false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
true
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
36,722
76,431
99,074
86,197
3,219
89,416
9,658
12,877
xbrli:pure
xbrli:shares
iso4217:GBP
04636428
2017-04-01
2018-03-31
04636428
2018-03-31
04636428
2017-03-31
04636428
2016-04-01
2017-03-31
04636428
2017-03-31
04636428
bus:RegisteredOffice
2017-04-01
2018-03-31
04636428
bus:Director1
2017-04-01
2018-03-31
04636428
bus:Director2
2017-04-01
2018-03-31
04636428
bus:CompanySecretary1
2017-04-01
2018-03-31
04636428
core:PlantMachinery
2017-03-31
04636428
core:PlantMachinery
2018-03-31
04636428
core:WithinOneYear
2018-03-31
04636428
core:WithinOneYear
2017-03-31
04636428
core:RetainedEarningsAccumulatedLosses
2017-03-31
04636428
core:RetainedEarningsAccumulatedLosses
2016-03-31
04636428
core:RetainedEarningsAccumulatedLosses
2018-03-31
04636428
core:RetainedEarningsAccumulatedLosses
2017-03-31
04636428
core:ShareCapital
2018-03-31
04636428
core:ShareCapital
2017-03-31
04636428
core:PlantMachinery
2017-04-01
2018-03-31
04636428
core:PlantMachinery
2017-03-31
04636428
bus:SmallEntities
2017-04-01
2018-03-31
04636428
bus:AuditExempt-NoAccountantsReport
2017-04-01
2018-03-31
04636428
bus:FullAccounts
2017-04-01
2018-03-31
04636428
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
04636428
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
COMPANY REGISTRATION NUMBER:
04636428
Unaudited Financial Statements
|
|
Year ended 31 March 2018
Statement of income and retained earnings
|
2
|
|
|
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
Year ended 31 March 2018
The directors present their report and the unaudited financial statements of the company for the year ended
31 March 2018
.
Directors
The directors who served the company during the year were as follows:
Mrs R F Jasper
|
|
Mr R K Trewin
|
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
4 October 2018
and signed on behalf of the board by:
Mrs R F Jasper
|
Company Secretary
|
|
Registered office:
|
Newton Farm
|
Lewannick
|
Launceston
|
Cornwall
|
|
Statement of Income and Retained Earnings
|
|
Year ended 31 March 2018
|
2018
|
2017
|
Note
|
£
|
£
|
Turnover
|
1,053,539
|
1,069,299
|
|
|
|
Cost of sales
|
845,176
|
843,686
|
|
------------
|
------------
|
Gross profit
|
208,363
|
225,613
|
|
|
|
Distribution costs
|
64,629
|
60,000
|
Administrative expenses
|
97,783
|
69,918
|
|
---------
|
---------
|
Operating profit
|
45,951
|
95,695
|
|
|
|
Other interest receivable and similar income
|
55
|
106
|
|
|
---------
|
---------
|
Profit before taxation
|
5
|
46,006
|
95,801
|
|
|
|
|
Tax on profit
|
9,284
|
19,370
|
|
--------
|
--------
|
(Loss)/profit for the financial year and total comprehensive income
|
36,722
|
76,431
|
|
--------
|
--------
|
|
|
|
Retained earnings at the start of the year
|
336,694
|
320,263
|
|
---------
|
---------
|
Retained earnings at the end of the year
|
313,416
|
336,694
|
|
---------
|
---------
|
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position
|
|
31 March 2018
Fixed assets
Tangible assets
|
6
|
9,658
|
12,877
|
|
|
|
|
Current assets
Stocks
|
246,205
|
242,332
|
Debtors
|
7
|
46,857
|
21,789
|
Cash at bank and in hand
|
148,902
|
164,665
|
|
---------
|
---------
|
|
441,964
|
428,786
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
136,750
|
103,513
|
|
---------
|
---------
|
Net current assets
|
305,214
|
325,273
|
|
---------
|
---------
|
Total assets less current liabilities
|
314,872
|
338,150
|
|
|
|
|
Provisions
|
1,453
|
1,453
|
|
---------
|
---------
|
Net assets
|
313,419
|
336,697
|
|
---------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
3
|
3
|
Profit and loss account
|
313,416
|
336,694
|
|
---------
|
---------
|
Shareholders funds
|
313,419
|
336,697
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 March 2018
These financial statements were approved by the
board of directors
and authorised for issue on
4 October 2018
, and are signed on behalf of the board by:
Company registration number:
04636428
Notes to the Financial Statements
|
|
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newton Farm, Lewannick, Launceston, Cornwall.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2017: Nil).
5.
Profit before taxation
(Loss)/profit before taxation is stated after charging:
|
2018
|
2017
|
|
£
|
£
|
Depreciation of tangible assets
|
3,219
|
4,293
|
|
-------
|
-------
|
|
|
|
6.
Tangible assets
|
Plant and machinery
|
|
£
|
Cost
|
|
At 1 April 2017 and 31 March 2018
|
99,074
|
|
--------
|
Depreciation
|
|
At 1 April 2017
|
86,197
|
Charge for the year
|
3,219
|
|
--------
|
At 31 March 2018
|
89,416
|
|
--------
|
Carrying amount
|
|
At 31 March 2018
|
9,658
|
|
--------
|
At 31 March 2017
|
12,877
|
|
--------
|
|
|
7.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
46,857
|
21,789
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Trade creditors
|
116,769
|
66,928
|
Corporation tax
|
9,284
|
19,370
|
Other Taxation & Social Security
|
8,840
|
15,388
|
Other creditors
|
1,857
|
1,827
|
|
---------
|
---------
|
|
136,750
|
103,513
|
|
---------
|
---------
|
|
|
|