Company Registration No. 01298271 (England and Wales)
B & N Regal (Abingdon) Limited
Unaudited
Financial Statements
for the year ended 30 June 2020
PAGES FOR FILING WITH REGISTRAR
B & N Regal (Abingdon) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
B & N Regal (Abingdon) Limited
Balance Sheet
as at 30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
376,821
406,635
Investments
5
100
100
376,921
406,735
Current assets
Stocks
6,715
6,144
Debtors
7
434
27,643
Investments
8
609,900
609,900
Cash at bank and in hand
181,401
140,315
798,450
784,002
Creditors: amounts falling due within one year
9
(119,390)
(120,263)
Net current assets
679,060
663,739
Total assets less current liabilities
1,055,981
1,070,474
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
1,055,831
1,070,324
Total equity
1,055,981
1,070,474
B & N Regal (Abingdon) Limited
Balance Sheet (continued)
as at 30 June 2020
- 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 30 June 2020 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 14 January 2021 and are signed on its behalf by:
Mr J W Carpenter
Director
Company Registration No. 01298271
B & N Regal (Abingdon) Limited
Notes to the financial statements
for the year ended 30 June 2020
- 3 -
1
Accounting policies
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
pound sterling (£)
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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
.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
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
.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2020
1
Accounting policies
(continued)
- 4 -
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
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.
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
36
36
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2020
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
25,000
Amortisation and impairment
At 1 July 2019 and 30 June 2020
25,000
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2019
422,325
508,874
1,650
932,849
Additions
-
-
3,500
3,500
Disposals
-
-
(1,650)
(1,650)
At 30 June 2020
422,325
508,874
3,500
934,699
Depreciation and impairment
At 1 July 2019
170,608
354,844
760
526,212
Depreciation charged in the year
8,446
23,105
875
32,426
Eliminated in respect of disposals
-
-
(760)
(760)
At 30 June 2020
179,054
377,949
875
557,878
Carrying amount
At 30 June 2020
243,271
130,925
2,625
376,821
At 30 June 2019
251,716
154,029
890
406,635
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2020
- 6 -
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings
100
100
The investment in the subsidiary is stated at cost less impairment.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
100
Carrying amount
At 30 June 2020
100
At 30 June 2019
100
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Threelevels Limited
1
Rental company
Ordinary £1
100.00
0
Registered Office addresses:
1
Crabtree, Downs close, Harwell, Oxfordshire, OX11 0LP
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
434
27,643
8
Current asset investments
2020
2019
£
£
Shares in group undertakings
609,900
609,900
Loans made to the subsidiary company are interest free and repayable on demand.
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2020
- 7 -
9
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
26,718
23,066
Corporation tax
32,476
40,098
Other taxation and social security
-
5,045
Other creditors
53,398
45,256
Accruals and deferred income
6,798
6,798
119,390
120,263
The bank debenture is secured by a fixed and floating charge held over the assets of the company.
10
Directors' transactions
Dividends totalling £122,000 (2019 - £51,009) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' current account
-
27,643
37,931
(65,574)
-
27,643
37,931
(65,574)
-
11
Company information
B & N Regal (Abingdon) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Crabtree, Downs Close, Harwell, Oxfordshire, OX11 0LP.