Read Brothers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02295004 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

READ BROTHERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Read

M J Read

J M Read

Mrs A E Read

Mrs I J Read

SECRETARY:

M J Read

REGISTERED OFFICE:

Burnet Road

Sweetbriar Road Industrial Estate

Norwich

Norfolk

NR3 2BS

REGISTERED NUMBER:

02295004 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Certified Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

BANKERS:

Barclays Bank Plc

3 St James Court

Whitefriars

Norwich

Norfolk

NR3 1RJ

FIXED ASSETS

Tangible assets

4

576,730

602,130

Investments

5

90,000

90,000

666,730

692,130

CURRENT ASSETS

Stocks

300,467

317,664

Debtors

6

771,683

932,111

Cash at bank and in hand

814,406

555,020

1,886,556

1,804,795

CREDITORS

Amounts falling due within one year

7

1,175,679

1,346,409

NET CURRENT ASSETS

710,877

458,386

TOTAL ASSETS LESS CURRENT LIABILITIES

1,377,607

1,150,516

PROVISIONS FOR LIABILITIES

39,769

44,082

NET ASSETS

1,337,838

1,106,434

CAPITAL AND RESERVES

Called up share capital

77,600

77,600

Capital redemption reserve

72,400

72,400

Retained earnings

1,187,838

956,434

SHAREHOLDERS' FUNDS

1,337,838

1,106,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2020 and were signed on its behalf by:

B J Read - Director

M J Read - Director

1.	STATUTORY INFORMATION

Read Brothers Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Straight line over 93 years

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

No depreciation has been provided on freehold buildings in accordance with Financial Reporting Standard 15

as both the charge and the accumulated balance of depreciation would be immaterial.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2018 - 45 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2018

401,038

772,224

1,173,262

Additions

-

17,305

17,305

At 30 September 2019

401,038

789,529

1,190,567

DEPRECIATION

At 1 October 2018

40,327

530,805

571,132

Charge for year

2,364

40,341

42,705

At 30 September 2019

42,691

571,146

613,837

NET BOOK VALUE

At 30 September 2019

358,347

218,383

576,730

At 30 September 2018

360,711

241,419

602,130

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Investments

90,000

90,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

610,682

786,744

Other debtors

161,001

145,367

771,683

932,111

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

688,613

846,247

Taxation and social security

244,650

250,396

Other creditors

242,416

249,766

1,175,679

1,346,409

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, included within debtors due within one year are loans to the director B J Read £45,543 (2018:

£45,492) and the director J M Read £7,375 (2018: £2,165).

At the year end, included within creditors due within one year are loans from the director M J Read £91 (2018:

£91). These loans are unsecured, interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company are the directors acting in concert.