|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARBER REFRIGERATION LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARBER REFRIGERATION LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 8 |
|
BARBER REFRIGERATION LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
BALANCE SHEET |
31 MARCH 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
|
|
Tangible assets | 4 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
BALANCE SHEET - continued |
31 MARCH 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
|
|
|
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Barber Refrigeration Limited is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors which are considered to be relevant. Actual results may differ from these |
estimates. |
|
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision only effects that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
|
The following are the critical judgements that the directors have made in the process of applying the |
company's accounting policies and that have the most significant effect on the amounts recognised in |
the financial statements. |
|
Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective |
evidence of impairment, an impairment loss is recognised in the income statement. |
|
Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and |
a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent |
liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets |
are only disclosed if an inflow of economic benefits is probable. |
|
Turnover |
Turnover represents amounts invoiced for the installation and servicing of air-conditioning and |
refrigeration equipment, net of VAT and trade discounts. Revenue is recognised evenly over the period |
of the provision of services. |
|
Goodwill |
|
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
|
Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially |
measured at transaction price unless the arrangement constitutes a financing transaction, where the |
transaction is measured at the present value of the future receipts discounted at a market rate of |
interest. |
|
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price |
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at |
the present value of the future receipts discounted at a market rate of interest. |
|
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 |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
enacted or substantively enacted by the balance sheet date. |
|
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. |
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Going concern |
In preparing the financial statements, the directors have considered the current financial position of the |
company and likely future cashflows. |
|
The company has made a profit in the year ended 31 March 2017 and has net asset at the balance |
sheet date. |
|
After making enquiries, the directors have a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Accordingly, they continue to |
adopt the going concern basis in preparing the financial statements. |
|
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
|
At 31 March 2017 |
|
AMORTISATION |
Charge for year |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
|
At 31 March 2017 |
|
DEPRECIATION |
Charge for year |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
|
At 31 March 2017 |
|
DEPRECIATION |
Charge for year |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Hire purchase contracts | 12,766 | - |
|
Obligations under hire purchase are secured on the assets to which they relate. |
BARBER REFRIGERATION LIMITED (REGISTERED NUMBER: 09049676) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the year ended 31 March 2017 and |
the period ended 31 March 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
On 1 April 2016 the company acquired the trade, certain assets and liabilities from Barber |
Refrigeration a business owned by the directors. |
|
£ |
Tangible fixed assets | 26,725 |
Stock | 17,000 |
Accrued income | 8,068 |
Warranty provision | (33,533 | ) |
Hire Purchase | (28,262 | ) |
(10,002 | ) |
|
The directors consider that the fair value of the assets transferred to Barber Refrigeration Limited was |
their book value. In addition the company acquired £30,000 of goodwill from the business. |