Company Registration No. 05426960 (England and Wales)
BLACKER SHEEP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
BLACKER SHEEP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BLACKER SHEEP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
80,803
95,131
Investments
5
-
1
80,803
95,132
Current assets
Stocks
40,021
37,968
Debtors
6
38,090
38,953
Cash at bank and in hand
10,272
1,554
88,383
78,475
Creditors: amounts falling due within one year
7
(238,157)
(244,931)
Net current liabilities
(149,774)
(166,456)
Total assets less current liabilities
(68,971)
(71,324)
Creditors: amounts falling due after more than one year
8
(15,247)
(131,094)
Deferred grants
(2,000)
(2,500)
Net liabilities
(86,218)
(204,918)
Capital and reserves
Called up share capital
1,018,081
1,018,081
Share premium account
187,130
187,130
Profit and loss reserves
(1,291,429)
(1,410,129)
Total equity
(86,218)
(204,918)
BLACKER SHEEP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
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 31 March 2020 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 member has 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 11 November 2020 and are signed on its behalf by:
Mr C S Halsey
Mr G S Higgins
Director
Director
Company Registration No. 05426960
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Blacker Sheep Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit B Pipers Court, Pennygillam Way, Launceston, Cornwall, PL15 7PJ.
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
Prior period error
A prior period adjustment has been made to include a machine omitted from fixed assets and include the corresponding finance obligation.
1.3
Going concern
As at the balance sheet date, the balance sheet is showing net liabilities. This net liability position can be attributed to credit balances on directors loan accounts. The directors loan accounts are unsecured and repayable upon demand; however, the directors have indicated they do not intend to demand repayment within the next 12 months. On this basis, the directors feel it is appropriate to prepare the financial statements on the going concern basis.
1.4
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
.
1.5
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life
of 10 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Development costs
50% per annum on cost
Website
50% per annum on cost
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation.
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the life of the lease.
Plant and equipment
10% per annum on cost
Office equipment
25% per annum on cost
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
.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.9
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.
1.10
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.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
19
18
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Intangible fixed assets
Goodwill
Develop-ment
Website
Total
£
£
£
£
Cost
At 1 April 2019 and 31 March 2020
21,000
15,360
32,156
68,516
Amortisation and impairment
At 1 April 2019 and 31 March 2020
21,000
15,360
32,156
68,516
Carrying amount
At 31 March 2020
-
-
-
-
At 31 March 2019
-
-
-
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
89,756
533,175
622,931
Additions
-
2,379
2,379
Disposals
-
(11,009)
(11,009)
At 31 March 2020
89,756
524,545
614,301
Depreciation and impairment
At 1 April 2019
89,756
438,044
527,800
Depreciation charged in the year
-
16,397
16,397
Eliminated in respect of disposals
-
(10,699)
(10,699)
At 31 March 2020
89,756
443,742
533,498
Carrying amount
At 31 March 2020
-
80,803
80,803
At 31 March 2019
-
95,131
95,131
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
-
1
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019
1
Disposals
(1)
At 31 March 2020
-
Carrying amount
At 31 March 2020
-
At 31 March 2019
1
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
22,331
22,192
Amounts owed by group undertakings
2,655
-
Other debtors
13,104
16,761
38,090
38,953
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
3,516
59,393
Trade creditors
33,519
146,815
Taxation and social security
35,100
18,932
Other creditors
166,022
19,791
238,157
244,931
Included in other creditors is £4,838 (2019: £4,468) relating to finance lease obligations.
The finance lease obligation is secured upon the asset to which it relates.
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
2,340
113,349
Other creditors
12,907
17,745
15,247
131,094
Included in other creditors is £12,907 (2019: £17,745) relating to finance lease obligations.
The finance lease obligation is secured upon the asset to which it relates.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
-
13,750
Between two and five years
191,250
-
191,250
13,750
10
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2018
2019
£
£
Adjustments to prior year
Inclusion of baller machine
-
25,000
Inclusion of finance lease obligation
-
(25,000)
Finance lease capital repayments reclassified
-
2,787
Depreciation on baller machine
-
(1,667)
Total adjustments
-
1,120
Equity as previously reported
(73,924)
(206,038)
Equity as adjusted
(73,924)
(204,918)
BLACKER SHEEP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
10
Prior period adjustment
(Continued)
- 8 -
Notes to reconciliation
Baller machine
A baller machine was treated incorrectly in the prior year. The prior year has been adjusted to capitalise the machine and include the corresponding finance lease obligation, include the appropriate depreciation and remove the lease repayments from the profit and loss account.