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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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BRITISH INTERNATIONAL INDUSTRIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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BRITISH INTERNATIONAL INDUSTRIES LIMITED |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BRITISH INTERNATIONAL INDUSTRIES LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 December 2017 |
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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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BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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ABRIDGED BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Retained earnings |
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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
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(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. |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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ABRIDGED BALANCE SHEET - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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British International Industries Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Turnover |
Turnover represents sales of aviation goods and services, excluding value added tax, sold and performed during the year. |
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Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable |
to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery | - | 15% reducing balance |
Fixtures and fittings | - | 15% reducing balance |
Computer equipment | - | 25% on cost |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of |
purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the |
tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the |
date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of |
exchange ruling at the balance sheet date. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in |
the period to which they relate. |
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3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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4. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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5. | CALLED UP SHARE CAPITAL |
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On 15 September 2017 all of the existing preference shares were reclassified as ordinary shares. There was no affect on the |
share capital as a result of this change. |
BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2017 |
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6. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of |
the company in independent funds. The pension scheme cost represents contributions payable by the company into the fund |
during the year and amounted to £5,968 for the year ended 31 December 2017 (2016 - £3,269). The pension scheme |
liability represents any amounts due to the company pension scheme at the year end in respect of this financial year. This |
amount is included within 'Other creditors'. |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 31 December 2017, a director had loaned the company £57,149 (2016 - £624,646). There is no interest due on the |
loan and it is repayable on demand. |