Company Registration No. 0985025 (England and Wales)
BOLLINGTON STORAGE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BOLLINGTON STORAGE COMPANY LIMITED
COMPANY INFORMATION
Directors
Mrs J M Cooper
Mrs J A Goodwin
Mrs J M Woolf
Secretary
Mrs J M Cooper
Company number
0985025
Registered office
Homewood
201 Birtles Road
Whirley
Macclesfield
Cheshire
SK10 3JH
Accountants
Josolyne & Co
Silk House
Park Green
Macclesfield
Cheshire
SK11 7QW
Bankers
National Westminster Bank plc
1 Ashbrook Road
Bollington
Macclesfield
Cheshire
SK10 5LH
BOLLINGTON STORAGE COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BOLLINGTON STORAGE COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
660,000
660,000
Current assets
Trade and other receivables
4
9,997
10,999
Cash and cash equivalents
82,158
72,117
92,155
83,116
Current liabilities
5
(15,120)
(14,280)
Net current assets
77,035
68,836
Total assets less current liabilities
737,035
728,836
Provisions for liabilities
(95,140)
(95,140)
Net assets
641,895
633,696
Equity
Called up share capital
6
17,404
17,404
Retained earnings
624,491
616,292
Total equity
641,895
633,696
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 8 September 2017 and are signed on its behalf by:
Mrs J A Goodwin
Director
Company Registration No. 0985025
BOLLINGTON STORAGE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Bollington Storage Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Homewood, 201 Birtles Road, Whirley, Macclesfield, Cheshire, SK10 3JH.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Bollington Storage Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
1.2
Revenue
Revenue 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
Property, plant and equipment
Property, plant and equipment
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 Freehold
No depreciation charged
Fixtures, fittings & equipment
20% on a reducing balance basis
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
.
1.4
Impairment of non-current 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).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.
BOLLINGTON STORAGE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial instruments are recognised in the company's statement of financial position 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
Trade receivables
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Trade payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
BOLLINGTON STORAGE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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 non-current 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016 and 31 March 2017
660,000
199
660,199
Depreciation and impairment
At 1 April 2016 and 31 March 2017
-
199
199
Carrying amount
At 31 March 2017
660,000
-
660,000
At 31 March 2016
660,000
-
660,000
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
9,997
10,999
BOLLINGTON STORAGE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Current liabilities
2017
2016
£
£
Corporation tax
9,763
9,403
Other taxation and social security
3,187
2,987
Other payables
2,170
1,890
15,120
14,280
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
17,404 ordinary shares of £1 each
17,404
17,404
17,404
17,404
BOLLINGTON STORAGE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Property, plant and equipment
600,000
-
600,000
660,000
-
660,000
Current assets
Trade and other receivables
1,343
-
1,343
10,999
-
10,999
Bank and cash
62,086
-
62,086
72,117
-
72,117
63,429
-
63,429
83,116
-
83,116
Creditors due within one year
Taxation
(8,207)
-
(8,207)
(12,390)
-
(12,390)
Other payables
6,151
-
6,151
(1,890)
-
(1,890)
(2,056)
-
(2,056)
(14,280)
-
(14,280)
Net current assets
61,373
-
61,373
68,836
-
68,836
Total assets less current liabilities
661,373
-
661,373
728,836
-
728,836
Provisions for liabilities
Deferred tax
-
(83,140)
(83,140)
-
(95,140)
(95,140)
Net assets
661,373
(83,140)
578,233
728,836
(95,140)
633,696
Equity
Share capital
17,404
-
17,404
17,404
-
17,404
Revaluation reserve
415,702
(415,702)
-
475,702
(475,702)
-
Profit and loss
228,267
332,562
560,829
235,730
380,562
616,292
Total equity
661,373
(83,140)
578,233
728,836
(95,140)
633,696