REGISTERED NUMBER:
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BRETTFIELD DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2016 |
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REGISTERED NUMBER:
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BRETTFIELD DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2016 |
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BRETTFIELD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03999821) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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BRETTFIELD DEVELOPMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Town Wall House |
Balkerne Hill |
Colchester |
Essex |
CO3 3AD |
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BANKERS: |
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High Street |
Colchester |
Essex |
CO1 1DQ |
BRETTFIELD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03999821) |
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BALANCE SHEET |
31 MARCH 2016 |
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2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 2 |
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CURRENT ASSETS |
Inventories |
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Debtors: amounts falling due within one year | 3 |
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Debtors: amounts falling due after more than one
year |
3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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The financial statements were approved by the director on
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BRETTFIELD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03999821) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Cash flow statement |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Tangible fixed assets |
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Storage Building | - |
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Equipment | - |
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Motor vehicles | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance |
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to |
pay less or to receive more tax. |
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Deferred tax is measured on a discounted basis at the tax rates that are expected to apply in the periods in which timing |
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
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Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. |
Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in |
progress. |
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Revenue recognition |
The revenue shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added |
Tax, and is only realised once the work is completed. |
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2. | PROPERTY, PLANT AND EQUIPMENT |
Storage | Motor |
Building | Equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2015 |
and 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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BRETTFIELD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03999821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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3. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
VAT |
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Deferred tax asset | 6,918 | 9,224 |
Prepayments and accrued income |
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Amounts falling due after more than one year: |
Deferred tax asset | 50,943 | 44,636 |
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Aggregate amounts |
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Deferred tax asset |
2016 | 2015 |
£ | £ |
Accelerated capital allowances | (501 | ) | (1,503 | ) |
Tax losses available | 6,917 | 6,358 |
Charges on income not paid | 51,445 | 49,005 |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Other tax and social security |
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Directors' current accounts | 421,441 | 234,493 |
Accruals and deferred income |
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5. | DEFERRED TAX |
£ |
Balance at 1 April 2015 |
As previously reported | ( |
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Prior year adjustment | ( |
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As restated | ( |
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Provided during year | ( |
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Balance at 31 March 2016 | ( |
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The deferred tax asset is recognised due to the expectation of profits being made to utilise the available losses, payment of |
the unpaid charges on income, and reversal of discounts. |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 50,000 | 50,000 |
BRETTFIELD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03999821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2015 |
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Deficit for the year | ( |
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At 31 March 2016 |
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8. | TRANSACTIONS WITH THE DIRECTOR |
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During the year the director and his family paid expenses on behalf of the company of £15,026 (2015: £6,828) and |
introduced funds of £182,000 (2015: £188,000). Drawings and private expenditure incurred by the company amounted to |
£10,078 (2015: £3,364). The balance owed from the company to the director and his family at the year end was £421,441 |
(2015: £234,493). |
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The loan accrued interest at 3% above base rate amounting to £12,194 (2015: £5,280) during the year. At the year end |
there was £257,221 of unpaid interest due on the loan (2015: £245,027). |
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9. | RELATED PARTY DISCLOSURES |
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The company was under the control of Mr J I MacGregor throughout the current and previous year. Mr J I MacGregor is |
the managing director and 50% shareholder. |
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10. | FIRST YEAR ADOPTION |
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Due to the transition to FRS 102 1A, discounts on deferred tax are no longer acceptable and have therefore been removed |
from the accounts. |
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