REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BREACHWOOD TRANSPORT & REMOVALS LIMITED |
TRADING AS |
BTR INTERNATIONAL |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BREACHWOOD TRANSPORT & REMOVALS LIMITED |
TRADING AS |
BTR INTERNATIONAL |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BREACHWOOD TRANSPORT & REMOVALS LIMITED |
TRADING AS BTR INTERNATIONAL |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Breachwood Transport & Removals Limited is a private company, limited by share capital registered in England and Wales. The company's registered number is 00722110 and its registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, England, CV23 0UZ. |
The company's place of business is BTR International, Unit A20, Basepoint Business Centre, 110 Great Marlings, Luton, LU2 8DL. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in Sterling (£). |
Turnover |
Turnover 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: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the delivery has been made, which constitutes a significant act as part of the service. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Fixtures and fittings | - | 20% reducing balance |
Motor vehicles | - | 25% reducing balance |
Computer equipment | - | 15% reducing balance |
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. |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
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. |
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. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Monetary 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 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. |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Leased assets |
At inception the company assess arrangements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. |
(i) Finance leased assets |
Leases of assets that transfer all the risks and rewards of ownership are classed as finance leases. Finance leases are capitalised at commencement of the lease at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
(ii) Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Sundry receipts |
The company earns commissions in relation to purchases made from suppliers. Commission income is recognised on an accruals basis in accordance with the substance of the relevant agreement. |
Grants |
The company has received funding in the form of grants relating to the Coronavirus Job Retention Scheme |
(CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met. |
Research and development |
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Any research and development tax credits which are in excess of profits are recognised in the profit and loss on the year they are received. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 5,997 | 10,494 |
The hire purchase contracts are secured by fixed assets financed under the agreements. |
BREACHWOOD TRANSPORT & REMOVALS LIMITED (REGISTERED NUMBER: 00722110) |
TRADING AS BTR INTERNATIONAL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
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. |
During the year, sales of £714,513 (2022: £115,542) were made to group entities that have a controlling interest in the company. |
During the year, administrative expenses of £515,251 (2022: £713,341) were charged from group entities that have a controlling interest in the company. |
During the year, interest of £18,213 (2022: £17,790) was charged on a loan with a group entity. |
At the year end, the company owed £316,860 (2022: £553,935) to group entities that have a controlling interest in the company. |
At the year end, the company was owed £79,220 (2022: £nil) from group entities that have a controlling interest in the company. |