Year Ended
Registration number:
Bastins 2012 Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bastins 2012 Limited
Company Information
Directors |
Mr N Hopkins Mrs D Hopkins Mr M Hopkins |
Registered office |
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Accountants |
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Page 1 |
Bastins 2012 Limited
Balance Sheet
31 January 2018
Note |
2018 |
2017 |
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Tangible assets |
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Intangible assets |
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Tangible fixed assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Bastins 2012 Limited
Balance Sheet
31 January 2018
For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 08072510
Page 3 |
Bastins 2012 Limited
Notes to the Financial Statements
Year Ended 31 January 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Units G1 and 2
Beeh Business Park
Bristol Road
Bridgwater
Somerset
TA6 4FF
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents the value of goods sold to customers during the year, less returns and Value Added Tax. Turnover is recognised on physical delivery of goods to the customer.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Bastins 2012 Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
2% Straight Line |
Leasehold Property |
10% Straight Line |
Fixtures & Fittings |
25% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
33.3% Straight Line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Defined contribution pension obligation
The company operated a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Page 5 |
Bastins 2012 Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Financial instruments
Classification
The company holds the following financial instruments:
- Short term trade debtors and creditors; and
- loans receivable.
All financial instruments are classified as basic.
Recognition and measurement
Except for loans receivable, these instruments are initially measured at transaction price, including transaction costs, are are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loan receivable are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
There is no intention for the preference shares to be redeemed. Therefore under the circumstances the directors are of the opinion that it is more appropriate for the preference shares to be included within share capital to show a true and fair view.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Website cost |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 January 2018 |
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Amortisation |
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Amortisation charge |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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Page 6 |
Bastins 2012 Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Tangible fixed assets |
Land and buildings |
Fixtures and Fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2017 |
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Additions |
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Disposals |
( |
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( |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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Charge for the year |
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Eliminated on disposal |
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( |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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Included within the net book value of land and buildings above is £3,221,621 (2017 - £2,529,651) in respect of freehold land and buildings and £33,195 (2017 - £38,828) in respect of long leasehold land and buildings.
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Current asset investments |
2018 |
2017 |
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Other investments |
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Page 7 |
Bastins 2012 Limited
Notes to the Financial Statements
Year Ended 31 January 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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PAYE and NIC creditor |
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Other creditors |
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Directors' current accounts |
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Accruals and deferred income |
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Corporation tax |
24,000 |
13,850 |
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VAT |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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1,870,100 |
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1,870,100 |
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100 |
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100 |
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100 |
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100 |
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2,257,055 |
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1,657,055 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 8 |