Company Registration No. 00859279 (England and Wales)
BERTWISTLES (BAKERS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BERTWISTLES (BAKERS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BERTWISTLES (BAKERS) LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
76,597
82,807
Current assets
Stocks
5,722
6,600
Debtors
5
31,223
20,644
Cash at bank and in hand
28,109
47,969
65,054
75,213
Creditors: amounts falling due within one year
6
(36,361)
(39,981)
Net current assets
28,693
35,232
Total assets less current liabilities
105,290
118,039
Creditors: amounts falling due after more than one year
7
(34,666)
(37,546)
Provisions for liabilities
(4,900)
(5,500)
Net assets
65,724
74,993
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
64,724
73,993
Total equity
65,724
74,993
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BERTWISTLES (BAKERS) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 April 2019 and are signed on its behalf by:
Mr RJW McKenna
Director
Company Registration No. 00859279
BERTWISTLES (BAKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Bertwistles (Bakers) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 - 9 Central Buildings, Padiham, Burnley, Lancashire, BB12 8NB.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
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
4% per annum straight line
Fixtures, fittings and equipment
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BERTWISTLES (BAKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
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.
1.9
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..
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2017 - 16).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2017 and 30 September 2018
4,000
Amortisation and impairment
At 1 October 2017 and 30 September 2018
4,000
Carrying amount
At 30 September 2018
-
At 30 September 2017
-
BERTWISTLES (BAKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
4
Tangible fixed assets
Land and buildings
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2017
63,660
140,744
24,523
228,927
Additions
-
3,130
15,800
18,930
Disposals
-
-
(21,150)
(21,150)
At 30 September 2018
63,660
143,874
19,173
226,707
Depreciation and impairment
At 1 October 2017
10,184
123,552
12,384
146,120
Depreciation charged in the year
2,546
3,049
2,798
8,393
Eliminated in respect of disposals
-
-
(4,403)
(4,403)
At 30 September 2018
12,730
126,601
10,779
150,110
Carrying amount
At 30 September 2018
50,930
17,273
8,394
76,597
At 30 September 2017
53,476
17,192
12,139
82,807
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
23,963
15,172
Other debtors
7,260
5,472
31,223
20,644
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans (secured)
2,881
2,712
Trade creditors
8,755
10,977
Taxation and social security
7,641
10,236
Directors' loan account
12,747
11,847
Other creditors
4,337
4,209
36,361
39,981
BERTWISTLES (BAKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans (secured)
34,666
37,546