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Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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THE BARR COMMON TRADING CO LIMITED |
DRAFT |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31st March 2018 |
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for |
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THE BARR COMMON TRADING CO LIMITED |
THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Contents of the Financial Statements |
for the year ended 31st March 2018 |
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DRAFT |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE BARR COMMON TRADING CO LIMITED |
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Company Information |
for the year ended 31st March 2018 |
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DRAFT |
DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Balance Sheet |
31st March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
DRAFT |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Notes to the Financial Statements |
for the year ended 31st March 2018 |
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DRAFT |
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1. | STATUTORY INFORMATION |
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The Barr Common Trading Co Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
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. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means that |
actual outcomes could differ from those estimates. |
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Turnover |
Turnover represents the invoiced amount of goods sold,services provided and rental income exclusive of Value |
Added Tax to United Kingdom customers. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are initially recognised at fair value which is normally the transaction |
price. |
At each balance sheet date the investments are reviewed for any indication of impairment. If such indication |
exists then where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in |
profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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2. | ACCOUNTING POLICIES - continued |
DRAFT |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Cash and cash equivalents |
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments |
that mature in no more than three months from the date of acquisition and that are readily convertible to |
known amounts of cash with an insignificant risk of change in value. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating |
unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount |
where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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DRAFT |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
Additions |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1st April 2017 |
and 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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THE BARR COMMON TRADING CO LIMITED (REGISTERED NUMBER: 00661185) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2018 |
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DRAFT |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31st March 2018 and |
31st March 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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10. | CONTINGENT LIABILITY |
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The company has provided a guarantee relating to underwriting liabilities of a subsidiary undertaking, |
Nameco(No964)Limited, up to £600,000. The guarantee is supported by the company's bankers. |