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Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2016 |
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BRICK KILN COMPOSITES LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2016 |
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for |
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BRICK KILN COMPOSITES LIMITED |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Contents of the Financial Statements |
for the year ended 31 May 2016 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Profit and Loss Account | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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BRICK KILN COMPOSITES LIMITED |
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Company Information |
for the year ended 31 May 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Report of the Directors |
for the year ended 31 May 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2016. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2015 to |
the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. |
Under that law the directors have elected to prepare the financial statements in accordance |
with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting |
Standards and applicable law). Under company law the directors must not approve the |
financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing |
these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to |
show and explain the company's transactions and disclose with reasonable accuracy at any |
time the financial position of the company and enable them to ensure that the financial |
statements comply with the Companies Act 2006. They are also responsible for safeguarding |
the assets of the company and hence for taking reasonable steps for the prevention and |
detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section |
418 of the Companies Act 2006) of which the company's auditors are unaware, and each |
director has taken all the steps that he ought to have taken as a director in order to make |
himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
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AUDITORS |
The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment |
at the forthcoming Annual General Meeting. |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Report of the Directors |
for the year ended 31 May 2016 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies |
Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
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We have audited the financial statements of Brick Kiln Composites Limited for the year ended |
31 May 2016 on pages six to thirteen. The financial reporting framework that has been applied |
in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities |
(effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to |
Smaller Entities). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 |
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might |
state to the company's members those matters we are required to state to them in a Report of |
the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept |
or assume responsibility to anyone other than the company and the company's members as a |
body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial |
statements sufficient to give reasonable assurance that the financial statements are free from |
material misstatement, whether caused by fraud or error. This includes an assessment of: |
whether the accounting policies are appropriate to the company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant |
accounting estimates made by the directors; and the overall presentation of the financial |
statements. In addition, we read all the financial and non-financial information in the Report of |
the Directors to identify material inconsistencies with the audited financial statements and to |
identify any information that is apparently materially incorrect based on, or materially |
inconsistent with, the knowledge acquired by us in the course of performing the audit. If we |
become aware of any apparent material misstatements or inconsistencies we consider the |
implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 May 2016 and of its
profit for the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice applicable to Smaller Entities; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for |
which the financial statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 |
requires us to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the
small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Profit and Loss Account |
for the year ended 31 May 2016 |
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Period |
24/12/13 |
Year ended | to |
31/5/16 | 31/5/15 |
Notes | £ | £ |
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TURNOVER | 2 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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371,517 | 396,709 |
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Other operating income |
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OPERATING PROFIT and |
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION |
3 |
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Tax on profit on ordinary activities | 4 |
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PROFIT FOR THE FINANCIAL
YEAR |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Balance Sheet |
31 May 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one
year |
7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
8 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Profit and loss account | 12 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements |
for the year ended 31 May 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in |
accordance with the Financial Reporting Standard for Smaller Entities (effective January |
2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Short leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but |
not reversed at the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are |
translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the |
balance sheet. Those held under hire purchase contracts are depreciated over their |
estimated useful lives. Those held under finance leases are depreciated over their |
estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over |
the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to |
the company's pension scheme are charged to the profit and loss account in the period to |
which they relate. |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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2. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of |
the company. |
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An analysis of turnover by geographical market is given below: |
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Period |
24/12/13 |
Year ended | to |
31/5/16 | 31/5/15 |
United Kingdom | 100.00% | 99.43% |
Europe |
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100.00% | 100.00% |
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3. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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Period |
24/12/13 |
Year ended | to |
31/5/16 | 31/5/15 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Pension costs |
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Directors' remuneration and other benefits etc |
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4. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
Period |
24/12/13 |
Year ended | to |
31/5/16 | 31/5/15 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit on ordinary activities |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as |
follows: |
Plant and |
machinery |
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COST |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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DEPRECIATION |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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NET BOOK VALUE |
At 31 May 2016 |
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At 31 May 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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9. | OPERATING LEASE COMMITMENTS |
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The following operating lease payments are committed to be paid within one year: |
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2016 | 2015 |
£ | £ |
Expiring: |
In more than five years |
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10. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1 June 2015 |
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Provided during year |
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Balance at 31 May 2016 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 |
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12. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 June 2015 |
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Profit for the year |
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At 31 May 2016 |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2016 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the year ended |
31 May 2016 and the period ended 31 May 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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14. | RELATED PARTY DISCLOSURES |
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Brick Kiln (UK) Limited |
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A company in which the directors are shareholders. |
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Reimbursement of expenditure made by Brick Kiln (UK) Limited on behalf of Brick Kiln |
Composites Limited amounted to £29,642 during the year of which £77 was outstanding |
at the year end. |
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Brick Kiln Composites Limited also paid legal fees on behalf of Brick Kiln (UK) Limited |
amounting to £574 this amount was outstanding at the year end. |
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During the year the company also repaid a loan made by Brick Kiln (UK) Limited, shown |
in other creditors. |
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2016 | 2015 |
£ | £ |
Amount due from related party at the balance sheet date |
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15. | ULTIMATE CONTROLLING PARTY |
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The company is controlled equally by the directors, J A T Matthews and H G Wood. |