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BULLIMORES SAND AND GRAVEL LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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REGISTERED NUMBER:
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BULLIMORES SAND AND GRAVEL LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 | to | 3 |
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Report of the Directors | 4 | to | 5 |
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Report of the Independent Auditors | 6 | to | 7 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Statement of Financial Position | 10 |
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Statement of Changes in Equity | 11 |
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Statement of Cash Flows | 12 |
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Notes to the Statement of Cash Flows | 13 |
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Notes to the Financial Statements | 14 | to | 21 |
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BULLIMORES SAND AND GRAVEL LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 May 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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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STRATEGIC REPORT |
for the Year Ended 31 May 2018 |
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The directors present their strategic report for the year ended 31 May 2018. |
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The directors aim to present a balanced and comprehensive review of the business development and performance |
during the year and its position at the year end. The review is consistent with the size and the non-complex nature of |
the company and is written in the context of the risks and uncertainties faced. |
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REVIEW OF BUSINESS |
The results of the company for the year show a profit on ordinary activities before taxation of £1,409,036 (2017 - |
£1,022,985). Total shareholders' funds increased to £13,402,656 as at 31 May 2018 (2017 - £12,205,694). Revenue has |
increased for the year to 31 May 2018 to £13,205,966 compared to the year to 31 May 2017 of £11,079,615. The |
directors are satisfied with the overall performance in the current economic climate. |
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DEVELOPMENT AND PERFORMANCE |
The company continues to review the market place it operates within and places effort in areas with the most |
potential and where it can expect to maximise its returns through strong management and leadership, whilst |
constantly reviewing its performance and opportunities. The company continues to explore avenues to expand its |
existing business and other opportunities as they arise. |
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KEY PERFORMANCE INDICATORS |
The directors consider the key performance indicators to be revenue, gross profit and profit on ordinary activities |
before taxation. |
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Key highlights for the company as a whole for the 5 year period to 31 May 2018 are: |
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2018 | 2017 | 2016 | 2015 | 2014 |
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Revenue: |
Sand & gravel | 3,926,061 | 3,515,355 | 3,913,703 | 4,462,352 | 3,920,541 |
Plant hire | 4,521,758 | 4,310,220 | 4,431,315 | 4,372,516 | 4,074,221 |
Merchanting | 4,758,147 | 3,254,040 | 544,674 | 590,077 | 668,326 |
£13,205,966 | £11,079,615 | £8,889,692 | £9,424,945 | £8,663,088 |
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Revenue growth / (decline) | 19.2% | 24.6% | (5.7%) | 8.8% | 16.2% |
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Gross profit margin | 21.7% | 23.5% | 30.1% | 34.1% | 30.0% |
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Profit / (loss) before taxation | 1,409,036 | £1,022,985 | £1,067,448 | £1,564,039 | £1,128,540 |
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We have had another satisfactory year, low margins continue to challenge us and current trading is suffering a little |
from Brexit uncertainty. |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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STRATEGIC REPORT |
for the Year Ended 31 May 2018 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The main short term threat is the uncertainty surrounding Britain's exit from the European Union and the effect it will |
have on the construction industry. |
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The company's operations and assets are well diversified and as such the levels of operational and other risks are |
considered by the directors to be acceptable. The company does not have any material exposure to any high risk |
markets or geographical areas. |
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The company's exposure to liquidity risk is managed by the close monitoring of funds held on accounts and debtor |
and creditor balances by ensuring sufficient liquidity is available to meet foreseeable needs. |
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ON BEHALF OF THE BOARD: |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 May 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2018. |
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PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of operating sand, gravel and limestone |
quarries, plant and skip hire and waste recycling and disposal. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 May 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2017 to the date of this |
report. |
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ENVIRONMENT |
Bullimores Sand & Gravel Limited recognises the importance of its environmental responsibilities, monitors its impact |
on the environment, and designs and implements policies to reduce any damage that might be caused by the |
company's activities. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors |
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing these financial |
statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible |
for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of |
fraud and other irregularities. |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 May 2018 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to |
have taken as a director in order to make himself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BULLIMORES SAND AND GRAVEL LIMITED |
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Opinion |
We have audited the financial statements of Bullimores Sand and Gravel Limited (the 'company') for the year ended |
31 May 2018 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, |
Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the |
Financial Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 May 2018 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the |
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in |
doing so, consider whether the other information is materially inconsistent with the financial statements or our |
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material |
inconsistencies or apparent material misstatements, we are required to determine whether there is a material |
misstatement in the financial statements or a material misstatement of the other information. If, based on the work |
we have performed, we conclude that there is a material misstatement of this other information, we are required to |
report that fact. We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BULLIMORES SAND AND GRAVEL LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the |
audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, |
and for such internal control as the directors determine necessary to enable the preparation of financial statements |
that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of |
the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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INCOME STATEMENT |
for the Year Ended 31 May 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
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REVENUE | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,345,046 | 1,007,559 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Income from fixed asset investments |
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Interest receivable and similar income | 6 |
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13,072 | 13,972 |
PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 May 2018 |
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2018 | 2017 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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STATEMENT OF FINANCIAL POSITION |
31 May 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Inventories | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 May 2018 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 June 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 May 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 May 2018 |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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STATEMENT OF CASH FLOWS |
for the Year Ended 31 May 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Dividends received |
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Net cash from investing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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1,827,301 |
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Cash and cash equivalents at end of year | 2 | 1,848,956 | 2,021,988 |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 31 May 2018 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance income | ( |
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2,898,711 | 2,578,478 |
Decrease in inventories |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect |
of these Statement of Financial Position amounts: |
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Year ended 31 May 2018 |
31/5/18 | 1/6/17 |
£ | £ |
Cash and cash equivalents | 1,848,956 | 2,021,988 |
Year ended 31 May 2017 |
31/5/17 | 1/6/16 |
£ | £ |
Cash and cash equivalents | 2,021,988 | 1,827,301 |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2018 |
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1. | GENERAL INFORMATION |
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Bullimores Sand and Gravel Limited is a limited company incorporated in England and Wales. The address of |
the registered office is given in the company information on page one of these financial statements. The |
nature of the company's operations and principal activities are detailed in the report of the directors on page |
three. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the Company's accounting policies, management is required to make judgements, |
estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from |
other sources. The estimates and underlying assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that period, |
or in the period of the revision and future periods if the revision affects both current and future periods. |
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The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the |
financial statements are described below. |
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i) Depreciation |
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The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated |
useful economic lives and residual values are reassessed annually. They are amended when necessary to |
reflect current estimates, based on technological advancement, future investments, economic utilisation and |
the physical condition of the assets. See note 7 for the carrying amount of property, plant and equipment. |
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Revenue |
Revenue represents amounts charged to customers for goods and services provided during the year, excluding |
value added tax and trade discounts. |
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Property, plant and equipment and depreciation |
Property, plant and equipment are stated at cost less depreciation. Depreciation is not charged on freehold |
land except for mineral bearing land. Depreciation on other property, plant and equipment is provided at the |
rates calculated to write off the cost of those assets, less their estimated residual value, over their expected |
useful lives on the following bases: |
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Freehold land | - nil to 50 years on cost |
Freehold buildings | - 10 to 50 years on cost |
Plant and machinery, fixtures, fittings and office
equipment, motor vehicles and loaders |
- 2 to 10 years on cost |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell. Inventories are |
accounted for on a first-in-first-out basis. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
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Operating lease commitments |
Rentals paid under operating leases are charged to the income statement as incurred. |
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Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes where contributions are made to external |
pension schemes to provide for retirement benefits and are charged to the income statement as incurred. |
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Revenue recognition |
Revenue is recognised on plant and skip hire upon return of the asset or at the end of the month where the |
asset is out on hire. |
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Revenue is recognised on aggregate and quarry sales upon delivery. |
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Investments |
Fixed assets investments are stated at fair value. |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
transaction price, 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. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in profit or loss. |
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Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts 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. |
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3. | REVENUE |
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The revenue and profit before taxation are attributable to the principal activities of the company. |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Management and administration |
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Production |
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Sales |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director is as follows: |
2018 | 2017 |
£ | £ |
Emoluments etc |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
|
2018 | 2017 |
£ | £ |
Hire of plant and machinery |
|
|
Depreciation - owned assets |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Audit and accountancy |
|
|
Operating lease payments - land and buildings |
|
|
|
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2018 | 2017 |
£ | £ |
Bank interest |
|
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax | ( |
) |
|
Tax on profit |
|
|
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
|
7. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances |
|
- |
Difference due to change in tax rate | (59,424 | ) | (1,521 | ) |
Capital gains | (9,626 | ) | - |
Total tax charge | 212,074 | 190,578 |
|
8. | PROPERTY, PLANT AND EQUIPMENT |
Leasehold |
Freehold | land and | Plant and |
property | buildings | machinery |
£ | £ | £ |
COST |
At 1 June 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 May 2018 |
|
|
|
DEPRECIATION |
At 1 June 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 May 2018 |
|
|
|
NET BOOK VALUE |
At 31 May 2018 |
|
|
|
At 31 May 2017 |
|
|
|
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
|
8. | PROPERTY, PLANT AND EQUIPMENT - continued |
|
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 May 2018 |
|
|
|
DEPRECIATION |
At 1 June 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 May 2018 |
|
|
|
NET BOOK VALUE |
At 31 May 2018 |
|
|
|
At 31 May 2017 |
|
|
|
|
Included in cost of land and buildings is freehold land of £ 40,050 (2017 - £ 40,050 ) which is not depreciated. |
|
9. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 June 2017 |
and 31 May 2018 |
|
PROVISIONS |
At 1 June 2017 |
and 31 May 2018 | 308 |
NET BOOK VALUE |
At 31 May 2018 |
|
At 31 May 2017 |
|
|
The market value of the investments at the financial reporting date was £5,221 (2017 - £3,508). |
|
10. | INVENTORIES |
2018 | 2017 |
£ | £ |
Consumables and finished goods |
|
|
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Corporation tax |
|
|
Other taxes and social security |
|
|
Accruals and deferred income |
|
|
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | FINANCIAL INSTRUMENTS |
|
The company has the following financial instruments: |
|
2018 | 2017 |
£ | £ |
Financial assets that are debt instruments measured at fair value
through profit and loss |
|
Fixed asset investment | 55 | 55 |
|
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 3,237,046 | 2,577,156 |
Other debtors | 6,472 | 4,413 |
|
Financial liabilities measured at amortised cost |
Trade creditors | 1,871,531 | 1,204,452 |
|
|
The total interest income and interest expense for financial assets and financial liabilities that are not |
measured at fair value through profit or loss was £Nil (2017 - £Nil) and £Nil (2017 - £Nil) respectively. |
BULLIMORES SAND AND GRAVEL LIMITED (REGISTERED NUMBER: 00627117) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2018 |
|
15. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
|
Deferred |
tax |
£ |
Balance at 1 June 2017 |
|
Movement in year | ( |
) |
Balance at 31 May 2018 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
1,240 | 'A' Ordinary | 50p | 620 | 620 |
1,242 | 'B' Ordinary | 50p | 621 | 621 |
1,241 | 1,241 |
|
Each class of share capital holds equal voting rights. |
|
17. | PENSION COMMITMENTS |
|
The company operates a defined contribution scheme for employees. The contributions are held in an |
independently managed fund. The total contributions during the year were £121,755 (2017 - £105,745). |
|
The company operates a money purchase scheme for the benefit of the two directors. The contributions are |
held in an independently managed fund. The total contributions during the year were £nil (2017 - £nil). |
|
18. | RELATED PARTY DISCLOSURES |
|
During the year the company paid royalties in respect of mineral rights amounting to £45,744 (2017 - £50,452) |
to close family members of key management personnel. |
|
The company paid rent of £48,000 (2017 - £48,000) to a pension scheme of which two of the key management |
personnel are the sole members. |
|
Key management personnel compensation |
|
Key management personnel compensation is considered to be the same as reported under directors' |
remuneration disclosed in note 4. |
|
19. | ULTIMATE CONTROLLING PARTY |
|
The company is controlled by its directors,
|