Company Registration No. 06708986 (England and Wales)
BERNARD INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,027
51,318
Current assets
Stocks
5,210
5,118
Debtors
4
132,497
47,175
Cash at bank and in hand
30,682
66,278
168,389
118,571
Creditors: amounts falling due within one year
5
(110,844)
(122,499)
Net current assets/(liabilities)
57,545
(3,928)
Total assets less current liabilities
98,572
47,390
Creditors: amounts falling due after more than one year
6
(1,152)
(2,077)
Net assets
97,420
45,313
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
97,320
45,213
Total equity
97,420
45,313
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 2017 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 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2018 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 2017
- 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
10a West Road, Ponteland, Newcastle upon Tyne, NE20 9SU.
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
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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 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
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 7 (2016 - 5).
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Tangible fixed assets
Leasehold improvements
Other fixed assets
Total
£
£
£
Cost
At 1 January 2017
43,267
38,431
81,698
Additions
-
3,510
3,510
At 31 December 2017
43,267
41,941
85,208
Depreciation and impairment
At 1 January 2017
10,719
19,661
30,380
Depreciation charged in the year
10,848
2,953
13,801
At 31 December 2017
21,567
22,614
44,181
Carrying amount
At 31 December 2017
21,700
19,327
41,027
At 31 December 2016
32,548
18,770
51,318
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
129,029
(2,334)
Other debtors
3,468
49,509
132,497
47,175
5
Creditors: amounts falling due within one year
2017
2016
£
£
Obligations under finance leases
925
793
Trade creditors
13,985
57,260
Corporation tax
23,258
11,544
Other taxation and social security
24,036
3,056
Other creditors
3,110
14,578
Accruals and deferred income
45,530
35,268
110,844
122,499
BERNARD INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Obligations under finance leases
1,152
2,077
The hire purchase obligations are secured against the assets to which they relate.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
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 £43,919 (2016: £48,474).