Company Registration No. 01944843 (England and Wales)
Paul Bristow Associates Limited
Unaudited financial statements
for the year ended 31 December 2019
Pages for filing with the Registrar
Paul Bristow Associates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
Paul Bristow Associates Limited
Balance sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
247,681
195,160
Current assets
Stocks
96,522
107,666
Debtors
4
356,519
367,530
Cash at bank and in hand
386,960
316,190
840,001
791,386
Creditors: amounts falling due within one year
5
(428,547)
(498,171)
Net current assets
411,454
293,215
Total assets less current liabilities
659,135
488,375
Creditors: amounts falling due after more than one year
6
(129,336)
(94,918)
Provisions for liabilities
(41,211)
(29,453)
Net assets
488,588
364,004
Capital and reserves
Called up share capital
8
10,000
10,000
Share premium account
9
32,000
32,000
Profit and loss reserves
10
446,588
322,004
Total equity
488,588
364,004
Paul Bristow Associates Limited
Balance sheet (continued)
As at 31 December 2019
Page 2
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 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.
The financial statements were approved by the board of directors and authorised for issue on 31 December 2020 and are signed on its behalf by:
Ben Bristow
Director
Company Registration No. 01944843
Paul Bristow Associates Limited
Statement of changes in equity
For the year ended 31 December 2019
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2018
10,000
32,000
222,207
264,207
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
106,047
106,047
Dividends
-
-
(6,250)
(6,250)
Balance at 31 December 2018
10,000
32,000
322,004
364,004
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
124,584
124,584
Balance at 31 December 2019
10,000
32,000
446,588
488,588
Paul Bristow Associates Limited
Notes to the financial statements
For the year ended 31 December 2019
Page 4
1
Accounting policies
Company information
Paul Bristow Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
City Tower, Piccadilly Plaza, Manchester, M1 4BT.
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. 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 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
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Property improvements
over the period of the lease
Plant and machinery
20% reducing balance
Design library and office equipment
20% reducing balance
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 5
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
.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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.
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 6
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 unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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.
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 7
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
45
35
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
Page 8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
32,407
348,767
381,174
Additions
6,068
106,751
112,819
At 31 December 2019
38,475
455,518
493,993
Depreciation and impairment
At 1 January 2019
28,807
157,207
186,014
Depreciation charged in the year
720
59,678
60,398
Eliminated in respect of disposals
-
(100)
(100)
At 31 December 2019
29,527
216,785
246,312
Carrying amount
At 31 December 2019
8,948
238,733
247,681
At 31 December 2018
3,600
191,560
195,160
The net carrying value of tangible fixed assets held under finance leases or hire purchase contracts is £152,329 (2018: £107,021). The depreciation charged to assets held under finance leases or hire purchase contracts was £38,082 (2018: £26,755).
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
323,539
352,225
Other debtors
32,980
15,305
356,519
367,530
During the year there was a credit to the bad debt expense of £nil (2018: £1,572).
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
Page 9
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
233,230
293,412
Corporation tax
24,398
15,696
Other taxation and social security
59,498
69,033
Other creditors
111,421
120,030
428,547
498,171
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
129,336
94,918
The aggregate amount of creditors for which security has been given amounted to £136,483 (2018 - £88,767).
7
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
41,211
29,453
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
9
Share premium account
Paul Bristow Associates Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
9
Share premium account (continued)
Page 10
2019
2018
£
£
At the beginning and end of the year
32,000
32,000
10
Profit and loss reserves
2019
2018
£
£
At the beginning of the year
322,004
222,207
Profit for the year
124,584
106,047
Dividends declared and paid in the year
-
(6,250)
At the end of the year
446,588
322,004
11
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
£
£
141,682
14,322
12
Directors' transactions
At 31 December 2019 a balance of £40,929 (2018: £56,928) was owing to the director, Margaret Bristow, which is unsecured and interest free.
At 31 December 2019 a balance of £1,797 (2018: £416 owing to) was owing from the director, Sebastian Bristow, which is unsecured and interest free.
At 31 December 2019 a balance of £14,909 (2018: £6,701) was owing from the director, Ben Bristow, which is unsecured and interest free.
13
Control
The ultimate controlling parties are Margaret Bristow and Ben Bristow who are directors and the sole shareholders of the company.
2019-12-31
2019-01-01
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31 December 2020
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Ben Bristow
Margaret Bristow
Sebastian Bristow
Margaret Bristow
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