Company registration number 11328499 (England and Wales)
BRIGGS & STONE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
BRIGGS & STONE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BRIGGS & STONE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
361,905
368,762
Current assets
Debtors
5
307,224
241,207
Cash at bank and in hand
224,461
185,201
531,685
426,408
Creditors: amounts falling due within one year
6
(205,044)
(146,604)
Net current assets
326,641
279,804
Total assets less current liabilities
688,546
648,566
Creditors: amounts falling due after more than one year
7
(144,839)
(164,855)
Provisions for liabilities
(6,832)
(6,810)
Net assets
536,875
476,901
Capital and reserves
Called up share capital
105
100
Share premium account
7,325
Profit and loss reserves
529,445
476,801
Total equity
536,875
476,901
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRIGGS & STONE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 December 2023 and are signed on its behalf by:
Ms Lucie Stone
Director
Company registration number 11328499 (England and Wales)
BRIGGS & STONE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Briggs & Stone Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 84 High Street, Prestwood, Buckinghamshire, HP16 9ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the cash value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised when invoiced plus an assessment of the amount of work in progress by reference to the stage of completion of the engagement at the year end.
Other income such as bank interest is recognised when received.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Fixtures and fittings
10% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BRIGGS & STONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
BRIGGS & STONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2022 - 8).
BRIGGS & STONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
348,517
47,366
395,883
Additions
8,711
8,711
At 31 March 2023
348,517
56,077
404,594
Depreciation and impairment
At 1 April 2022
6,970
20,151
27,121
Depreciation charged in the year
6,971
8,597
15,568
At 31 March 2023
13,941
28,748
42,689
Carrying amount
At 31 March 2023
334,576
27,329
361,905
At 31 March 2022
341,547
27,215
368,762
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
296,174
230,375
Other debtors
11,050
10,832
307,224
241,207
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,318
22,836
Trade creditors
29,059
9,716
Corporation tax
70,887
42,077
Other taxation and social security
75,180
42,795
Other creditors
8,600
29,180
205,044
146,604
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
144,839
164,855
BRIGGS & STONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The loan of £25,780 relates to a Bounce Back Loan Scheme (BBLS) loan. The Bounce Back Loan Scheme (BBLS) enables businesses to access finance more quickly during the coronavirus outbreak. The loan was taken out on 7 September 2020 with a term of 6 years, No repayments are due for the first 12 months and the government covers the interest during this period. Interest over the remaining term is charged at 2.5%.
The loan of £119,059 relates to a Term Loan for the purpose of purchase of the property. The loan was taken out on 4 August 2021 with a term of 10 years. Interest are charged on a floating interest rate basis.
8
Share-based payment transactions
During the year the company set up a Enterprise Management Incentive Scheme for certain senior personnel. The options are granted with an exercise price equalling £1,466 per share. Options over 5 shares are exercisable at the date of grant with a further 5 options exercisable from the grant date 1 April 2023 subject to the exercisable conditions being met.
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 April 2022
Granted
10
1,466.00
Exercised
(5)
1,466.00
Outstanding at 31 March 2023
5
1,466.00
Exercisable at 31 March 2023
The options outstanding at 31 March 2023 had an exercise price of £1,466 per share. At 31 March 2023 no options were exercisable as the conditions had not been met. They are exercisable in the 30 days starting with the date on which the company's accountants make their report on the company accounts.