COMPANY REGISTRATION NO. 01774906 (England and Wales)
BONDTREND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BONDTREND LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
BONDTREND LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
158,076
150,713
Current assets
Inventories
288,550
271,357
Trade and other receivables
4
34,408
36,422
Cash and cash equivalents
32
1,297
322,990
309,076
Current liabilities
5
(147,473)
(201,441)
Net current assets
175,517
107,635
Total assets less current liabilities
333,593
258,348
Non-current liabilities
6
(261,625)
(206,774)
Provisions for liabilities
(9,687)
(7,872)
Net assets
62,281
43,702
Equity
Called up share capital
7
20,000
20,000
Retained earnings
42,281
23,702
Total equity
62,281
43,702
The director of the company has elected not to include a copy of the income statement 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 27 June 2019
Mr V D Walker
Director
Company Registration No. 01774906
BONDTREND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
1
Accounting policies
Company information
Bondtrend Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Bridge Street Yard, West End, Abercarn, Gwent, United Kingdom, NP11 4SE.
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. The principal accounting policies adopted are set out below.
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.
Revenue from the wholesale and retail sale of
fabrication of concrete products
is recognised when, and to the extent that, the company obtains the right to consideration in exchange for goods and services provided.
1.3
Property, plant and equipment
Property, plant and equipment
are measured at cost, 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
2% on reducing balance
Plant and machinery
20% on reducing balance
Fixtures, fittings & equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Inventories
Inventories 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 inventories to their present location and condition.
Inventories 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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
BONDTREND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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.
1.6
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.
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BONDTREND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
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.
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 5).
3
Property, plant and equipment
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2017
145,504
200,991
21,913
110,456
478,864
Additions
-
10,500
856
11,495
22,851
At 30 September 2018
145,504
211,491
22,769
121,951
501,715
Depreciation and impairment
At 1 October 2017
36,225
186,289
18,300
87,337
328,151
Depreciation charged in the year
2,186
3,816
832
8,654
15,488
At 30 September 2018
38,411
190,105
19,132
95,991
343,639
Carrying amount
At 30 September 2018
107,093
21,386
3,637
25,960
158,076
At 30 September 2017
109,279
14,702
3,613
23,119
150,713
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
33,412
35,686
Prepayments and accrued income
996
736
34,408
36,422
BONDTREND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
5
Current liabilities
2018
2017
£
£
Bank loans and overdrafts
6,499
8,173
Obligations under finance leases
5,825
1,776
Other borrowings
14,864
14,848
Trade payables
90,352
114,619
Corporation tax
3,113
112
Other taxation and social security
12,133
11,084
Other payables
13,583
49,094
Accruals and deferred income
1,104
1,735
147,473
201,441
6
Non-current liabilities
2018
2017
Notes
£
£
Bank loans and overdrafts
85,809
57,843
Obligations under finance leases
14,598
2,713
Other borrowings
161,218
146,218
261,625
206,774
Included in bank loans and overdrafts is a balance of £90,495 (2017 - £66,016) secured against freehold property.
Included in obligations under finance leases is a balance of £20,423 (2017 - £4,489) secured against motor vehicles and plant and machinery.
Amounts included above which fall due after five years are as follows:
Payable by instalments
65,160
22,508
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary of £1 each
20,000
20,000
8
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The balance outstanding to
the director
at the year end was £
13,583 (2017 -
£
49,094
) and is included in creditors: amounts falling due within one ear.