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Financial Statements for the Year Ended 31st March 2018 |
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Borough Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st March 2018 |
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for |
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Borough Limited |
Borough Limited (Registered number: 02436151) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Borough Limited |
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Company Information |
for the Year Ended 31st March 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Suite 540, 5th Floor, |
Linen Hall |
162- 168 Regent Street |
London |
W1B 5TF |
Borough Limited (Registered number: 02436151) |
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Balance Sheet |
31st March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 9 |
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Other reserves | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Borough Limited (Registered number: 02436151) |
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Balance Sheet - continued |
31st March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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Borough Limited (Registered number: 02436151) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2018 |
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1. | STATUTORY INFORMATION |
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Borough Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Imprvmts to leasehold premises | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Work in progress |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits. |
Borough Limited (Registered number: 02436151) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets |
at their fair value. The capital element of the future payments is treated as a liability and the interest is |
charged to the profit and loss account on a straight line basis. |
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Pension costs |
The company operates a defined contribution pension scheme for employees. The assets of the |
scheme are held separately from those of the company. The annual contributions payable are charged |
to the profit and loss account |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events have occurred at that date that will result in an |
obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: |
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Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of |
fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, |
only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets |
concerned. However, no provision is made where, on the basis of all available evidence at the balance |
sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets |
and charged to tax only where the replacement assets are sold. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying |
timing differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership |
remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument |
is any contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Borough Limited (Registered number: 02436151) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Imprvmts |
to | Fixtures |
leasehold | Plant and | and |
premises | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1st April 2017 |
and 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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Borough Limited (Registered number: 02436151) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts (see note 8) |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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31.3.18 | 31.3.17 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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9. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
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At 1st April 2017 |
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663,317 |
Profit for the year |
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Dividends | ( |
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At 31st March 2018 |
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740,735 |
Borough Limited (Registered number: 02436151) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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10. | RELATED PARTY DISCLOSURES |
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The company was under the control of Mr D M Coombes throughout the current and previous year. |
Mr D M Coombes is the managing director and majority shareholder. |
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Included in the loans is an amount owing to Borough Limited Retirement Benefits Scheme, of which |
Mr D M Coombes is a trustee, whose balance at the year end is £61,250 (2017: £136,250). This was |
taken out under normal commercial terms. |
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11. | PENSIONS |
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The company maintains a contributory pension scheme for its full time employees. Contributions by |
the company are charged against profits during the year in which they are paid. |
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The value of the pension plan at 31st March 2018 was £868,182. |