Company Registration No. 03207460 (England and Wales)
C BASTOCK (CONTRACTS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
C BASTOCK (CONTRACTS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
C BASTOCK (CONTRACTS) LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,486,745
1,133,267
Current assets
Stocks
9,000
1,200
Debtors
4
325,134
283,608
Cash at bank and in hand
262,482
189,635
596,616
474,443
Creditors: amounts falling due within one year
5
(767,593)
(632,268)
Net current liabilities
(170,977)
(157,825)
Total assets less current liabilities
1,315,768
975,442
Creditors: amounts falling due after more than one year
6
(397,796)
(181,533)
Provisions for liabilities
(16,757)
(23,799)
Net assets
901,215
770,110
Capital and reserves
Called up share capital
7
90
90
Profit and loss reserves
901,125
770,020
Total equity
901,215
770,110
C BASTOCK (CONTRACTS) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 year 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 24 December 2018 and are signed on its behalf by:
Mr T Bastock
Mrs W Bastock
Director
Director
Mr D Bastock
Director
Company Registration No. 03207460
C BASTOCK (CONTRACTS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2016
90
665,825
665,915
Year ended 30 June 2017:
Profit and total comprehensive income for the year
-
294,195
294,195
Dividends
-
(190,000)
(190,000)
Balance at 30 June 2017
90
770,020
770,110
Year ended 30 June 2018:
Profit and total comprehensive income for the year
-
372,605
372,605
Dividends
-
(241,500)
(241,500)
Balance at 30 June 2018
90
901,125
901,215
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
1
Accounting policies
Company information
C Bastock (Contracts) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
67-71 Warwick Road, Olton, Solihull, West Midlands, B92 7HP.
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.
1.2
Turnover
Turnover represents amounts receivable for services provided during the year.
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:
Buildings Freehold
2% straight line
Leasehold improvements
Period of lease
Plant and machinery
10% straight line
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
12.5% straight line/25% reducing balance
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
.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
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).
Any impairment loss is recognised immediately in the profit and loss account.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
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 balance sheet 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.
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.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and 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 is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 7 -
1.12
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 the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 year was 15 (2017 - 15).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2017
929,802
608,547
1,538,349
Additions
175,851
338,826
514,677
At 30 June 2018
1,105,653
947,373
2,053,026
Depreciation and impairment
At 1 July 2017
147,339
257,743
405,082
Depreciation charged in the year
39,028
122,171
161,199
At 30 June 2018
186,367
379,914
566,281
Carrying amount
At 30 June 2018
919,286
567,459
1,486,745
At 30 June 2017
782,463
350,804
1,133,267
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
197,612
240,062
Other debtors
127,522
43,546
325,134
283,608
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
64,705
67,126
Trade creditors
232,300
215,670
Corporation tax
84,135
83,622
Other taxation and social security
9,791
8,075
Other creditors
376,662
257,775
767,593
632,268
The bank loans of £64,705 (2017: £67,126) and hire purchase agreement of £74,024 (2017: £10,305) are secured by a fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
207,272
163,567
Other creditors
190,524
17,966
397,796
181,533
The bank loans and hire purchase agreements of £397,796 (2017 £181,533) are secured by a fixed and floating charge over the assets of the company.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
6
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
98,755
54,105
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary Share of £1 each
90
90
90
90
8
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:
2018
2017
£
£
360,750
63,750
2018-06-30
2017-07-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
24 December 2018
Mr T Bastock
Mrs W Bastock
Mr D Bastock
Mr D Bastock
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