|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 May 2017 |
|
for |
|
BRICK KILN COMPOSITES LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Directors and |
|
Financial Statements for the Year Ended 31 May 2017 |
|
for |
|
BRICK KILN COMPOSITES LIMITED |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 May 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Report of the Independent Auditors | 4 |
|
Income Statement | 6 |
|
Balance Sheet | 7 |
|
Notes to the Financial Statements | 8 |
|
BRICK KILN COMPOSITES LIMITED |
|
Company Information |
for the year ended 31 May 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Report of the Directors |
for the year ended 31 May 2017 |
|
The directors present their report with the financial statements of the company for the year ended 31 May 2017. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacture of |
composite components. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2016 to |
the date of this report. |
|
|
|
|
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. |
|
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: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
|
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. |
|
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. |
|
AUDITORS |
The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment |
at the forthcoming Annual General Meeting. |
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Report of the Directors |
for the year ended 31 May 2017 |
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies |
Act 2006 relating to small companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
|
We have audited the financial statements of Brick Kiln Composites Limited for the year ended |
31 May 2017 on pages six to thirteen. The financial reporting framework that has been applied |
in their preparation is applicable law and United Kingdom Accounting Standards (United |
Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
|
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. |
|
Respective responsibilities of directors and auditors |
|
|
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. |
|
|
Opinion on financial statements |
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 May 2017 and of its
profit for the year then ended; |
- |
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, 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, and has been prepared in accordance with |
applicable legal requirements. In the light of the knowledge and understanding of the company |
and its environment, we have not identified any material misstatements in the Report of the |
Directors. |
Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
|
|
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: |
- |
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 |
- |
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. |
|
|
|
|
|
for and on behalf of
|
Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
|
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Income Statement |
for the year ended 31 May 2017 |
|
2017 | 2016 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 5 |
|
|
|
Tax on profit |
|
|
PROFIT FOR THE FINANCIAL
YEAR |
|
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Balance Sheet |
31 May 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 8 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one
year |
9 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more
than one year |
10 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Retained earnings | 13 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
The financial statements were approved by the Board of Directors on
signed on its behalf by: |
|
|
|
|
|
|
|
|
|
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements |
for the year ended 31 May 2017 |
|
1. | STATUTORY INFORMATION |
|
Brick Kiln Composites Limited is a
|
England and Wales. The company's registered number and registered office address can |
be found on the Company Information page. |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, |
excluding discounts, rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Leasehold property improvement | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Office equipment | - |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the |
Income Statement, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
|
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but |
not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. |
Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent |
that it is probable that they will be recovered against the reversal of deferred tax |
liabilities or other future taxable profits. |
|
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. |
|
The interest element of these obligations is charged to profit or loss over the relevant |
period. The capital element of the future payments is treated as a liability. |
|
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 profit or loss in the period to which they |
relate. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging: |
|
2017 | 2016 |
£ | £ |
Depreciation - owned assets |
|
|
|
6. | AUDITORS' REMUNERATION |
2017 | 2016 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
|
- |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
|
7. | TANGIBLE FIXED ASSETS |
Leasehold |
Short | property | Plant and |
leasehold | improvement | machinery |
£ | £ | £ |
COST |
At 1 June 2016 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
|
At 31 May 2017 |
|
|
|
DEPRECIATION |
At 1 June 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
|
At 31 May 2017 |
|
|
|
NET BOOK VALUE |
At 31 May 2017 |
|
|
|
At 31 May 2016 |
|
|
|
|
Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2016 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
|
( |
) |
At 31 May 2017 |
|
|
|
|
DEPRECIATION |
At 1 June 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) |
At 31 May 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 May 2017 |
|
|
|
|
At 31 May 2016 |
|
|
|
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
|
7. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as |
follows: |
Plant and |
machinery |
£ |
COST |
At 1 June 2016 |
and 31 May 2017 |
|
DEPRECIATION |
At 1 June 2016 |
|
Charge for year |
|
At 31 May 2017 |
|
NET BOOK VALUE |
At 31 May 2017 |
|
At 31 May 2016 |
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note
11) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note
11) |
|
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase |
contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
12. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £0.1 |
|
100 |
|
13. | RESERVES |
Retained |
earnings |
£ |
|
At 1 June 2016 |
|
Profit for the year |
|
At 31 May 2017 |
|
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
|
Notes to the Financial Statements - continued |
for the year ended 31 May 2017 |
|
14. | RELATED PARTY DISCLOSURES |
|
Brick Kiln (UK) Limited |
|
A company in which the directors are shareholders. |
|
|
The company received loans from Brick Kiln (UK) Limited during the year, these were all |
repaid in full before the year end. |
|
2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | - | 497 |
|
15. | ULTIMATE CONTROLLING PARTY |
|
The company is controlled equally by the directors, J A T Matthews and H G Wood. |
|
16. | SHARE-BASED PAYMENT TRANSACTIONS |
|
An EMI share option scheme was created during the year, the details of which are as |
follows: |
|
|
Number of
shares |
Av. exercise price |
Outstanding at the beginning of the period | - | - |
Granted during the period | 112 | £1,165 |
Forfeited during the period | - | - |
Exercised during the period | - | - |
Expired during the period | - | - |
Outstanding at the end of the period | 112 | £1,165 |
Exercisable at the end of the period | - | - |