Company Registration No. 02265990 (England and Wales)
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
93,222
113,487
Investments
2
165,306
65,306
258,528
178,793
Current assets
Stocks
352,553
297,713
Debtors
771,394
757,181
Cash at bank and in hand
426,490
407,231
1,550,437
1,462,125
Creditors: amounts falling due within one year
(1,039,253)
(864,725)
Net current assets
511,184
597,400
Total assets less current liabilities
769,712
776,193
Provisions for liabilities
(17,751)
(21,723)
751,961
754,470
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
750,961
753,470
Shareholders' funds
751,961
754,470
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 April 2017
M F Arrowsmith
Director
Company Registration No. 02265990
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Property improvements
Over the life of the lease
Plant and equipment
20% p.a. reducing balance
Fixtures, fittings and office equipment
15-33% p.a. reducing balance
Motor vehicles
25% p.a. reducing balance
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 October 2015
358,347
65,306
423,653
Additions
2,335
100,000
102,335
At 30 September 2016
360,682
165,306
525,988
Depreciation
At 1 October 2015
244,860
-
244,860
Charge for the year
22,600
-
22,600
At 30 September 2016
267,460
-
267,460
Net book value
At 30 September 2016
93,222
165,306
258,528
At 30 September 2015
113,487
65,306
178,793
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
250 Ordinary 'Class A' shares of 1 each
250
250
250 Ordinary 'Class B' shares of 1 each
250
250
250 Ordinary 'Class C' shares of 1 each
250
250
250 Ordinary 'Class D' shares of 1 each
250
250
1,000
1,000
The rights attached to the issued shares are disclosed in the company's Memorandum and Articles of Association.
4
Ultimate parent company
The company is wholly owned by Besseges Valves, Tubes & Fittings (Holdings) Limited, a company registered in England & Wales.
BESSEGES (VALVES, TUBES AND FITTINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 5 -
5
Related party relationships and transactions
Loans to directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
P D McNair -
4.00
(65)
44,359
344
19,500
25,138
M F Arrowsmith -
4.00
(1,128)
331,639
2,125
223,754
108,882
(1,193)
375,998
2,469
243,254
134,020