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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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BETTERSKILL LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 2016 |
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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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Chartered Accountants' Report | 8 |
BETTERSKILL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 |
7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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305,366 | 375,766 |
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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. |
BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Betterskill Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. |
The date of transition is 1 January 2014. Details of the transition can be found in note 13. |
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The financial statements are presented in Sterling (£) rounded to the nearest £1. |
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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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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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Freehold property is revalued by the directors at the end of each financial period with depreciation charged to |
write off the difference in values, down to its estimated realisable value. |
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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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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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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 profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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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Investments |
Investments in shares are included at fair value. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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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 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Prepayments |
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7. | CURRENT ASSET INVESTMENTS |
31.12.16 | 31.12.15 |
£ | £ |
Listed investments |
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124,103 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
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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BETTERSKILL LIMITED (REGISTERED NUMBER: 02192176) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.16 | 31.12.15 |
£ | £ |
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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Directors' loan accs more than |
1 yr |
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86,307 |
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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 | - | 46,258 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | - | 1,500 |
Bank loan | - | 76,498 |
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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 and by a fixed and floating charge over the assets |
of the company. |
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11. | RESERVES |
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Included in retained earnings is £2,122 (2015 - £8,103) of profits which are not available for distribution as they |
are unrealised gains on revaluations. |
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12. | 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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13. | RELATED PARTY DISCLOSURES |
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During the year, total
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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 2016 |
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14. | FIRST YEAR ADOPTION |
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These are the company's first financial statements prepared in accordance with the provisions of Section 1A |
"Small Entities" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United |
Kingdom and Republic of Ireland". Previously they were prepared in accordance with previous UK GAAP. The |
company has prepared its opening balance sheet at the date of transition to FRS 102, which is 01 January 2015. |
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The transition to FRS 102 Section 1A has resulted in a small number of changes in accounting policies to those |
used previously, as detailed below: |
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1 January
2015 |
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31 December
2015 |
£ | £ |
Shareholders' funds (as previously stated) | 147,121 | 210,138 |
Unrealised gain on investment shareholding | 12,959 | 8,103 |
160,080 | 218,241 |
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Year ended
31 December 2015 |
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Profit for the year after tax (as previously stated) | 81,317 |
Unrealised loss on investment shareholding | (4,856 | ) |
76,461 |
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Exemptions from full retrospective application |
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The company's accounting policies presented in note 3 have been applied in preparing the financial statements |
for the year ended 31 December 2016, the comparative information and the opening balance sheet as at the date |
of transition. Upon transition, the company has applied all the mandatory exceptions from full retrospective |
application. |
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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 Income Statement 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 2016 which comprise the Income Statement, |
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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Betterskill Limited 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 |
7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
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