Company Registration No. 03433635 (England and Wales)
ALAN BUTCHER COMPONENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2020
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
ALAN BUTCHER COMPONENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ALAN BUTCHER COMPONENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,582
7,749
Tangible assets
4
13,719
5,191
16,301
12,940
Current assets
Stocks
306,072
296,830
Debtors
5
234,015
332,722
Cash at bank and in hand
416,464
315,196
956,551
944,748
Creditors: amounts falling due within one year
6
(202,603)
(235,161)
Net current assets
753,948
709,587
Total assets less current liabilities
770,249
722,527
Provisions for liabilities
(2,322)
(986)
Net assets
767,927
721,541
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
767,827
721,441
Total equity
767,927
721,541
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 April 2020 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.
ALAN BUTCHER COMPONENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 November 2020 and are signed on its behalf by:
Mr P J Butcher
Director
Company Registration No. 03433635
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Alan Butcher Components Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1 Beechwood, Clump Farm Industrial Estate, Tin Pot Lane, Blandford, Dorset, DT11 7TD.
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.
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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
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:
Fixtures and fittings
3 year straight line / 15% reducing balance
Computers
3 year 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
.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
7
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2019 and 30 April 2020
75,833
Amortisation and impairment
At 1 May 2019
68,084
Amortisation charged for the year
5,167
At 30 April 2020
73,251
Carrying amount
At 30 April 2020
2,582
At 30 April 2019
7,749
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2019
34,303
-
34,303
Additions
489
13,741
14,230
Disposals
-
(10,238)
(10,238)
Transfers
(15,153)
15,153
-
At 30 April 2020
19,639
18,656
38,295
Depreciation and impairment
At 1 May 2019
29,112
-
29,112
Depreciation charged in the year
796
4,906
5,702
Eliminated in respect of disposals
-
(10,238)
(10,238)
Transfers
(14,781)
14,781
-
At 30 April 2020
15,127
9,449
24,576
Carrying amount
At 30 April 2020
4,512
9,207
13,719
At 30 April 2019
5,191
-
5,191
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
215,999
317,861
Other debtors
18,016
14,861
234,015
332,722
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
109,200
116,902
Taxation and social security
71,173
92,328
Other creditors
22,230
25,931
202,603
235,161
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary A shares of £1 each
20
20
80 Ordinary B shares of £1 each
80
80
100
100
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:
2020
2019
£
£
Within one year
464
-
464
-