Company Registration No. 04832701 (England and Wales)
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
BALANCE SHEET
AS AT
30 DECEMBER 2017
30 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,045
13,229
Current assets
Stocks
465
535
Debtors
4
33,588
59,455
Cash at bank and in hand
11
170
34,064
60,160
Creditors: amounts falling due within one year
5
(40,825)
(84,488)
Net current liabilities
(6,761)
(24,328)
Total assets less current liabilities
4,284
(11,099)
Provisions for liabilities
(1,657)
(2,213)
Net assets/(liabilities)
2,627
(13,312)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
1,627
(14,312)
Total equity
2,627
(13,312)
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 December 2017 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.
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2017
30 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2018 and are signed on its behalf by:
Mr H Osman
Director
Company Registration No. 04832701
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
3Q Industrial Supplies (Blackburn) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 5A, Ramsgreave Business Park, Pleckgate Road, Blackburn, Lancashire, BB1 8RP.
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 principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for
supply of industrial materials
net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, 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, fittings & equipment
15% reducing balance
Computer equipment
25% reducing 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
.
1.5
Stocks
Stock is stated at the lower of cost and net realisable value.
1.6
Cash at bank and in hand
Cash at bank and in hand
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2017
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2017 and 30 December 2017
32,795
5,668
15,915
54,378
Depreciation and impairment
At 1 January 2017
21,545
4,709
14,895
41,149
Depreciation charged in the year
1,688
241
255
2,184
At 30 December 2017
23,233
4,950
15,150
43,333
Carrying amount
At 30 December 2017
9,562
718
765
11,045
At 31 December 2016
11,250
959
1,020
13,229
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
19,902
33,647
Other debtors
13,686
25,808
33,588
59,455
Other debtors comprises amounts due to connected companies of £13,686 (2016 - £12,158) and VAT recoverable of £nil (2016 - £13,650).
3Q INDUSTRIAL SUPPLIES (BLACKBURN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
5,816
1,742
Trade creditors
18,288
33,315
Corporation tax
4,383
3,897
Other taxation and social security
1,182
65
Other creditors
7,068
43,469
Accruals and deferred income
4,088
2,000
40,825
84,488
Other creditors comprise director's current account of £7,068 (2016 - £43,469).
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
800 'A' Ordinary shares of £1 each
800
800
200 'B' Ordinary shares of £1 each
200
200
1,000
1,000