Company Registration No. 03629637 (England and Wales)
BUTCHOFF ANTIQUES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
BUTCHOFF ANTIQUES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
BUTCHOFF ANTIQUES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
100,000
Tangible assets
2
590,853
611,960
590,853
711,960
Current assets
Stocks
3,550,373
3,097,688
Debtors
202,054
429,123
Cash at bank and in hand
11,483
120,895
3,763,910
3,647,706
Creditors: amounts falling due within one year
3
(733,777)
(576,488)
Net current assets
3,030,133
3,071,218
Total assets less current liabilities
3,620,986
3,783,178
Creditors: amounts falling due after more than one year
(1,134,421)
(1,454,249)
Provisions for liabilities
(4,005)
(3,754)
2,482,560
2,325,175
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
2,482,460
2,325,075
Shareholders' funds
2,482,560
2,325,175
BUTCHOFF ANTIQUES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 15 December 2015
Mr I M Butchoff
Director
Company Registration No. 03629637
BUTCHOFF ANTIQUES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
2% straight line method
Leasehold land and buildings
Over the remaining term of the lease of 5 years
Plant and machinery
33% straight line method
Fixtures, fittings and equipment
15% reducing balance method
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
BUTCHOFF ANTIQUES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2014
500,000
722,596
1,222,596
Additions
-
5,830
5,830
At 31 March 2015
500,000
728,426
1,228,426
Depreciation
At 1 April 2014
400,000
110,636
510,636
Charge for the year
100,000
26,937
126,937
At 31 March 2015
500,000
137,573
637,573
Net book value
At 31 March 2015
-
590,853
590,853
At 31 March 2014
100,000
611,960
711,960
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £649,746 (2014 - £615,777).
Mr I M Butchoff, a director of the company, has provided the bank with a personal guarantee of £2m over the company's obligations, which is secured through a fixed charge over Mr I M Butchoff's personal property.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
50 Ordinary "A" shares of £1 each
50
50
35 Ordinary "B" shares of £1 each
35
35
15 Ordinary "C" shares of £1 each
15
15
100
100
The 'A', 'B' and 'C' Ordinary shares rank parri passu in all respects.