Company Registration No. 06708986 (England and Wales)
BERNARD INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BERNARD INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BERNARD INTERIORS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
361,924
51,472
Current assets
Stocks
6,832
4,750
Debtors
4
147,341
130,150
Cash at bank and in hand
65,830
219,910
220,003
354,810
Creditors: amounts falling due within one year
5
(482,874)
(198,812)
Net current (liabilities)/assets
(262,871)
155,998
Total assets less current liabilities
99,053
207,470
Creditors: amounts falling due after more than one year
6
(42,679)
(94)
Net assets
56,374
207,376
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
56,274
207,276
Total equity
56,374
207,376
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 December 2019 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.
BERNARD INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
2019
2018
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 December 2020 and are signed on its behalf by:
J S Bernard
Director
Company Registration No. 06708986
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the Coronavirus pandemic. The directors consider that the impact of the pandemic to the date of approval of these accounts is not significant enough to create material uncertainty that the company will continue to be a going concern.
1.3
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.
1.4
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:
Freehold property
50 years straight line
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
including
cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
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.
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
14
11
3
Tangible fixed assets
Freehold property
Leasehold improvements
Other fixed assets
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
-
43,267
53,925
15,400
112,592
Additions
268,315
-
76,154
-
344,469
Disposals
-
(35,736)
(15,413)
-
(51,149)
Transfers
-
(7,531)
7,531
-
-
At 31 December 2019
268,315
-
122,197
15,400
405,912
Depreciation and impairment
At 1 January 2019
-
28,800
27,238
5,082
61,120
Depreciation charged in the year
-
2,803
12,974
3,405
19,182
Eliminated in respect of disposals
-
(25,759)
(10,555)
-
(36,314)
Transfers
-
(5,844)
5,844
-
-
At 31 December 2019
-
-
35,501
8,487
43,988
Carrying amount
At 31 December 2019
268,315
-
86,696
6,913
361,924
At 31 December 2018
-
14,467
26,687
10,318
51,472
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Other fixed assets
34,147
2,165
34,147
2,165
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
31,231
84,597
Other debtors
116,110
45,553
147,341
130,150
5
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
12,855
1,057
Other borrowings
215,909
-
Trade creditors
141,016
18,010
Corporation tax
-
46,747
Other taxation and social security
89,577
90,294
Other creditors
1,738
667
Accruals and deferred income
21,779
42,037
482,874
198,812
Obligations under finance leases are secured against the assets to which they relate.
Other borrowings are unsecured.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
19,004
94
Other borrowings
23,675
-
42,679
94
Obligations under finance leases are secured against the assets to which they relate.
7
Operating lease commitments
Lessee
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £23,635 (2018: £21,301).
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
8
Related party transactions
At 31 December 2019 J S Bernard, one of the directors, owed the company £2,544 (2018: £167 was owed). The balance is interest free, and will be repaid within nine months of the financial year end.
At 31 December 2019 the company owed £199,750 to P Bernard, the father of J S Bernard. The loan is unsecured, repayable on demand and is charged interest at a rate of 5% per annum.