Company Registration No. 02863204 (England and Wales)
BIG COUNTRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
BIG COUNTRY LIMITED
COMPANY INFORMATION
Directors
Mrs J Owide
Mr D Owide
(Appointed 6 November 2017)
Company number
02863204
Registered office
30 City Road
London
EC1Y 2AB
Accountants
Arram Berlyn Gardner (AH) Limited
30 City Road
London
EC1Y 2AB
BIG COUNTRY LIMITED
CONTENTS
Page
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BIG COUNTRY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BIG COUNTRY LIMITED FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Big Country Limited for the period ended 28 February 2017 set out on pages to 8 from the company’s accounting records and from information and explanations you have given us.
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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Big Country Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Big Country Limited
and state those matters that we have agreed to state to the Board of Directors of Big Country Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Big Country Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Big Country 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 loss of Big Country Limited. You consider that Big Country Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Big Country 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.
Arram Berlyn Gardner (AH) Limited
29 May 2018
Chartered Accountants
30 City Road
London
EC1Y 2AB
BIG COUNTRY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2017
28 February 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
49,163
55,496
Current assets
Debtors
4
46,687
278,140
Cash at bank and in hand
414
59,522
47,101
337,662
Creditors: amounts falling due within one year
5
(224,245)
(28,528)
Net current (liabilities)/assets
(177,144)
309,134
Total assets less current liabilities
(127,981)
364,630
Capital and reserves
Called up share capital
6
300,000
300,000
Share premium account
7
145,830
145,830
Profit and loss reserves
7
(573,811)
(81,200)
Total equity
(127,981)
364,630
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
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 29 May 2018 and are signed on its behalf by:
Mrs J Owide
Director
Company Registration No. 02863204
BIG COUNTRY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2015
300,000
145,830
(50,740)
395,090
Year ended 30 April 2016:
Loss and total comprehensive income for the year
-
-
(30,460)
(30,460)
Balance at 30 April 2016
300,000
145,830
(81,200)
364,630
Period ended 28 February 2017:
Loss and total comprehensive income for the period
-
-
(492,611)
(492,611)
Balance at 28 February 2017
300,000
145,830
(573,811)
(127,981)
BIG COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 4 -
1
Accounting policies
Company information
Big Country Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30 City Road, London, EC1Y 2AB.
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. The principal accounting policies adopted are set out below.
These financial statements for the period ended 28 February 2017
are the
first
financial statements of Big Country 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 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
These financial statements have been prepared over a period of 10 months. Comparative amounts
presented in the financial statements (including
the related notes)
are therefore not entirely comparable to the current period figures presented in the financial statements.
1.3
Turnover
Turnover represents amounts receivable in respect of licence, rent and fees rendered.
1.4
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:
Land and buildings Leasehold
Over the period of the lease
Fixtures, fittings & equipment
25% reducing balance basis
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
.
1.5
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.
BIG COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
BIG COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2016 - 1).
BIG COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2016 and 28 February 2017
151,974
182,366
334,340
Depreciation and impairment
At 1 May 2016
96,912
181,931
278,843
Depreciation charged in the period
6,243
91
6,334
At 28 February 2017
103,155
182,022
285,177
Carrying amount
At 28 February 2017
48,819
344
49,163
At 30 April 2016
55,061
435
55,496
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
6,076
5,565
Other debtors
40,611
272,575
46,687
278,140
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
64,102
-
Corporation tax
-
11,169
Other creditors
160,143
17,359
224,245
28,528
BIG COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 8 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
200,000 Deferred Convertible shares of £1 each
200,000
200,000
300,000
300,000
There are no restrictions on the distribution of dividends and repayment of capital.
7
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
2,376,000
2,772,000
9
Related party transactions
The company received rent of £
440
,000 (2016 : £
43
5,000) from Piccadilly Leisure Limited, a company controlled by the spouse of the director.
Included within other debtors is a balance of
£
Nil
(2016 : £
186,179
)
owed
by Piccadilly Leisure Limited
which is unsecured, interest free and repayable on demand. The amount owed by
Piccadilly Leisure Limited
of £341,042 was written off as company went to liquidation in September 2017.