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Unaudited Financial Statements |
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for the Year Ended 31 March 2018 |
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for |
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2018 |
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for |
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED |
J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Contents of the Financial Statements |
for the Year Ended 31 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 | 3 |
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED |
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Company Information |
for the Year Ended 31 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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Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
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Bankers: |
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Failsworth |
465 Oldham Road |
Failsworth |
Manchester |
J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Balance Sheet |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Investments | 6 |
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Current assets |
Stocks |
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Debtors | 7 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 10 |
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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. |
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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
by: |
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | Statutory information |
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J.Braithwaite & Co.(Sewing Machines) Limited is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The company's trading address is 5 Cheltenham St, Salford, Manchester M6 6WY. |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about J.Braithwaite & Co.(Sewing Machines) Limited as an |
individual company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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3. | Accounting policies - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other debtors 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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Such assets are subsequently carried at amortised cost using the effective interest method. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors 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 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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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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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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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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Fixed asset investments |
Fixed asset investments are stated at historical cost less provision for any diminution in value. |
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4. | Employees and directors |
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The average number of employees during the year was
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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5. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2017 |
and 31 March 2018 |
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Depreciation |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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Net book value |
At 31 March 2018 |
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At 31 March 2017 |
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6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2017 |
and 31 March 2018 |
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Net book value |
At 31 March 2018 |
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At 31 March 2017 |
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7. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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J.BRAITHWAITE & CO.(SEWING MACHINES) |
LIMITED (REGISTERED NUMBER: 00744384) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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9. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 500 | 500 |
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11. | Directors' advances, credits and guarantees |
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The following advances and credits to directors subsisted during the years ended 31 March 2018 and 31 March |
2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at the start of year | (31,011 | ) | (20,141 | ) |
Amounts advanced | 43,411 | 8,280 |
Amounts repaid | (7,128 | ) | (19,150 | ) |
Balance outstanding at the end of the year | 5,272 | (31,011 | ) |
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The above loan is interest free and repayable on demand. |