Company Registration No. 07464971 (England and Wales)
BUILDING SCHOOLS FOR NOTHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BUILDING SCHOOLS FOR NOTHING LIMITED
COMPANY INFORMATION
Directors
M E Saint
M O'Hanlon
Secretary
M E Saint
Company number
07464971
Registered office
The Stone Barn
2 Forest Gate Farm
Chippenham
Wiltshire
SN15 3RS
Accountants
Haines Watts Farnborough LLP
30 Camp Road
Farnborough
Hampshire
GU14 6EW
BUILDING SCHOOLS FOR NOTHING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BUILDING SCHOOLS FOR NOTHING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
100
100
Current assets
Debtors
4
1,800
1,051
Cash at bank and in hand
8,084
2,741
9,884
3,792
Creditors: amounts falling due within one year
5
(2,570)
(2,373)
Net current assets
7,314
1,419
Total assets less current liabilities
7,414
1,519
Capital and reserves
Called up share capital
6
99
99
Profit and loss reserves
7,315
1,420
Total equity
7,414
1,519
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 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 7 February 2018 and are signed on its behalf by:
M E Saint
Director
Company Registration No. 07464971
BUILDING SCHOOLS FOR NOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Building Schools for Nothing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Stone Barn, 2 Forest Gate Farm, Chippenham, Wiltshire, SN15 3RS.
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.
The company has taken advantage of the exemption under section
398
of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
. Building Schools for Nothing Limited and its subsidiary undertaking comprise a small group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised at the date of invoice.
1.3
Fixed asset investments
Interests in subsidiaries are measured at
cost
less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.5
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.
BUILDING SCHOOLS FOR NOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including 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. 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.
1.6
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.
1.7
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.
1.8
Leases
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.
2
Fixed asset investments
2017
2016
£
£
Investments
100
100
BUILDING SCHOOLS FOR NOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 December 2017
100
Carrying amount
At 31 December 2017
100
At 31 December 2016
100
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2017 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Building Colleges for Nothing Limited
England & Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Building Colleges for Nothing Limited
-
100
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,500
751
Other debtors
300
300
1,800
1,051
BUILDING SCHOOLS FOR NOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
300
Amounts due to group undertakings
100
100
Corporation tax
1,405
1,052
Other taxation and social security
352
140
Other creditors
713
781
2,570
2,373
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
990 Ordinary shares of 10p each
99
99
99
99
7
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:
2017
2016
£
£
500
500