Company Registration No. 01116243 (England and Wales)
BERGSON & EATON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
BERGSON & EATON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BERGSON & EATON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
108,114
111,188
Investments
4
81,521
81,521
189,635
192,709
Current assets
Stocks
213,593
213,081
Debtors
5
203,621
228,182
Investments
6
195,473
422,011
Cash at bank and in hand
161,278
298,024
773,965
1,161,298
Creditors: amounts falling due within one year
7
(437,686)
(463,552)
Net current assets
336,279
697,746
Total assets less current liabilities
525,914
890,455
Creditors: amounts falling due after more than one year
8
(26,327)
(42,697)
Net assets
499,587
847,758
Capital and reserves
Called up share capital
9
1,300
2,000
Capital redemption reserve
700
-
Profit and loss reserves
497,587
845,758
Total equity
499,587
847,758
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 year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
BERGSON & EATON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2017 and are signed on its behalf by:
Mr C Gunning
Director
Company Registration No. 01116243
BERGSON & EATON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2015
2,000
-
748,649
750,649
Year ended 31 December 2015:
Profit and total comprehensive income for the year
-
-
210,710
210,710
Dividends
-
-
(113,601)
(113,601)
Balance at 31 December 2015
2,000
-
845,758
847,758
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
130,667
130,667
Dividends
-
-
(158,838)
(158,838)
Own shares acquired
-
-
(320,000)
(320,000)
Reduction of shares
9
(700)
-
-
(700)
Other
-
700
-
700
Balance at 31 December 2016
1,300
700
497,587
499,587
BERGSON & EATON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Bergson & Eaton Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 4-12 Kempson Close, Gatehouse Industrial Area, Aylesbury, Bucks, HP19 8UQ.
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.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Bergson & Eaton Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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
.
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.
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:
Showroom improvement
50% on cost
Land and buildings Leasehold
Over the remaining term of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
33% on cost
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
.
BERGSON & EATON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks
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
Cash and cash equivalents
Cash and cash equivalents
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.
1.6
Taxation
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 22 (2015 - 20).
BERGSON & EATON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2016
336,856
527,031
863,887
Additions
35,013
29,050
64,063
Disposals
-
(38,757)
(38,757)
At 31 December 2016
371,869
517,324
889,193
Depreciation and impairment
At 1 January 2016
333,760
418,939
752,699
Depreciation charged in the year
20,602
32,571
53,173
Eliminated in respect of disposals
-
(24,793)
(24,793)
At 31 December 2016
354,362
426,717
781,079
Carrying amount
At 31 December 2016
17,507
90,607
108,114
At 31 December 2015
3,096
108,092
111,188
4
Fixed asset investments
2016
2015
£
£
Investments
81,521
81,521
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2016 & 31 December 2016
81,521
Carrying amount
At 31 December 2016
81,521
At 31 December 2015
81,521
BERGSON & EATON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
167,074
191,616
Other debtors
36,547
36,566
203,621
228,182
6
Current asset investments
2016
2015
£
£
Other investments
195,473
422,011
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
126,470
69,471
Corporation tax
52,911
65,350
Other taxation and social security
71,996
65,494
Other creditors
186,309
263,237
437,686
463,552
8
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
26,327
42,697
BERGSON & EATON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,250 Ordinary A shares of £1 each
1,250
1,250
Ordinary B shares of £1 each
-
650
50 Ordinary C shares of £1 each
50
50
Ordinary D shares of £1 each
-
50
1,300
2,000
During the year the company purchased 650 B Ordinary and 50 D Ordinary shares with a nominal value of £1 each for a total consideration of £320,000. These shares were purchased following the resignation of Mrs D Bergson and Mr P Bergson, former directors and shareholders of the company. This equates to 35% of the total called up share capital.
10
Related party transactions
During the year the company paid rent of £43,000 (201
5
: £43,000) to Mr J P Bergson's and Mr P C
Bergson's SIPP.
11
Directors' transactions
Dividends totalling £158,838 (2015 - £113,601) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P C Bergson -
-
(537)
100,000
(99,463)
-
Mr J P Bergson -
-
(16,787)
16,787
-
-
(17,324)
116,787
(99,463)
-
12
Parent company
The company is controlled by Mr J P Bergson, who owns
96% (2015:
63%
)
of the allotted share capital.