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REGISTERED NUMBER:
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BUCHANAN (1983) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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REGISTERED NUMBER:
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BUCHANAN (1983) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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BUCHANAN (1983) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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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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Chartered Accountants |
31 St Saviourgate |
York |
North Yorkshire |
YO1 8NQ |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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ABRIDGED BALANCE SHEET |
30 NOVEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
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( |
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PROVISIONS FOR LIABILITIES |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings | ( |
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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. |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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ABRIDGED BALANCE SHEET - continued |
30 NOVEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Buchanan (1983) Limited is a
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The 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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The company depends on its bank facilities to meet its day to day working capital requirements. The |
company has agreed financial arrangements to enable it to continue to meet its day to day operating |
requirements. The facilities are being reviewed on an ongoing basis. On this basis the directors |
consider it appropriate to prepare the financial statements on a going concern basis. |
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First year adoption |
This is the first year in which the financial statements have been prepared under FRS 102. |
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Changes in accounting policies and changes in the previously stated financial position and |
performance are detailed at Note 9 to the accounts. |
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Turnover |
Turnover represents income from hotel accommodation, food and drink sales and from the |
delicatessen, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Soft furnishings | - |
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Furniture and equipment | - |
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Web site | - |
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Motor vehicles | - |
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Office equipment | - |
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No depreciation is charged on freehold property on the grounds that it would be immaterial because |
the estimated residual value is not materially different from the carrying amount of the asset. |
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Tangible fixed assets are initially measured at cost, including transaction costs. |
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Subsequently freehold property is measured at fair value. Freehold property valuations are based on |
an open market value. Deferred tax is provided on these movements. Gains and losses arising from |
changes in the fair value of freehold property are included in the Revaluation Reserve in the period in |
which they arise. |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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 Profit and Loss |
Account, 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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Deferred tax |
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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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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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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 December 2016 |
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Additions |
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Disposals | ( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Fixed assets, subject to hire purchase contracts, with a cost of £16,995 and accumulated depreciation |
of £9,914 are included in the above. |
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The directors consider the fair value of the freehold property to be consistent with the valuation |
undertaken in 2015. |
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Cost or valuation at 30 November 2017 is represented by: |
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Totals |
£ |
Valuation in 2000 | 218,248 |
Valuation in 2002 | 212,339 |
Valuation in 2004 | 148,467 |
Valuation in 2005 | 494,733 |
Valuation in 2007 | 511,617 |
Valuation in 2015 | (653,935 | ) |
Cost | 2,075,303 |
3,006,772 |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If freehold property had not been revalued it would have been included at the following historical |
cost: |
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2017 | 2016 |
£ | £ |
Cost | 945,038 | 930,312 |
Aggregate depreciation | 269,951 | 253,581 |
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Value of land in freehold land and buildings | 111,788 | 111,788 |
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5. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans payable after five |
years by instalment | - | 868,055 |
- | 868,055 |
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7. | LEASING AGREEMENTS |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 6,723 | 11,375 |
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The secured debts are secured against assets of the company. |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 December 2016 |
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Transfer between P&L reserve | 13,414 |
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At 30 November 2017 |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company has operating lease commitments of £69,858 (2016: £93,144) of which £23,286 (2016: |
£23,286) falls due within one year. |
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11. | FIRST YEAR ADOPTION |
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These financial statements for the year ended 31 December 2016 are the first financial statements to |
be prepared under FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for |
small entities has resulted in a small number of changes in accounting policies to those used |
previously, as stated below: |