Company Registration No. 02647279 (England and Wales)
BIDDLE & MUMFORD GEARS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
BIDDLE & MUMFORD GEARS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BIDDLE & MUMFORD GEARS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
88,270
65,424
Investments
2
100
100
88,370
65,524
Current assets
Stocks
63,148
68,351
Debtors
222,866
320,944
Cash at bank and in hand
452,663
458,290
738,677
847,585
Creditors: amounts falling due within one year
(509,523)
(611,889)
Net current assets
229,154
235,696
Total assets less current liabilities
317,524
301,220
Provisions for liabilities
(7,912)
(5,028)
309,612
296,192
Capital and reserves
Called up share capital
3
666
666
Other reserves
333
333
Profit and loss account
308,613
295,193
Shareholders' funds
309,612
296,192
BIDDLE & MUMFORD GEARS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
- 2 -
For the financial year ended 30 April 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 8 July 2016
Mr M B Tailor
Mr S C Rutledge
Director
Director
Company Registration No. 02647279
BIDDLE & MUMFORD GEARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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:
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
15% and 25% reducing balance
Motor vehicles
25% 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 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
BIDDLE & MUMFORD GEARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 May 2015
551,055
100
551,155
Additions
57,402
-
57,402
Disposals
(33,262)
-
(33,262)
At 30 April 2016
575,195
100
575,295
Depreciation
At 1 May 2015
485,631
-
485,631
On disposals
(22,857)
-
(22,857)
Charge for the year
24,151
-
24,151
At 30 April 2016
486,925
-
486,925
Net book value
At 30 April 2016
88,270
100
88,370
At 30 April 2015
65,424
100
65,524
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Smallgears Limited
England and Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Smallgears Limited
Precision engineering
1,433
-
The principal activity of the above wholly owned subsidiary is that of precision engineering. The company did not trade during the year.
BIDDLE & MUMFORD GEARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 5 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
666 Ordinary shares of £1 each
666
666