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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Brooklyn Trading Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Brooklyn Trading Limited |
Brooklyn Trading Limited (Registered number: 02747438) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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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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Brooklyn Trading Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Brooklyn Trading Limited (Registered number: 02747438) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 | 86,113 | 109,918 |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Brooklyn Trading 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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Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and |
assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates |
and assumptions are based on the best and most reliable evidence available at the time when the decisions are |
made, and are based on historical experience and other factors that are considered to be applicable. Due to the |
inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and |
outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revision 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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Key sources of estimation uncertainty |
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The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a |
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next |
financial year are disclosed below. |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both |
external and internal sources of information such as market conditions and experience of recoverability. There |
have been no indicators of impairments identified during the current financial year. |
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Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a |
number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and |
maintenance programmes are taken into account. Residual value assessments consider issues such as future |
market conditions, the remaining life of the asset and projected disposal values. |
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Turnover |
Turnover represents the invoice value of goods provided net of value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charges to the profit and loss account 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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Going concern |
The company's financial statements for the year ended 31 December 2017 have been prepared on a going |
concern basis, as after making appropriate enquiries, the directors have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. |
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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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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2017 |
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Transfer to ownership | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Transfer to ownership | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 7) |
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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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7. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Finance charges repayable: |
Within one year |
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Net obligations repayable: |
Within one year |
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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 |
£ | £ |
Hire purchase contracts | - | 7,778 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to |
disclose related party transactions with wholly owned subsidiaries within the group. |
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During the year the company was charged rent amounting to £54,209 (2016: £19,010) by a pension scheme in |
which the directors of this company are both trustees and beneficiaries. At December 2017, there was £16,263 |
(£38,585) due to this entity. |
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At 31 December 2017, other creditors include £13,721 (2016: £13,846) in respect of the directors current |
account. There are no fixed repayment terms and no interest is chargeable to the company in respect of this |
balance. |
Brooklyn Trading Limited (Registered number: 02747438) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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11. | ULTIMATE PARENT UNDERTAKING |
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The company's parent undertaking at the balance sheet date was Klyne & Klyne (Holdings) Limited, a company |
incorporated and registered in England and Wales. Copies of the financial statements of Klyne & Klyne |
(Holdings) Limited can be obtained from the registered office of that company. |