Company Registration No. 04529243 (England and Wales)
BRIDGWATER FLOORING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BRIDGWATER FLOORING COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr C Sibley
Mrs N L Martin
Secretary
Mrs N L Martin
Company number
04529243
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
BRIDGWATER FLOORING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BRIDGWATER FLOORING COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,893
7,767
Current assets
Stocks
15,500
27,000
Debtors
4
34,895
39,501
Cash at bank and in hand
2,722
80
53,117
66,581
Creditors: amounts falling due within one year
5
(75,088)
(96,762)
Net current liabilities
(21,971)
(30,181)
Total assets less current liabilities
(16,078)
(22,414)
Creditors: amounts falling due after more than one year
6
(7,261)
(13,073)
Net liabilities
(23,339)
(35,487)
Capital and reserves
Called up share capital
7
330
330
Profit and loss reserves
(23,669)
(35,817)
Total equity
(23,339)
(35,487)
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 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
BRIDGWATER FLOORING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 June 2018 and are signed on its behalf by:
Mrs N L Martin
Director
Company Registration No. 04529243
BRIDGWATER FLOORING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
Bridgwater Flooring Company Limited is a
private
company
limited by shares
incorporated in England and Wales within the United Kingdom.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Bridgwater Flooring Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents the total invoice value, excluding value added tax, of sales made during the year.
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.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
3 Year Straight line balance
Motor vehicles
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
.
BRIDGWATER FLOORING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and
net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
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.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 4).
BRIDGWATER FLOORING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2016 and 30 September 2017
3,645
1,242
242
12,500
17,629
Depreciation and impairment
At 1 October 2016
2,964
1,187
242
5,469
9,862
Depreciation charged in the year
102
14
-
1,758
1,874
At 30 September 2017
3,066
1,201
242
7,227
11,736
Carrying amount
At 30 September 2017
579
41
-
5,273
5,893
At 30 September 2016
681
55
-
7,031
7,767
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
25,742
26,850
Other debtors
9,153
12,651
34,895
39,501
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,000
9,043
Trade creditors
38,511
50,978
Corporation tax
23
319
Other taxation and social security
2,159
4,435
Other creditors
31,395
31,987
75,088
96,762
BRIDGWATER FLOORING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
5,500
8,500
Other creditors
1,761
4,573
7,261
13,073
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
330 Ordinary shares of £1 each
330
330