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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST MARCH 2018 |
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FOR |
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D BOYNTON AND SON LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST MARCH 2018 |
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FOR |
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D BOYNTON AND SON LIMITED |
D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 4 |
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D BOYNTON AND SON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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Director: |
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Secretary: |
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Registered office: |
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Registered number: |
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D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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BALANCE SHEET |
31ST MARCH 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Creditors |
Amounts falling due after more than
one year |
7 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings | 9 | ( |
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Shareholders' funds | ( |
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The director acknowledges his 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. |
D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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BALANCE SHEET - continued |
31ST MARCH 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the director on
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D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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1. | Statutory information |
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D Boynton and Son Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The balance sheet at the year end shows net liabilities of £225,694 which includes loans from the |
director of £546,494. The director considers that the company is able to meet its obligations as they |
fall due and confirm that he will continue to support the company. Therefore he considers it |
appropriate to adopt the going concern basis in preparing these accounts. |
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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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Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life or, if held under a finance lease, over the term lease, whichever is shorter. |
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Buildings | 2% straight line |
Plant & equipment | 15% reducing balance |
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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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D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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2. | 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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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2. | Accounting policies - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset and the net amounts presented in the financial statements |
when there is a legally enforceable right to set off the recognised amounts and there is an intention |
to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are |
measured at transaction price less any impairment. Loans receivable are measured initially at fair |
value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, |
associates or joint ventures, are initially measured at fair value, which is normally the transaction |
price. Such assets are subsequently carried at fair value and the changes in fair value are recognised |
in profit or loss, except that investments in equity instruments that are not publicly traded and |
whose fair values cannot be measured reliably are measured at the cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for |
indicators of impairment at each reporting date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more |
events that occurred after initial recognition of the financial asset, the estimated future cash flows |
have been affected. If an asset is impaired, the impairment loss is the difference between the |
carrying amount and the present value of the estimated cash flows discounted at the assets original |
effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment |
was recognised, the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been, had the impairment not previously |
been recognised. The impairment reversal is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or when the group transfers the financial asset and substantially all of the risks |
and rewards of the ownership to another entity, or if some significant risks and rewards of |
ownership are retained but control of the asset has transferred to another party that is able to sell the |
asset in its entirety to an unrelated third party. |
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D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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2. | Accounting policies - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the group after deducing all of its liabilities. |
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Basic financial liabilities, including trade and other payables are measured at the transaction price. |
Other financial liabilities, including bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are measured initially at fair value, net of transaction costs, and |
are measured subsequently at amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative |
contract is entered into and are subsequently re-measured at their fair value. Changes in the fair |
value of derivatives are recognised in profit or loss in finance costs or finance income as |
appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are |
discharged or cancelled. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
Cost |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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Depreciation |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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Net book value |
At 31st March 2018 |
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At 31st March 2017 |
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D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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4. | Tangible fixed assets - continued |
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The net book value of tangible fixed assets includes £ 56,162 (2017 - £ 79,107 ) in respect of assets |
held under hire purchase contracts. |
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5. | Debtors: amounts falling due within one year |
31.3.18 | 31.3.17 |
£ | £ |
Work in progress |
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Other debtors |
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VAT |
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6. | Creditors: amounts falling due within one year |
31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Director's loan account | 546,494 | 452,563 |
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7. | Creditors: amounts falling due after more than one year |
31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
D BOYNTON AND SON LIMITED (REGISTERED NUMBER: 09975089) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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9. | Reserves |
Retained |
earnings |
£ |
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At 1st April 2017 | ( |
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Deficit for the year | ( |
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At 31st March 2018 | ( |
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10. | Contingent liabilities |
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There were no contingent liabilities or lease commitments at 31st March 2018. |
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11. | Related party disclosures |
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During the year, the director used a current account with the company to record amounts due to him |
and amounts drawn by him. The balance owed by the company at the end of the year was £546,494 |
(2017: £452,563). |
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12. | Ultimate controlling party |
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The controlling party is M Boynton. |