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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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BUTLER REYNOLDS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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BUTLER REYNOLDS LIMITED |
BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BUTLER REYNOLDS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 2 |
Charnwood Edge Business Park |
Syston Road |
Leicester |
LE7 4UZ |
BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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BALANCE SHEET |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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BALANCE SHEET - continued |
31 March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Butler Reynolds Limited is a limited company, registered in England and Wales. Its registered office address is |
Unit 4 Wetherby Road, Osmaston Park Industrial Estate, Derby, Derbyshire, DE24 8HL and the registered |
number is 01474968. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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The following criteria must also be met before revenue is recognised: |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the |
goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be |
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the |
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
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Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible |
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. |
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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. |
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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. |
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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 (or cash-generating |
unit) 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 (or cash-generating unit) 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. |
BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises |
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in |
bringing the stocks to their present location and condition. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and |
cost, adjusted where applicable for any loss of service potential. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks |
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or |
loss. Reversals of impairment losses are also recognised in profit or loss. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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Deferred tax |
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the |
extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise |
in the foreseeable future. Deferred taxation is not discounted. |
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Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and |
rewards of ownership to the lessees. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of |
inception and the present value of the minimum lease payments. The related liability is included in the balance |
sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. |
The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the |
remaining balance of the liability. |
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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. |
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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. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are |
received. |
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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. |
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Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
and cash overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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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. |
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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. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, 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 payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts 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. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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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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BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals | ( |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 281,047 | 264,432 |
Other creditors |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 8) |
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BUTLER REYNOLDS LIMITED (REGISTERED NUMBER: 01474968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Obligations under hire purchase contracts are secured on the assets concerned. |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred tax |
£ |
Balance at 1 April 2017 |
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Provided during year |
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Balance at 31 March 2018 |
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10. | PARENT COMPANY |
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The ultimate parent company and controlling party is BR Holdings Limited, a company registered in |
England and Wales . The principal place of business is Unit 4 Wetherby Road, Osmaston Park Trading Estate, |
Derby, Derbyshire, DE24 8HL. |