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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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BETTERSKILL LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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FOR |
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BETTERSKILL LIMITED |
BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 7 |
BETTERSKILL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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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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Chartered Accountants |
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BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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BALANCE SHEET |
31 DECEMBER 2015 |
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31.12.15 | 31.12.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors | 3 |
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Investments | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 | 6 |
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PROVISIONS FOR LIABILITIES | 10 |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve | 12 |
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Profit and loss account | 12 |
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SHAREHOLDERS' FUNDS |
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367,663 | 320,479 |
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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. |
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The financial statements were approved by the Board of Directors on
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BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting |
Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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No depreciation is provided on freehold property because the directors consider that it is immaterial. The directors consider that |
this policy results in the accounts giving a true and fair view. |
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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated |
useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of |
the future payments is treated as a liability. |
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2. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2015 |
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Additions |
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At 31 December 2015 |
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DEPRECIATION |
At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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The net book value of tangible fixed assets includes £
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contracts. |
BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.15 | 31.12.14 |
£ | £ |
Trade debtors | 69,946 | 38,115 |
Prepayments | 3,524 | 3,515 |
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4. | CURRENT ASSET INVESTMENTS |
31.12.15 | 31.12.14 |
£ | £ |
Listed investments | 116,000 | 92,000 |
Market value of listed investments at 31 December 2015 - £ 124,103 (2014 - £ 108,838 ). |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.15 | 31.12.14 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.15 | 31.12.14 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Directors' loan accs more than |
1 yr |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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7. | PREFERENCE SHARES |
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Details of preference shares are as follows: |
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8. | OPERATING LEASE COMMITMENTS |
BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.15 | 31.12.14 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 1,500 | 3,500 |
Bank loan | 76,498 | 82,405 |
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Hire purchase liabilities are secured on the assets to which they relate. The bank overdraft and bank loan facilities are secured on |
the freehold property of the company. |
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10. | PROVISIONS FOR LIABILITIES |
31.12.15 | 31.12.14 |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1 January 2015 |
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Provision movement | ( |
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Rate movement | ( |
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Balance at 31 December 2015 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.15 | 31.12.14 |
value: | £ | £ |
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'A' Ordinary | £1 |
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'B' Ordinary | £1 |
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'C' Ordinary | £1 |
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100 | 100 |
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12. | RESERVES |
Profit | Capital |
and loss | redemption |
account | reserve | Totals |
£ | £ | £ |
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At 1 January 2015 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2015 |
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BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Mr M Lewis covenants not to demand repayment on his director's loan account or any part except on at least three months written |
notice on demand. |
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14. | RELATED PARTY DISCLOSURES |
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During the year, total
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15. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BETTERSKILL LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of |
Betterskill Limited for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related |
notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of Betterskill Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Betterskill Limited and state those matters that we have agreed to state to the Board of Directors of Betterskill Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Betterskill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Betterskill Limited. You consider that Betterskill Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Betterskill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
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12 September 2016 |