Company registration number:
01670358
Banks Refrigeration Services Limited
Unaudited filleted financial statements
31 October 2017
Banks Refrigeration Services Limited
Contents
Statement of financial position
Notes to the financial statements
Banks Refrigeration Services Limited
Statement of financial position
31 October 2017
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2017
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2016
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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6,033
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7,977
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_______
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_______
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6,033
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7,977
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Current assets
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Stocks
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775
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815
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Debtors
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6
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43,059
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43,603
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Cash at bank and in hand
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10,365
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1
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_______
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_______
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54,199
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44,419
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Creditors: amounts falling due
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within one year
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7
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(
122,993)
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(
104,204)
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_______
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_______
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Net current liabilities
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(
68,794)
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(
59,785)
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_______
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_______
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Total assets less current liabilities
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(
62,761)
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(
51,808)
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_______
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_______
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Net liabilities
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(
62,761)
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(
51,808)
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_______
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_______
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Capital and reserves
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Called up share capital
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126
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126
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Profit and loss account
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(
62,887)
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(
51,934)
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_______
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_______
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Shareholder deficit
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(
62,761)
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(
51,808)
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_______
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_______
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For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors
and authorised for issue on
05 July 2018
, and are signed on behalf of the board by:
Mr Peter Banks
Director
Company registration number:
01670358
Banks Refrigeration Services Limited
Notes to the financial statements
Year ended 31 October 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Odyssey Works, Stirling Street, Grimsby, North East Lincolnshire, DN31 3AE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery
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-
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15 %
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reducing balance
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Fittings fixtures and equipment
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-
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10 %
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reducing balance
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Motor vehicles
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-
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25 %
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reducing balance
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Computer Equipment
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-
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25 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
5.
Tangible assets
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Plant and machinery
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Fixtures, fittings and equipment
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Motor vehicles
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Total
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£
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£
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£
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£
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Cost
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At 1 November 2016 and 31 October 2017
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13,962
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7,875
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10,850
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32,687
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_______
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_______
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_______
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_______
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Depreciation
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At 1 November 2016
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13,104
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7,251
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4,355
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24,710
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Charge for the year
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128
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183
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1,633
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1,944
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_______
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_______
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_______
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_______
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At 31 October 2017
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13,232
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7,434
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5,988
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26,654
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_______
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Carrying amount
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At 31 October 2017
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730
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441
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4,862
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6,033
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_______
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_______
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At 31 October 2016
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858
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624
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6,495
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7,977
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_______
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_______
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_______
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_______
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6.
Debtors
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2017
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2016
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£
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£
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Trade debtors
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43,059
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43,603
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2017
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2016
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£
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£
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Bank loans and overdrafts
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-
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2,534
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Trade creditors
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31,901
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32,568
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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26,393
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4,454
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Social security and other taxes
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8,119
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9,975
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Other creditors
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56,580
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54,673
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_______
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_______
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122,993
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104,204
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_______
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_______
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8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.