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Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2018 |
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BRICK KILN COMPOSITES LIMITED |
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REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2018 |
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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 2018 |
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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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Income Statement | 7 |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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BRICK KILN COMPOSITES LIMITED |
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Company Information |
for the year ended 31 May 2018 |
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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 |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Report of the Directors |
for the year ended 31 May 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacture of |
composite components. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2017 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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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 2018 |
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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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Opinion |
We have audited the financial statements of Brick Kiln Composites Limited (the 'company') for |
the year ended 31 May 2018 which comprise the Income Statement, Balance Sheet and Notes |
to the Financial Statements, including a summary of significant accounting policies. The |
financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
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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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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 2018 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; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs |
(UK)) and applicable law. Our responsibilities under those standards are further described in |
the Auditors' responsibilities for the audit of the financial statements section of our report. We |
are independent of the company in accordance with the ethical requirements that are relevant |
to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we |
have fulfilled our other ethical responsibilities in accordance with these requirements. We |
believe that the audit evidence we have obtained is sufficient and appropriate to provide a |
basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs |
(UK) require us to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material
uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the |
information in the Report of the Directors, but does not include the financial statements and |
our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not |
express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other |
information and, in doing so, consider whether the other information is materially inconsistent |
with the financial statements or our knowledge obtained in the audit or otherwise appears to |
be materially misstated. If, based on the work we have performed, we conclude that there is a |
material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
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the Report of the Directors has been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained |
in the course of the audit, we have not identified material misstatements in the Report of the |
Directors. |
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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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Responsibilities of directors |
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, and for such internal control as the directors determine |
necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the |
company's ability to continue as a going concern, disclosing, as applicable, matters related to |
going concern and using the going concern basis of accounting unless the directors either |
intend to liquidate the company or to cease operations, or have no realistic alternative but to |
do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a |
whole are free from material misstatement, whether due to fraud or error, and to issue a |
Report of the Auditors that includes our opinion. Reasonable assurance is a high level of |
assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will |
always detect a material misstatement when it exists. Misstatements can arise from fraud or |
error and are considered material if, individually or in the aggregate, they could reasonably be |
expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
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A further description of our responsibilities for the audit of the financial statements is located |
on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This |
description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Brick Kiln Composites Limited |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
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BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Income Statement |
for the year ended 31 May 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit |
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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 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one
year |
9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
10 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings | 13 |
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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 2018 |
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1. | STATUTORY INFORMATION |
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Brick Kiln Composites Limited is a
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England and Wales. The company's registered number and registered office address can |
be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, |
excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Leasehold property improvement | - |
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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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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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 2018 |
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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. |
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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. |
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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. |
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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 profit or loss 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 profit or loss in the period to which they |
relate. |
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Work in progress |
Components within the production process that have been cured are included as work in |
progress which is shown in the accounts within Trade Debtors. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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6. | AUDITORS' REMUNERATION |
2018 | 2017 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
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7,250 |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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7. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
property | Plant and | and |
improvement | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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Disposals | ( |
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( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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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 2018 |
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7. | 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 |
£ |
COST |
At 1 June 2017 |
and 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note
11) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Accrued expenses |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note
11) |
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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 2018 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase |
contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £0.1 |
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100 |
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13. | RESERVES |
Retained |
earnings |
£ |
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At 1 June 2017 |
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Profit for the year |
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At 31 May 2018 |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is controlled equally by the directors, J A T Matthews and H G Wood. |
BRICK KILN COMPOSITES LIMITED (REGISTERED NUMBER: 08825405) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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15. | SHARE-BASED PAYMENT TRANSACTIONS |
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EMI share option scheme set up in 2017: |
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Number of
shares |
Av. exercise price |
Outstanding at the beginning of the period | 112 | £1,165 |
Granted during the period | - | - |
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 | - | - |