Company Registration No. 10665770 (England and Wales)
SEVERN VALLEY BATHROOMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
SEVERN VALLEY BATHROOMS LIMITED
COMPANY INFORMATION
Director
Mr L B Fletcher
Company number
10665770
Registered office
4 Prospect Road
Stourport on Severn
Worcestershire
DY13 9DE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
37 High Street
Stourport on Severn
Worcestershire
DY13 8BD
SEVERN VALLEY BATHROOMS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SEVERN VALLEY BATHROOMS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEVERN VALLEY BATHROOMS LIMITED FOR THE YEAR ENDED 31 MARCH 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Severn Valley Bathrooms Limited for the year ended 31 March 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Severn Valley Bathrooms Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Severn Valley Bathrooms Limited
and state those matters that we have agreed to state to the Board of Directors of Severn Valley Bathrooms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Severn Valley Bathrooms Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Severn Valley Bathrooms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Severn Valley Bathrooms Limited. You consider that Severn Valley Bathrooms Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Severn Valley Bathrooms Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 December 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SEVERN VALLEY BATHROOMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,837
14,881
Current assets
Debtors
4
8,779
2,742
Creditors: amounts falling due within one year
5
(13,321)
(6,583)
Net current liabilities
(4,542)
(3,841)
Total assets less current liabilities
7,295
11,040
Creditors: amounts falling due after more than one year
6
(4,135)
(7,951)
Provisions for liabilities
8
(2,249)
(2,827)
Net assets
911
262
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
811
162
Total equity
911
262
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SEVERN VALLEY BATHROOMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 December 2019.
Mr L B Fletcher
Director
Company Registration No. 10665770
SEVERN VALLEY BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
1
Accounting policies
Company information
Severn Valley Bathrooms Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Prospect Road, Stourport on Severn, Worcestershire, DY13 9DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
Motor vehicles
20% reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SEVERN VALLEY BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
SEVERN VALLEY BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
3
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
339
18,319
18,658
Depreciation and impairment
At 1 April 2018
113
3,664
3,777
Depreciation charged in the year
113
2,931
3,044
At 31 March 2019
226
6,595
6,821
Carrying amount
At 31 March 2019
113
11,724
11,837
At 31 March 2018
226
14,655
14,881
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Motor vehicles
11,724
14,655
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
8,779
2,742
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
2,958
-
Trade creditors
1,010
-
Corporation tax
4,611
1,493
Other taxation and social security
25
30
Other creditors
4,717
5,060
13,321
6,583
SEVERN VALLEY BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
4,135
7,951
7
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Hire purchase contracts
7,951
11,767
Bank overdrafts
2,958
-
10,909
11,767
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
2,249
2,827
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100
100
SEVERN VALLEY BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan account
-
2,742
16,037
(10,000)
8,779
2,742
16,037
(10,000)
8,779
The director’s loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Mr L B Fletcher.
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