BHW Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01342461 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

BHW GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E E Ayres

R D Ayres

V L Ayres

R M Ayres

R J Ayres

J L Berry

SECRETARY:

V L Ayres

REGISTERED OFFICE:

Unit 7, Lismirrane Industrial Park

Elstree Road

Elstree

Borehamwood

Hertfordshire

WD6 3EE

REGISTERED NUMBER:

01342461 (England and Wales)

ACCOUNTANTS:

Sproull & Co.

Chartered Accountants

31-33 College Road

Harrow

Middlesex

HA1 1EJ

FIXED ASSETS

Intangible assets

4

4,000

4,000

Tangible assets

5

1,138,884

1,108,288

Investments

6

614,236

614,236

1,757,120

1,726,524

CURRENT ASSETS

Stocks

1,056,087

1,014,174

Debtors

7

986,190

960,307

Cash at bank and in hand

120,244

110,912

2,162,521

2,085,393

CREDITORS

Amounts falling due within one year

8

1,002,595

940,311

NET CURRENT ASSETS

1,159,926

1,145,082

TOTAL ASSETS LESS CURRENT LIABILITIES

2,917,046

2,871,606

CREDITORS

Amounts falling due after more than one year

9

(365,942

)

(400,445

)

PROVISIONS FOR LIABILITIES

11

(30,723

)

(22,472

)

NET ASSETS

2,520,381

2,448,689

CAPITAL AND RESERVES

Called up share capital

47,300

47,300

Revaluation reserve

213,206

213,206

Capital redemption reserve

2,700

2,700

Retained earnings

2,257,175

2,185,483

SHAREHOLDERS' FUNDS

2,520,381

2,448,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2020 and were signed on its behalf by:

R D Ayres - Director

E E Ayres - Director

1.	STATUTORY INFORMATION

BHW Group 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill purchased in 2003 was written off evenly over its estimated useful life of ten years.

Patents and licences

Amortisation is provided in order to write off each asset over its estimated useful life.

The directors consider, however, that the residual value of the patents and licences held by the company are at least equivalent to their original cost and therefore any amortisation is considered immaterial.

Tangible fixed assets

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

Freehold property

-

depreciation is not provided

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

The company has a policy and practice of continued maintenance and repair such that the freehold properties are maintained at a high standard. The directors therefore consider that the residual value of the properties is higher than their original cost and therefore any depreciation charge and accumulated depreciation is considered 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 Profit and Loss Account, 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.

Deferred tax is also provided on the unrealised gains in the value of the freehold property. It is measured using tax rates and laws that would have applied had the company sold the freehold property at its book value.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated in accordance with the relevant fixed asset accounting policy. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company contributes to personal pension schemes for directors and employees. The assets of the schemes are held by an independent pension provider. The amount charged to the profit and loss account is the contributions payable in the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st January 2019

and 31st December 2019

26,000

4,000

30,000

AMORTISATION

At 1st January 2019

and 31st December 2019

26,000

-

26,000

NET BOOK VALUE

At 31st December 2019

-

4,000

4,000

At 31st December 2018

-

4,000

4,000

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1st January 2019

1,005,795

44,558

195,160

Additions

-

-

14,667

Disposals

-

-

-

At 31st December 2019

1,005,795

44,558

209,827

DEPRECIATION

At 1st January 2019

-

44,558

180,427

Charge for year

-

-

6,586

Eliminated on disposal

-

-

-

At 31st December 2019

-

44,558

187,013

NET BOOK VALUE

At 31st December 2019

1,005,795

-

22,814

At 31st December 2018

1,005,795

-

14,733

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1st January 2019

271,316

106,221

189,534

1,812,584

Additions

9,802

42,925

7,623

75,017

Disposals

-

(55,682

)

-

(55,682

)

At 31st December 2019

281,118

93,464

197,157

1,831,919

DEPRECIATION

At 1st January 2019

223,495

79,348

176,468

704,296

Charge for year

5,282

8,522

13,077

33,467

Eliminated on disposal

-

(44,728

)

-

(44,728

)

At 31st December 2019

228,777

43,142

189,545

693,035

NET BOOK VALUE

At 31st December 2019

52,341

50,322

7,612

1,138,884

At 31st December 2018

47,821

26,873

13,066

1,108,288

The historic cost of all freehold properties held is £779,109. This includes one property with a historic cost of £203,314 which, following a previous policy of revaluation, was brought up to the current book value of £430,000 in December 2013.

In line with options available for companies upon adoption of Financial Reporting Standard 102, this freehold property valuation is being carried as deemed cost.

Properties acquired since the introduction of Financial Reporting Standard 102 are shown at original cost.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st January 2019

and 31st December 2019

614,236

NET BOOK VALUE

At 31st December 2019

614,236

At 31st December 2018

614,236

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

886,532

864,005

Other debtors

99,658

96,302

986,190

960,307

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

144,444

108,038

Hire purchase contracts

13,946

3,966

Trade creditors

435,860

427,259

Amounts owed to group undertakings

300

300

Taxation and social security

149,389

138,454

Other creditors

258,656

262,294

1,002,595

940,311

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

336,901

391,932

Hire purchase contracts

29,041

8,513

365,942

400,445

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

60,283

103,334

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

83,146

47,991

Bank loans

398,199

451,979

481,345

499,970

Security provided:

Debenture dated 16th January 1995 incorporating all assets of the company.

Legal charges dated 5th November 1997 and 24th March 2017 over the company's freehold properties.

Unlimited inter-company guarantee dated 21st June 2007 between the company and it's subsidiary Winchmaster Limited.

11.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Deferred tax

22,472

25,217

Deferred tax movement

8,251

(2,745

)

30,723

22,472

Deferred

tax

£

Balance at 1st January 2019

22,472

Accelerated capital allowances

8,251

Balance at 31st December 2019

30,723