Company Registration No. SC230547 (Scotland)
Bentleys Fashions Limited
Unaudited financial statements
for the year ended 30 April 2019
Pages for filing with registrar
Bentleys Fashions Limited
Chartered Accountants' Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bentleys Fashions Limited
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 Bentleys Fashions Limited for the year ended 30 April 2019 which comprise, the Statement Of Financial Position 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 of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of Bentleys Fashions Limited, as a body, in accordance with the terms of our engagement letter dated 7 December 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Bentleys Fashions Limited and state those matters that we have agreed to state to the Board of Directors of Bentleys Fashions Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bentleys Fashions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Bentleys Fashions 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 Bentleys Fashions Limited. You consider that Bentleys Fashions 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 Bentleys Fashions 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.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
28 January 2020
Bentleys Fashions Limited
Statement of financial position
at 30 April 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,031
13,181
Current assets
Stocks
264,761
239,628
Debtors
23,122
15,651
Cash at bank and in hand
11,709
19,060
299,592
274,339
Creditors: amounts falling due within one year
(227,911)
(242,651)
Net current assets
71,681
31,688
Total assets less current liabilities
82,712
44,869
Provisions for liabilities
(2,096)
(1,693)
Net assets
80,616
43,176
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
80,516
43,076
Total equity
80,616
43,176
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2019 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 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.
Bentleys Fashions Limited
Statement of financial position (continued)
at 30 April 2019
3
The financial statements were approved by the board of directors and authorised for issue on 25 January 2020 and are signed on its behalf by:
Irene F. Mackie
Director
Company Registration No. SC230547
Bentleys Fashions Limited
Notes to the financial statements
for the year ended 30 April 2019
4
1
Accounting policies
Company information
Bentleys Fashions Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Rosewood, Raemoir Road, Banchory, United Kingdom, AB31 4ET.
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.
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
, and
is shown net of VAT and other sales related taxes
.
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:
Leasehold land and buildings
5 years straight line
Fixtures and fittings
15% reducing balance
Computers
3 years straight line
Motor vehicles
25% reducing balance
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Bentleys Fashions Limited
Notes to the financial statements (continued)
for the year ended 30 April 2019
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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
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 income statement, 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
11,918
8,152
Deferred tax
Origination and reversal of timing differences
403
(209)
Total tax charge
12,321
7,943
Bentleys Fashions Limited
Notes to the financial statements (continued)
for the year ended 30 April 2019
6
3
Tangible fixed assets
Total
£
Cost
At 1 May 2018
93,895
Additions
4,795
Disposals
(11,213)
At 30 April 2019
87,477
Depreciation and impairment
At 1 May 2018
80,714
Depreciation charged in the year
6,945
Eliminated in respect of disposals
(11,213)
At 30 April 2019
76,446
Carrying amount
At 30 April 2019
11,031
At 30 April 2018
13,181
4
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
9,000
18,000
5
Directors' transactions
During the year the directors entered into the following advances and credits with the company:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Vernon J. Mackie
332
92,467
(92,851)
(52)
332
92,467
(92,851)
(52)
Bentleys Fashions Limited
Notes to the financial statements (continued)
for the year ended 30 April 2019
7
6
Controlling party
Mr Vernon Mackie, director, controls the company by virtue of his 57% holding of the issued share capital.