Company Registration No. 06355315 (England and Wales)
R G BOWDITCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
R G BOWDITCH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
R G BOWDITCH LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,379
24,505
Tangible assets
4
158,337
135,802
Investments
5
1,299
1,949
178,015
162,256
Current assets
Stocks
397,717
338,503
Debtors
6
80,627
67,819
478,344
406,322
Creditors: amounts falling due within one year
7
(386,484)
(334,910)
Net current assets
91,860
71,412
Total assets less current liabilities
269,875
233,668
Creditors: amounts falling due after more than one year
8
(88,667)
(95,278)
Provisions for liabilities
(29,201)
(22,819)
Deferred income
(5,088)
(7,632)
Net assets
146,919
107,939
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
145,919
106,939
Total equity
146,919
107,939
R G BOWDITCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017
30 September 2017
- 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 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.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2018 and are signed on its behalf by:
Mr R G Bowditch
Director
Company Registration No. 06355315
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
R G Bowditch Limited is a
private
company
limited by shares
incorporated in England and Wales
.
The registered office is
Tarrants Farm, Higher Tale, Payhembury, HONITON, Devon, EX14 3HJ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of R G Bowditch 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. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation 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:
BPS entitlements
20% straight line
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and machinery
15% reducing balance
Fixtures and fittings
15% 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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs
.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.10
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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
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 the profit and loss account 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 income 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 asset are consumed.
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4
).
3
Intangible fixed assets
BPS entitlements
£
Cost
At 1 October 2016 and 30 September 2017
30,631
Amortisation and impairment
At 1 October 2016
6,126
Amortisation charged for the year
6,126
At 30 September 2017
12,252
Carrying amount
At 30 September 2017
18,379
At 30 September 2016
24,505
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2016
339,644
1,238
6,495
347,377
Additions
28,833
-
22,750
51,583
Disposals
(11,350)
-
-
(11,350)
At 30 September 2017
357,127
1,238
29,245
387,610
Depreciation and impairment
At 1 October 2016
206,998
822
3,755
211,575
Depreciation charged in the year
20,982
104
3,529
24,615
Eliminated in respect of disposals
(6,917)
-
-
(6,917)
At 30 September 2017
221,063
926
7,284
229,273
Carrying amount
At 30 September 2017
136,064
312
21,961
158,337
At 30 September 2016
132,646
416
2,740
135,802
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 8 -
5
Fixed asset investments
2017
2016
£
£
Investments
1,299
1,949
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2016
1,949
Disposals
(650)
At 30 September 2017
1,299
Carrying amount
At 30 September 2017
1,299
At 30 September 2016
1,949
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
58,094
64,799
Other debtors
22,533
3,020
80,627
67,819
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 9 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
202,692
190,783
Trade creditors
56,065
45,900
Corporation tax
5,373
-
Other taxation and social security
773
311
Other creditors
121,581
97,916
386,484
334,910
Bank loans of £15,723 and the bank overdraft of £186,969 are secured by fixed and floating charges over fixed assets, goodwill and book debt. Hire purchase liabilities of £16,528 included within other creditors are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
69,797
85,899
Other creditors
18,870
9,379
88,667
95,278
Bank loans of £69,797 are secured by fixed and floating charges over fixed assets, goodwill and book debt. Hire purchase liabilities of £18,870 included within other creditors are secured on the assets to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
14,025
25,072
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
128,685
111,521
Adjustments arising from transition to FRS 102:
BPS entitlements
1
(3,582)
(3,582)
Equity reported under FRS 102
125,103
107,939
R G BOWDITCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
9
Reconciliations on adoption of FRS 102
(Continued)
- 10 -
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
6,836
Adjustments arising from transition to FRS 102:
BPS entitlements
1
(3,582)
Profit reported under FRS 102
3,254
Notes to reconciliations on adoption of FRS 102
1 BPS entitlements
On adoption of FRS 102, the company has reviewed their policy for accounting for basic payment scheme entitlements and have included entitlements received by way of grant at fair value in accordance with FRS 102 sections 18 and 24, measured under the accruals model. Consequently, an adjustment was made at
1 October 2015
to increase the value of these assets by £
12,720
, in order to reflect the appropriate fair value at that date, with a corresponding increase to deferred income within creditors. In the year ended
31 October 2016
, there was an amortisation charge in relation to these assets of £
5,851
, which has been charged to the profit and loss account. In addition, £
2,544
has been released from the deferred income balance within creditors.
The entitlements purchased subsequently have also been amortised, and the charge in relation to these assets of £275 has been charged to the profit and loss account.
The
net effect on total equity
and
reported profit arising from these adjustment
s totalled £3,582.
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Mr R G Bowditch
Mrs A J Bowditch
Mrs A J Bowditch
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