Registered number:
09982018
B R Brooks and Son Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended
31 October 2021
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B R Brooks and Son Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of B R Brooks and Son Limited for the year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B R Brooks and Son Limited for the year ended 31 October 2021 which comprise the Balance sheet
and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of B R Brooks and Son Limited, as a body, in accordance with the terms of our engagement letter dated
13 September 2016. Our work has been undertaken solely
to prepare for your approval the financial statements of B R Brooks and Son Limited and state those matters that we have agreed to state to the Board of directors of B R Brooks and Son Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B R Brooks and Son Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that B R Brooks and Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B R Brooks and Son Limited. You consider that B R Brooks and Son Limited is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of B R Brooks and Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
10 January 2022
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B R Brooks and Son Limited
Registered number:
09982018
Balance sheet
As at
31 October 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
Page 2
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B R Brooks and Son Limited
Registered number:
09982018
Balance sheet
(continued)
As at
31 October 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
22 December 2021
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The notes on pages 4 to 12 form part of these financial statements.
Page 3
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
1.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, with the continuance of trading dependent on the support of the company's bankers.
While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecendented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suplliers.
However, taking into consideration the UK Government's response and the company's planning, the directors have reasonable expectation that the company will continue in operational existence for the forseable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 4
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
1.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Packhouse, irrigation, fittings and equipment
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Computer and office equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 5
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
1.
Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 6
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
1.
Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
B R Brooks and Son Limited is a private company limited by shares and is incorporated in England and Wales with the registration number 09982018.
The address of the registered office and trading address is Langdon Manor Farm, Seasalter Road, Faversham, Kent, ME13 9DA.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.
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The average monthly number of employees, including directors, during the year was 19
(2020 -
19
)
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Page 7
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B R Brooks and Son Limited
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Notes to the financial statements
For the year ended 31 October 2021
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Packhouse, irrigation, fittings and equipment
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Computer and office equipment
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 8
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
4.
Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Packhouse, irrigation, fittings and equipment
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At 31 October 2021 the valuation of land and buildings totaling £825,000 comprises an historic cost element of £437,734 and a revaluation element of £387,266.
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Stocks and inground valuation
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Prepayments and accrued income
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Page 9
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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HP liabilities and finance leases
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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Barclays Bank PLC holds fixed and floating charges over the assets of the company.
Page 10
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
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Creditors: Amounts falling due after more than one year
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HP liabilities and finance leases
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The following liabilities were secured:
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Details of security provided:
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Barclays Bank PLC holds fixed and floating charges over the assets of the company.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 11
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B R Brooks and Son Limited
Notes to the financial statements
For the year ended 31 October 2021
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Allotted, called up and fully paid
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100
(2020 -
100
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Ordinary
shares of £
1.00
each
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Revaluation reserve
The revaluation reserve relates to the accumulated revaluations surpluses in respect of freehold property and other fixed assets, less the associated deferred tax provision.
Page 12
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