Company Registration No. 02859063 (England and Wales)
BRIDGTOWN PLANT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BRIDGTOWN PLANT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BRIDGTOWN PLANT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
81,967
-
Current assets
Debtors
3
1,924,952
2,082,504
Cash at bank and in hand
79,337
48,388
2,004,289
2,130,892
Creditors: amounts falling due within one year
4
(62,010)
(62,748)
Net current assets
1,942,279
2,068,144
Total assets less current liabilities
2,024,246
2,068,144
Creditors: amounts falling due after more than one year
5
(32,969)
(65,000)
Net assets
1,991,277
2,003,144
Capital and reserves
Called up share capital
6
120
120
Profit and loss reserves
1,991,157
2,003,024
Total equity
1,991,277
2,003,144
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 22 December 2017 and are signed on its behalf by:
Mr D P Mullinder
Director
Company Registration No. 02859063
BRIDGTOWN PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Bridgtown Plant Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Fernhill Estate Office, Fernhill Road, Sutton, Newport, Shropshire, TF10 8DJ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Bridgtown Plant Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover 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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and machinery
20-25% Straight line
Motor vehicles
33.3% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BRIDGTOWN PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.6
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at the transaction price.
Basic financial liabilities
Short term creditors are measured at the transaction price.
1.7
Taxation
The tax expense
currently
represents the 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 profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, 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.
1.8
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
their
fair
value at the date of inception.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
BRIDGTOWN PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
250,888
Additions
98,565
At 31 March 2017
349,453
Depreciation and impairment
At 1 April 2016
250,888
Depreciation charged in the year
16,598
At 31 March 2017
267,486
Carrying amount
At 31 March 2017
81,967
At 31 March 2016
-
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
8,543
7,866
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,885,259
2,070,389
Other debtors
31,150
3,358
1,924,952
2,081,613
Deferred tax asset
-
891
1,924,952
2,082,504
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
19,305
5,511
Amounts due to group undertakings and undertakings in which the company has a participating interest
15,354
40,183
Other creditors
27,351
17,054
62,010
62,748
BRIDGTOWN PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
32,969
65,000
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
120 Ordinary of £1 each
120
120
120
120
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Robert Evans BSc FCA.
The auditor was Hall Livesey Brown.
8
Financial commitments, guarantees and contingent liabilities
The company is party to an omnibus guarantee agreement dated 10 October 2013, between the bank, Fernhill Estates Ltd, Parkhill Estates Ltd, Ketley Business Park Ltd, Brymbo Developments Ltd, and I'll be in the Countess Arms by Seven Ltd.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
39,012
44,030
10
Capital commitments
The company is party to an omnibus guarantee agreement dated 10 October 2013, between the bank, Fernhill Estates Ltd, Parkhill Estates Ltd, I'll Be In The Countess Arms By Seven Ltd, Brymbo Developments Ltd and Ketley Business Park Ltd.
BRIDGTOWN PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
11
Parent company
The ultimate parent company is Parkhill 2000 Limited, a company registered in England and Wales.