125 |
(400,076 | ) | (176,261 | ) |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
LOSS FOR THE YEAR | (400,076 | ) | (176,261 | ) |
OTHER COMPREHENSIVE INCOME |
Non-controlling interest adjustment | 67,052 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
67,052 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(333,024 |
) |
(176,261 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (263,963 | ) | (190,411 | ) |
Non-controlling interests | (69,061 | ) | 14,150 |
(333,024 | ) | (176,261 | ) |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONSOLIDATED BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 118,962 | 181,871 |
Tangible assets | 9 | 26,382 | 58,392 |
Investments | 10 | - | - |
145,344 | 240,263 |
CURRENT ASSETS |
Stocks | 263,842 | 279,258 |
Debtors | 11 | 1,518,680 | 1,094,810 |
Cash at bank and in hand | 346,475 | 493,664 |
2,128,997 | 1,867,732 |
CREDITORS |
Amounts falling due within one year | 12 | 1,358,662 | 836,136 |
NET CURRENT ASSETS | 770,335 | 1,031,596 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
915,679 |
1,271,859 |
CREDITORS |
Amounts falling due after more than one year |
13 |
413,230 |
310,606 |
NET ASSETS | 502,449 | 961,253 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 18,750 | 18,750 |
Share premium | 314,166 | 314,166 |
Capital redemption reserve | 33,728 | 33,728 |
Retained earnings | 135,177 | 524,895 |
SHAREHOLDERS' FUNDS | 501,821 | 891,539 |
NON-CONTROLLING INTERESTS | 628 | 69,714 |
TOTAL EQUITY | 502,449 | 961,253 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONSOLIDATED BALANCE SHEET - continued |
31ST DECEMBER 2022 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2023 and were signed on its behalf by: |
D Price - Director |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
COMPANY BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (419,075 | ) | (355,610 | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
COMPANY BALANCE SHEET - continued |
31ST DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st January 2021 | 18,750 | 890,765 | 314,166 |
Changes in equity |
Dividends | - | (175,484 | ) | - |
Total comprehensive income | - | (190,386 | ) | - |
Balance at 31st December 2021 | 18,750 | 524,895 | 314,166 |
Changes in equity |
Dividends | - | (58,728 | ) | - |
Total comprehensive income | - | (330,990 | ) | - |
Balance at 31st December 2022 | 18,750 | 135,177 | 314,166 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1st January 2021 | 33,728 | 1,257,409 | 55,564 | 1,312,973 |
Changes in equity |
Dividends | - | (175,484 | ) | - | (175,484 | ) |
Total comprehensive income | - | (190,386 | ) | 14,150 | (176,236 | ) |
Balance at 31st December 2021 | 33,728 | 891,539 | 69,714 | 961,253 |
Changes in equity |
Dividends | - | (58,728 | ) | - | (58,728 | ) |
Total comprehensive income | - | (330,990 | ) | (69,061 | ) | (400,051 | ) |
Balance at 31st December 2022 | 33,728 | 501,821 | 653 | 502,474 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2022 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Britton Price Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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 wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial statements. |
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. |
Revenues 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 costs will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measure reliably. |
Turnover in respect of service contracts is recognised when the company obtains the right to consideration. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, plus additional payments in relation to this purchase, are being amortised evenly over its estimated useful life of five years from date of acquisition. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal |
level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is |
included in the valuation of work in progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Taxation and deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Research and development |
Expenditure on software development is capitalised and amortised over two years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
£ | £ |
Lift sales and maintenance | 4,077,484 | 3,324,614 |
Care equipment sales & service | 1,426,448 | 1,450,748 |
Training | 25,035 | 49,138 |
5,528,967 | 4,824,500 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2021 - 62 ) . |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
2022 | 2021 |
£ | £ |
Depreciation - owned assets | 34,345 | 38,505 |
Goodwill amortisation | 23,476 | 22,896 |
Patents and licences amortisation | 1,283 | 5,896 |
Development costs amortisation | 7,048 | 7,731 |
Computer software amortisation | 60,176 | 50,997 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
Prior year taxation | (29,968 | ) | (3,726 | ) |
Tax on loss | (29,968 | ) | (3,726 | ) |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Non-controlling interest adjustment | 67,052 | - | 67,052 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Development | Computer |
Goodwill | licences | costs | software | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 | 325,015 | 186,194 | 23,195 | 296,859 | 831,263 |
Additions | 4,500 | 825 | - | 23,749 | 29,074 |
At 31st December 2022 | 329,515 | 187,019 | 23,195 | 320,608 | 860,337 |
AMORTISATION |
At 1st January 2022 | 250,602 | 183,965 | 15,810 | 199,015 | 649,392 |
Amortisation for year | 23,476 | 1,283 | 7,048 | 60,176 | 91,983 |
At 31st December 2022 | 274,078 | 185,248 | 22,858 | 259,191 | 741,375 |
NET BOOK VALUE |
At 31st December 2022 | 55,437 | 1,771 | 337 | 61,417 | 118,962 |
At 31st December 2021 | 74,413 | 2,229 | 7,385 | 97,844 | 181,871 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
8. | INTANGIBLE FIXED ASSETS - continued |
Company |
Patents |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
AMORTISATION |
At 1st January 2022 |
Amortisation for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 | 59,131 | 82,122 | 3,582 | 544,301 | 689,136 |
Additions | - | - | - | 2,335 | 2,335 |
At 31st December 2022 | 59,131 | 82,122 | 3,582 | 546,636 | 691,471 |
DEPRECIATION |
At 1st January 2022 | 59,131 | 68,419 | 597 | 502,597 | 630,744 |
Charge for year | - | 7,339 | 1,194 | 25,812 | 34,345 |
At 31st December 2022 | 59,131 | 75,758 | 1,791 | 528,409 | 665,089 |
NET BOOK VALUE |
At 31st December 2022 | - | 6,364 | 1,791 | 18,227 | 26,382 |
At 31st December 2021 | - | 13,703 | 2,985 | 41,704 | 58,392 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 925,696 | 728,717 |
Amounts owed by group undertakings | - | - |
Amounts receivable in respect of finance leases |
335 |
335 |
Other debtors | 13,206 | 10,165 |
VAT | - | - |
Called up share capital not paid | 2,813 | 2,813 |
Prepayments and accrued income | 576,630 | 352,780 |
1,518,680 | 1,094,810 |
The value of the assets appropriated for the purpose of letting under finance lease during the year was £nil (2021 - £nil) and the total of the primary finance lease rentals receivable by the group during the year was £6,155 (2021 - £3,745). |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts | 127,240 | 90,909 |
Trade creditors | 723,031 | 287,233 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 76,250 | 72,383 |
VAT | 1,388 | 26,002 | - | - |
Other creditors | 8,722 | 13,933 |
Accruals and deferred income | 422,031 | 345,676 |
1,358,662 | 836,136 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans - 1-2 years | 263,682 | 90,909 |
Bank loans - 2-5 years | 128,788 | 219,697 |
Bank loans more than 5 years | 20,760 | - |
413,230 | 310,606 |
Amounts falling due in more than five years: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Repayable by instalments |
Bank loans more than 5 years | 20,760 | - | 20,760 | - |
BRITTON PRICE HOLDINGS LIMITED (REGISTERED NUMBER: 09900575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 18,750 | 18,750 |