Company registration number 03433635 (England and Wales)
ALAN BUTCHER COMPONENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
ALAN BUTCHER COMPONENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ALAN BUTCHER COMPONENTS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,322
3,283
Current assets
Stocks
367,614
401,597
Debtors
5
301,101
415,557
Cash at bank and in hand
653,463
483,466
1,322,178
1,300,620
Creditors: amounts falling due within one year
6
(218,352)
(267,543)
Net current assets
1,103,826
1,033,077
Total assets less current liabilities
1,107,148
1,036,360
Provisions for liabilities
(831)
(624)
Net assets
1,106,317
1,035,736
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,106,217
1,035,636
Total equity
1,106,317
1,035,736
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 2023 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.
The 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 18 October 2023 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 2023
- 2 -
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 amounts 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
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 2023
1
Accounting policies
(Continued)
- 3 -
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:
2023
2022
Number
Number
Total
8
8
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
75,833
Amortisation and impairment
At 1 May 2022 and 30 April 2023
75,833
Carrying amount
At 30 April 2023
At 30 April 2022
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2022
19,639
18,656
38,295
Additions
606
606
At 30 April 2023
19,639
19,262
38,901
Depreciation and impairment
At 1 May 2022
16,393
18,619
35,012
Depreciation charged in the year
496
71
567
At 30 April 2023
16,889
18,690
35,579
Carrying amount
At 30 April 2023
2,750
572
3,322
At 30 April 2022
3,246
37
3,283
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
283,983
398,974
Other debtors
17,118
16,583
301,101
415,557
ALAN BUTCHER COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
79,743
178,712
Taxation and social security
116,783
62,939
Other creditors
21,826
25,892
218,352
267,543
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
20
20
20
20
Ordinary B shares of £1 each
80
80
80
80
100
100
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:
2023
2022
£
£
Within one year
12,174
11,750
Between two and five years
23,500
35,250
35,674
47,000