Company Registration No. 06708986 (England and Wales)
BERNARD INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BERNARD INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BERNARD INTERIORS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,472
41,027
Current assets
Stocks
4,750
5,210
Debtors
4
130,150
132,497
Cash at bank and in hand
219,910
30,682
354,810
168,389
Creditors: amounts falling due within one year
5
(198,812)
(110,844)
Net current assets
155,998
57,545
Total assets less current liabilities
207,470
98,572
Creditors: amounts falling due after more than one year
6
(94)
(1,152)
Net assets
207,376
97,420
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
207,276
97,320
Total equity
207,376
97,420
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
BERNARD INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2019
J S Bernard
Director
Company Registration No. 06708986
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Bernard Interiors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Church, Greystoke Avenue, Newcastle upon Tyne, NE2 1PN.
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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods
and services
is recognised when the significant risks and rewards of ownership of the goods
and services
have passed to the buyer
(usually on dispatch of the goods or completion of services)
, 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
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:
Leasehold improvements
25% straight line
Other fixed assets
15% reducing balance
Motor vehicles
33% 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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
including
cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilities, including
trade and other
creditors, are
recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 income on a straight line basis over the
lease term.
1.10
Grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2017 - 7).
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Tangible fixed assets
Leasehold improvements
Other fixed assets
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2018
43,267
41,942
-
85,209
Additions
-
11,983
15,400
27,383
At 31 December 2018
43,267
53,925
15,400
112,592
Depreciation and impairment
At 1 January 2018
21,567
22,614
-
44,181
Depreciation charged in the year
7,233
4,624
5,082
16,939
At 31 December 2018
28,800
27,238
5,082
61,120
Carrying amount
At 31 December 2018
14,467
26,687
10,318
51,472
At 31 December 2017
21,700
19,327
-
41,027
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Other fixed assets
2,165
2,547
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
84,597
129,029
Other debtors
45,553
3,468
130,150
132,497
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Obligations under finance leases
1,057
925
Trade creditors
18,010
13,985
Corporation tax
46,747
23,258
Other taxation and social security
90,294
24,036
Other creditors
667
3,110
Accruals and deferred income
42,037
45,530
198,812
110,844
Obligations under finance leases are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases
94
1,152
Obligations under finance leases are secured against the assets to which they relate.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £21,301 (2017: £43,919).