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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST AUGUST 2018 |
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BANYO LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST AUGUST 2018 |
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FOR |
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BANYO LTD |
BANYO LTD (REGISTERED NUMBER: 03955869) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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BANYO LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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DIRECTOR: |
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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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109 Coleman Road |
Leicester |
LE5 4LE |
BANYO LTD (REGISTERED NUMBER: 03955869) |
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STATEMENT OF FINANCIAL POSITION |
31ST AUGUST 2018 |
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31/8/18 | 31/8/17 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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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 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
BANYO LTD (REGISTERED NUMBER: 03955869) |
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STATEMENT OF FINANCIAL POSITION - continued |
31ST AUGUST 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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BANYO LTD (REGISTERED NUMBER: 03955869) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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1. | STATUTORY INFORMATION |
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Banyo Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the |
goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable |
that the economic benefits associated with the transaction will flow to the company and the costs |
incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on |
despatch of the goods. |
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TANGIBLE FIXED ASSETS |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Furniture and office equipment | - |
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STOCKS |
Inventories 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 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 statement of financial position 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 statement of financial position 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. |
BANYO LTD (REGISTERED NUMBER: 03955869) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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2. | ACCOUNTING POLICIES - continued |
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HIRE PURCHASE |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets |
at their fair value. The capital element of the future payments is treated as a liability and the interest is |
charged to the profit and loss account on a straight line basis. |
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OPERATING LEASE |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership |
remain with the lessor are charged against profits 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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CASH AND CASH EQUIVALENTS |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant |
risk of change in value. |
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TRADE DEBTORS |
Trade debtors are amounts due from customers for merchandise sold or services performed in the |
ordinary course of business. |
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Trade debtors are recognised initially at the transaction price. They are subsequently measured at |
amorised cost using the effective interest method, less provision for impairment. A provision for the |
impairment of trade debtors is established when there is objective evidence that the company will not |
be able to collect all amounts due according to the original terms of the receivables. |
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TRADE CREDITORS |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Accounts payable are classified as current liabilities if the company |
does not have an unconditional right, at the end of the reporting period, to defer settlement of the |
creditor for at least twelve months after the reporting date, they are presented as non-current liabilities. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at |
amortised cost using the effective interest method. |
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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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BANYO LTD (REGISTERED NUMBER: 03955869) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Furniture |
Fixtures | and |
Leasehold | and | Motor | office |
improvements | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st September 2017 |
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Disposals |
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At 31st August 2018 |
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DEPRECIATION |
At 1st September 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31st August 2018 |
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NET BOOK VALUE |
At 31st August 2018 |
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At 31st August 2017 |
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Included within the net book value of £105,229 (2017: £110,532) is £6,655 (2017: £8,873) relating to |
assets held under hire purchase agreements. The depreciation charged to the financial statements in |
the year in respect of such assets amounted to £2,218 (2017: £2,657). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/18 | 31/8/17 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/8/18 | 31/8/17 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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BANYO LTD (REGISTERED NUMBER: 03955869) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/8/18 | 31/8/17 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/8/18 | 31/8/17 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st August 2018 |
and 31st August 2017: |
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31/8/18 | 31/8/17 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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During the year the company paid rent of £48,250 (2017: £48,250) for the property which is owned by |
the director. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Mr I H Chaudhry and family during the current and previous |
year. Mr Chaudhry is the managing director and majority shareholder. |