Company Registration No. NI055688 (Northern Ireland)
BRYSON ARCHITECTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
BRYSON ARCHITECTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BRYSON ARCHITECTS LTD
BALANCE SHEET
AS AT 31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,944
4,398
Investment properties
4
210,000
200,000
214,944
204,398
Current assets
Debtors
5
25,429
37,783
Cash at bank and in hand
77,175
48,516
102,604
86,299
Creditors: amounts falling due within one year
6
(95,764)
(107,362)
Net current assets/(liabilities)
6,840
(21,063)
Total assets less current liabilities
221,784
183,335
Creditors: amounts falling due after more than one year
7
(134,838)
(144,831)
Provisions for liabilities
5,653
7,706
Net assets
92,599
46,210
Capital and reserves
Called up share capital
8
30
30
Profit and loss reserves
92,569
46,180
Total equity
92,599
46,210
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period 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.
BRYSON ARCHITECTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2018
31 August 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2019 and are signed on its behalf by:
Mr Pat Marley
Mr Maurice Johnston
Director
Director
Company Registration No. NI055688
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
- 3 -
1
Accounting policies
Company information
Bryson Architects Ltd is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
Lynden Gate, 50 Knockbreda Road, Belfast, BT6 0JB.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statements have been prepared for the fourteen month period to 31 August 2018. Financial Statements were prepared for this longer period to coincide with the retirement of a director. The comparative amounts presented in the financial statements (including the related notes) may not therefore be entirely comparable.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. These amounts are reflected in accrued income.
1.4
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:
Fixtures & fittings
25% reducing balance
Computer equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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.
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances,
with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. .
Investments are recognised at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can be otherwise measured reliably. Other investments are measured at cost less impairment.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised. Any losses arising from impairment are recognised in the profit & loss account in other administrative expenses.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
Deferred tax
Full provision for deferred tax assets and liabilities is provided at current tax rates on differences that arise between the recognition of gains and losses in the financial statements and their recognition in the tax computation.
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 3 (2017 - 3).
3
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2017
33,831
12,579
46,410
Additions
-
2,765
2,765
At 31 August 2018
33,831
15,344
49,175
Depreciation and impairment
At 1 July 2017
32,173
9,839
42,012
Depreciation charged in the period
415
1,804
2,219
At 31 August 2018
32,588
11,643
44,231
Carrying amount
At 31 August 2018
1,243
3,701
4,944
At 30 June 2017
1,658
2,740
4,398
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
- 7 -
4
Investment property
2018
£
Fair value
At 1 July 2017
200,000
Revaluations
10,000
At 31 August 2018
210,000
Investment property comprises two rental properties, one at Sunderland Road, Belfast and the other at Beersbridge Road, Belfast. The fair value of the investment property has been determined by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties. No independent professional valuation of the investment property has been obtained.
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
22,270
35,001
Other debtors
3,159
2,782
25,429
37,783
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,782
4,786
Corporation tax
22,572
17,157
Other taxation and social security
7,314
5,858
Other creditors
63,096
79,561
95,764
107,362
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
134,838
144,831
The long-term loans are secured by charges over the properties at 170 Beersbridge Road and 11 Sunderland Road.
BRYSON ARCHITECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
- 8 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
30 Ordinary Shares of £1 each
30
30
30
30
9
Directors' transactions
Dividends totalling £56,795 (2017 - £36,114) were paid in the period in respect of shares held by the company's directors.
Directors' remuneration of £29,275 (2017: £24,463) was paid in the year.