Company Registration No. 02030483 (England and Wales)
BRIGGS & STRATTON U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
1 JULY 2018
01 July 2018
PAGES FOR FILING WITH REGISTRAR
BRIGGS & STRATTON U.K. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BRIGGS & STRATTON U.K. LIMITED
BALANCE SHEET
AS AT 1 JULY 2018
01 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
74,918
4,643
Current assets
Debtors
4
578,806
505,357
Cash at bank and in hand
484,517
465,506
1,063,323
970,863
Creditors: amounts falling due within one year
5
(347,872)
(297,738)
Net current assets
715,451
673,125
Total assets less current liabilities
790,369
677,768
Capital and reserves
Called up share capital
6
100,000
100,000
Profit and loss reserves
8
690,369
577,768
Total equity
790,369
677,768

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

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

The financial statements were approved by the board of directors and authorised for issue on 4 March 2019 and are signed on its behalf by:
Mrs L Lyons
Director
Company Registration No. 02030483
BRIGGS & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JULY 2018
- 2 -
1
Accounting policies
Company information

Briggs & Stratton U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Road Four, Winsford Industrial Estate, Winsford, Cheshire, CW7 3QN.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The financial statements are made up to the Sunday nearest 30 June each year. The financial period ending 1 July 2018 represents 52 weeks and the comparative period to 2 July 2017 also represents 52 weeks.

1.4
Turnover

Turnover represents sales commission receivable from other group undertakings outside the United Kingdom for sales generated within the United Kingdom. Turnover also represents training and seminar income receivable.

1.5
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:

Land and buildings - Leasehold
over the life of the lease
Plant and machinery
5 - 50% 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 .

1.6
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 & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JULY 2018
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks .

1.8
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 and loans from fellow group companies 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BRIGGS & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

BRIGGS & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JULY 2018
1
Accounting policies
(Continued)
- 5 -
1.14
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 are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 11 (2017 - 11 ).

3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 3 July 2017
21,500
55,181
76,681
Additions
-
80,160
80,160
Disposals
-
(1,902)
(1,902)
At 1 July 2018
21,500
133,439
154,939
Depreciation and impairment
At 3 July 2017
21,500
50,538
72,038
Depreciation charged in the period
-
9,885
9,885
Eliminated in respect of disposals
-
(1,902)
(1,902)
At 1 July 2018
21,500
58,521
80,021
Carrying amount
At 1 July 2018
-
74,918
74,918
At 2 July 2017
-
4,643
4,643
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
520,762
451,855
Other debtors
58,044
53,502
578,806
505,357
BRIGGS & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JULY 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
15,714
31,584
Corporation tax
15,239
15,220
Other taxation and social security
280,361
230,508
Other creditors
36,558
20,426
347,872
297,738
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

The senior statutory auditor was Caroline Peters.
The auditor was Rickard Luckin Limited.
8
Profit and loss reserves

All profit and loss reserves are distributable.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
515,757
66,336
10
Related party transactions

At the year end there was a balance owed from Briggs & Stratton AG, a fellow subsidiary, of £520,762 (2017: £451,855 ).

BRIGGS & STRATTON U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JULY 2018
- 7 -
11
Parent company

The company is a wholly owned subsidiary of Briggs & Stratton Corporation, incorporated in the State of Wisconsin in the USA.

This is both the immediate and ultimate parent company. The financial statements of the company are included in the consolidated financial statements of Briggs & Stratton Corporation, which are available to the public from the Department of the Corporate Secretary, Post Office Box 702, Milwaukee, Wisconsin 53201, USA.

2018-07-01 2017-07-03 false CCH Software CCH Accounts Production 2018.300 No description of principal activity 28 March 2019 This audit opinion is unqualified Mrs L Lyons M Stella MA Schwertfeger Mrs L Lyons 02030483 2017-07-03 2018-07-01 02030483 2018-07-01 02030483 2017-07-02 02030483 core:OtherPropertyPlantEquipment 2018-07-01 02030483 core:OtherPropertyPlantEquipment 2017-07-02 02030483 core:CurrentFinancialInstruments 2018-07-01 02030483 core:CurrentFinancialInstruments 2017-07-02 02030483 core:ShareCapital 2018-07-01 02030483 core:ShareCapital 2017-07-02 02030483 core:RetainedEarningsAccumulatedLosses 2018-07-01 02030483 core:RetainedEarningsAccumulatedLosses 2017-07-02 02030483 core:ShareCapitalOrdinaryShares 2018-07-01 02030483 core:ShareCapitalOrdinaryShares 2017-07-02 02030483 bus:CompanySecretaryDirector1 2017-07-03 2018-07-01 02030483 core:LandBuildings core:LeasedAssetsHeldAsLessee 2017-07-03 2018-07-01 02030483 core:PlantMachinery 2017-07-03 2018-07-01 02030483 2016-07-04 2017-07-02 02030483 core:LandBuildings 2017-07-02 02030483 core:OtherPropertyPlantEquipment 2017-07-02 02030483 2017-07-02 02030483 core:LandBuildings 2018-07-01 02030483 core:OtherPropertyPlantEquipment 2017-07-03 2018-07-01 02030483 bus:OrdinaryShareClass1 2017-07-03 2018-07-01 02030483 bus:OrdinaryShareClass1 2018-07-01 02030483 bus:PrivateLimitedCompanyLtd 2017-07-03 2018-07-01 02030483 bus:FRS102 2017-07-03 2018-07-01 02030483 bus:Audited 2017-07-03 2018-07-01 02030483 bus:SmallCompaniesRegimeForAccounts 2017-07-03 2018-07-01 02030483 bus:Director1 2017-07-03 2018-07-01 02030483 bus:Director2 2017-07-03 2018-07-01 02030483 bus:Director3 2017-07-03 2018-07-01 02030483 bus:CompanySecretary1 2017-07-03 2018-07-01 02030483 bus:FullAccounts 2017-07-03 2018-07-01 xbrli:pure xbrli:shares iso4217:GBP