B & B COMPONENTS LIMITED | |
UNAUDITED FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED 30 APRIL 2016 | |
B & B COMPONENTS LIMITED | |||
FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 30 APRIL 2016 | |||
DIRECTORS | |||
S J Whitehead | |||
A J Bryan | |||
SECRETARY | |||
A J Bryan | |||
REGISTERED OFFICE | |||
Unit 11 Granville Road Maidstone Kent ME14 2BJ |
|||
COMPANY REGISTERED NUMBER | |||
04718672 | |||
BANKERS | |||
National Westminster plc 3 High Street Maidstone Kent ME14 1XU |
|||
ACCOUNTANT | |||
Richard Ayling FAIA FFA ATT | |||
The Old Barn Barling Farm East Sutton Maidstone Kent ME17 3DX |
|||
page 1 | |
B & B COMPONENTS LIMITED | |||
FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 30 APRIL 2016 | |||
CONTENTS | |||
Pages | |||
1-2 | Strategic Report | ||
3 | Directors' Report | ||
4 | Accountant's Report | ||
5 | Income Statement | ||
6 | Statement of Financial Position | ||
7-14 | Notes to the Financial Statements | ||
The following do not form part of the statutory financial statements: | |||
15 | Trading and Profit and Loss Account | ||
16-17 | Profit and Loss Account Summaries | ||
page 2 | |
B & B COMPONENTS LIMITED | |||
DIRECTORS' REPORT | |||
FOR THE YEAR ENDED 30 APRIL 2016 | |||
The directors present their report and the financial statements of the company for the year ended |
|||
PRINCIPAL ACTIVITIES | |||
|
|||
FINANCIAL INSTRUMENT RISK | |||
RESULTS AND DIVIDENDS | |||
2016 | 2015 | ||
£ | £ | ||
Profit after tax for the year | 172,388 | 98,699 | |
Interim dividends | 161,114 | 114,800 | |
DIRECTORS | |||
The directors who served during the year were as follows: | |||
|
|||
|
|||
SMALL COMPANY EXEMPTIONS | |||
|
|||
This report was approved by the board on |
|||
Signed | |||
A J Bryan |
page 3 | |
ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS | ||
ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF | ||
B & B COMPONENTS LIMITED | ||
FOR THE YEAR ENDED 30 APRIL 2016 | ||
|
||
This report is made solely to the Board of Directors of B & B Components Limited, as a body, in accordance with the terms of my engagement letter dated 28 June 2011. My work has been undertaken solely to prepare for your approval the accounts of B & B Components Limited and state those matters that I have agreed to state to the Board of Directors of B & B Components Limited, as a body, in this report. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than B & B Components Limited and its Board of Directors as a body for my work or for this report. | ||
It is your duty to ensure that B & B Components Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of B & B Components Limited. You consider that B & B Components Limited is exempt from the statutory audit requirement for the year. | ||
I have not been instructed to carry out an audit or a review of the accounts of B & B Components Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts. | ||
|
||
Barling Farm East Sutton Maidstone Kent ME17 3DX |
||
page 4 | |
B & B COMPONENTS LIMITED | |||||
INCOME STATEMENT | |||||
FOR THE YEAR ENDED 30 APRIL 2016 | |||||
Note | 2016 | 2015 | |||
£ | £ | ||||
TURNOVER | 2 |
|
|
||
Cost of sales |
|
|
|||
GROSS PROFIT |
|
|
|||
Distribution costs and selling expenses |
|
|
|||
Administrative expenses |
|
|
|||
OPERATING PROFIT | 3 |
|
|
||
Other interest receivable and similar income |
|
|
|||
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
|
|
|||
Tax on ordinary activities | 6 |
|
|
||
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION |
|
|
|||
PROFIT FOR THE FINANCIAL YEAR | £ |
£ |
|||
The notes on pages 7-14 form part of these financial statements | |
page 5 | |
|
|||||
Company registered number: |
|||||
STATEMENT OF FINANCIAL POSITION AT |
|||||
Note | 2016 | 2015 | |||
£ | £ | £ | |||
FIXED ASSETS | |||||
Property, plant and equipment |
|
|
|||
CURRENT ASSETS | |||||
Inventories |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
CREDITORS: Amounts falling due within one year |
|
|
|||
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
PROVISIONS FOR LIABILITIES | ( |
( |
|||
NET ASSETS | £ |
£ |
|||
CAPITAL AND RESERVES | |||||
Called up share capital |
|
|
|||
Retained earnings |
|
|
|||
SHAREHOLDERS' FUNDS | £ |
£ |
|||
In approving these financial statements as directors of the company we hereby confirm the following: | |||
|
|||
Directors' responsibilities: | |||
|
|||
|
|||
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. | |||
The accounts were approved by the board of directors on |
|||
|
The notes on pages 7-14 form part of these financial statements | |
page 6 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
1. | SIGNIFICANT ACCOUNTING POLICIES | ||
1a. | Statement of compliance | |||
|
||||
Registered office: | ||||
Maidstone Kent ME14 2BJ |
||||
|
||||
1b. | Basis of accounting | |||
|
1c. | Revenue recognition | |||
|
1d. | Taxation | |||
|
||||
Intangible assets | ||||
B & B Components Limited acquired the goodwill of the partnership formerly known as B & B Components at incorporation on 1 May 2003 for £39,680. The goodwill has been fully amortised. | ||||
page 7 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
1. | SIGNIFICANT ACCOUNTING POLICIES (CONT.) |
1f. | Property, plant and equipment | ||
|
|||
Vehicles |
|
||
Equipment |
|
1g. | Inventories | |||
|
||||
1h. | Short term debtors and creditors | |||
|
||||
1i. | Cash and cash equivalents | |||
|
||||
1j. | Employee benefits | |||
|
||||
1k. | Judgements and key sources of estimation uncertainty | |||
|
||||
page 8 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
2. | Turnover | |||
Turnover represents the amounts derived from the provision of goods and services which fall within the companys ordinary activities, stated net of value added tax. | ||||
Turnover is analysed as follows: | ||||
2016 | 2015 | |||
Continuing operations: | £ | £ | ||
Sale of goods | ||||
Rendering of services | ||||
Interest received | ||||
Royalties | ||||
Dividends | ||||
Commissions received | ||||
Grants |
3. | OPERATING PROFIT | ||
2016 | 2015 | ||
£ | £ | ||
Profit on ordinary activities is stated after charging: | |||
Depreciation, amortisation and impairment | |||
Property, plant and equipment: owned |
|
|
|
Directors' remuneration |
|
|
|
4. | DIRECTORS AND EMPLOYEES | ||
Employee costs during the year amounted to: | 2016 | 2015 | |
£ | £ | ||
Wages and salaries |
|
|
|
The average weekly number of employees during the year were as follows: | |||
2016 | 2015 | ||
No. | No. | ||
Management and administration |
|
|
|
Production and sales |
|
|
|
|
|
||
Directors' remuneration: | |||
2016 | 2015 | ||
£ | £ | ||
Remuneration |
|
|
5. | INTEREST RECEIVABLE AND SIMILAR INCOME | 2016 | 2015 |
£ | £ | ||
Bank interest receivable |
|
|
|
(£ |
(£ |
||
page 9 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
6. | TAX ON PROFIT ON ORDINARY ACTIVITIES | ||
2016 | 2015 | ||
£ | £ | ||
UK Corporation tax |
|
|
|
Deferred taxation | ( |
( |
|
43,096 | 24,675 | ||
Adjustment of current taxation in respect of prior years | ( |
|
|
£ |
£ |
||
UK corporation tax has been charged at 20% | |||
The tax assessed for the period is higher than the standard rate of UK taxation. The differences are explained below: | |||
Profit on ordinary activities before tax |
|
|
|
Profit on ordinary activities multiplied by the standard rate of 20% (2015 - 20%) |
|
|
|
Expenses not deductible for tax purposes |
|
|
|
Income not taxable for tax purposes | |||
Deferred taxation | ( |
( |
|
Adjustments to tax charge in respect of prior years | ( |
|
|
Total tax charge for the period |
|
|
|
7. | INTANGIBLE FIXED ASSETS | ||
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 May 2015 |
|
|
|
At 30 April 2016 |
|
|
|
Amortisation | |||
At 1 May 2015 |
|
|
|
At 30 April 2016 |
|
|
|
Net Book Amounts | |||
At 30 April 2016 |
|
|
|
page 10 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
8. | PROPERTY, PLANT AND EQUIPMENT | |||
Plant & | Fixtures & | |||
Machinery | Equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 May 2015 |
|
|
|
|
At 30 April 2016 |
|
|
|
|
Depreciation | ||||
At 1 May 2015 |
|
|
|
|
For the year |
|
|
|
|
At 30 April 2016 |
|
|
|
|
Net Book Amounts | ||||
At 30 April 2016 |
|
|
|
|
At 30 April 2015 |
|
|
|
|
9. | INVENTORIES | 2016 | 2015 |
£ | £ | ||
Stock comprises: | |||
Stock |
|
62,000 | |
£ |
£ |
||
Stocks recognised as an expense in the period were £ |
|||
10. | DEBTORS | 2016 | 2015 |
£ | £ | ||
Amounts falling due within one year: | |||
Trade debtors |
|
|
|
Other debtors |
|
|
|
£ |
£ |
||
Amounts falling due after more than one year: | |||
Amounts owed by other participating interests |
|
|
|
£ |
£ |
||
page 11 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
2016 | 2015 | ||
£ | £ | ||
Trade creditors |
|
|
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
Other creditors | ( |
( |
|
£ |
£ |
||
|
12. | CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR | ||
2016 | 2015 | ||
£ | £ | ||
£ |
£ |
||
13. | PROVISIONS FOR LIABILITIES | |
Deferred tax | ||
£ | ||
At 1 May 2015 |
|
|
Additions during the year | ||
Charged against the provision | ||
Unused amounts reversed | ||
Change in discount rate | ||
At 30 April 2016 |
|
|
Deferred taxation: | ||
The provision for deferred taxation is made up of accelerated capital allowances. | ||
2015 | ||
£ |
14. | SHARE CAPITAL | 2016 | 2015 |
£ | £ | ||
Allotted, issued and fully paid: | |||
5 |
£ |
£ |
|
page 12 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
15. | DIVIDENDS | 2016 | 2015 |
£ | £ | ||
Ordinary dividends:- | |||
Interim paid |
|
|
|
£ |
£ |
||
16. | RESERVES | ||
17. | DIRECTORS ADVANCES, CREDITS AND GUARANTEES | ||||
Included in other debtors are loans to directors. They are unsecured, interest free and repayable on demand. | |||||
2015 | Advanced | Repaid | 2016 | ||
£ | £ | £ | £ | ||
|
|
|
|
|
|
|
|
|
|
|
|
18. | RELATED PARTY TRANSACTIONS | ||
The key managemnt personal of the comapny are the directors and their remuneration is shown above. Please see the preceding note in respect of advances to the directors. The directors received dividends in 2016 of £109,914 (2015 £79,000) The company pays rent at an arm's length value to B & B Components Cars Ltd, a company owned by the directors. B & B Components Cars Ltd owes the company for 2016 £1346 (2015 £2,045). |
|||
page 13 | |
B & B COMPONENTS LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 30 APRIL 2016 |
TRANSITION TO FRS 102 | |||||
Reconciliation of equity | |||||
Note | As previously | Effect of | FRS 102 | ||
At 1 May 2015 | stated | transition | (as restated) | ||
£ | £ | £ | |||
Fixed assets |
|
|
|
||
Current assets |
|
|
|
||
Creditors: amounts due within one year |
|
|
|
||
Net current assets | ( |
( |
( |
||
Total assets less current liabilities |
|
( |
|
||
Creditors: amounts due after more than one year |
|
||||
Provisions for liabilities |
|
|
|
||
Net assets |
|
|
|
||
Capital and reserves |
|
|
|
||
At 30 April 2016 | |||||
Fixed assets |
|
|
|
||
Current assets |
|
|
|
||
Creditors: amounts due within one year |
|
|
|
||
Net current assets |
|
( |
|
||
Total assets less current liabilities |
|
( |
|
||
Creditors: amounts due after more than one year | |||||
Provisions for liabilities |
|
|
|
||
Net assets |
|
|
|
||
Capital and reserves |
|
|
|
||
Reconciliation of profit or loss for the year | |||||
Note | As previously | Effect of | FRS 102 | ||
Year ended 30 April 2016 | stated | transition | (as restated) | ||
£ | £ | £ | |||
Turnover |
|
|
|
||
Cost of sales |
|
- | 389,166 | ||
Gross profit | 430,896 | - | 430,896 | ||
Administrative expenses | 215,162 | 263 | 215,425 | ||
Other operating income | |||||
Operating profit | 215,736 | (263) | 215,471 | ||
Interest receivable and similar income | 8 | - | 8 | ||
Interest payable and similar charges | |||||
Taxation | 43,262 | (53) | 43,209 | ||
Profit on ordinary activities after taxation and for the financial year | 172,482 | (212) | 172,270 | ||
page 14 | |
B & B COMPONENTS LIMITED | |||||
TRADING AND PROFIT AND LOSS ACCOUNT | |||||
FOR THE YEAR ENDED 30 APRIL 2016 | |||||
2016 | 2015 | ||||
£ | £ | £ | £ | ||
Turnover | 820,062 | 626,954 | |||
Cost of sales: | |||||
Stock at 30 April 2015 | 62,000 | 47,000 | |||
Purchases | 377,166 | 342,536 | |||
439,166 | 389,536 | ||||
Stock at 30 April 2016 | 50,000 | 62,000 | |||
389,166 | 327,536 | ||||
Gross profit | 430,896 | 299,418 | |||
Other income | 8 | 5 | |||
430,904 | 299,423 | ||||
Less: | |||||
Distribution costs | 71,104 | 51,674 | |||
Selling and marketing costs | 1,690 | 1,033 | |||
Administrative expenses | 141,472 | 121,795 | |||
Depreciation and amortisation | 1,159 | 1,547 | |||
215,425 | 176,049 | ||||
Net profit for the year before taxation | 215,479 | 123,374 | |||
Taxation | 43,091 | 24,675 | |||
Net profit for the year after taxation | 172,388 | 98,699 | |||
Interim dividends | 161,114 | 114,800 | |||
161,114 | 114,800 | ||||
11,274 | (16,101) | ||||
Retained profits brought forward | 2,331 | 18,432 | |||
Retained profits carried forward | £13,605 | £2,331 | |||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 15 | |
B & B COMPONENTS LIMITED | |||||
PROFIT AND LOSS ACCOUNT SUMMARIES | |||||
FOR THE YEAR ENDED 30 APRIL 2016 | |||||
2016 | 2015 | ||||
£ | £ | ||||
Other income | |||||
Bank interest receivable | (8) | (5) | |||
£8 | £5 | ||||
Distribution costs: | |||||
Freight out, carriage, packing | 71,104 | 51,674 | |||
£71,104 | £51,674 | ||||
Selling and marketing costs: | |||||
Advertising & sales promotion | 248 | 789 | |||
Travel & subsistence | 1,442 | 244 | |||
£1,690 | £1,033 | ||||
Administrative expenses: | |||||
Rent payable | 16,800 | 16,800 | |||
Water rates | 221 | 143 | |||
Light and heat | 1,343 | 1,175 | |||
Repairs & renewals | 346 | - | |||
Directors remuneration | 16,208 | 16,213 | |||
Directors NIC (employer) | - | 97 | |||
General wages | 40,875 | 28,282 | |||
Small tools & consumables | 170 | - | |||
Uinforms & protective clothing | 1,214 | - | |||
Staff welfare | 234 | - | |||
Equipment rental | 702 | 612 | |||
Computer costs | 1,274 | 1,234 | |||
Motor expenses | 2,808 | 1,521 | |||
Accountancy | 790 | 1,035 | |||
Insurance | 903 | 442 | |||
Stationery & office supplies | 381 | 143 | |||
Telephone | 918 | 913 | |||
Sundry expenses | 1,104 | 64 | |||
E-bay, Amazon etc charges | 53,108 | 50,938 | |||
Card charges | 549 | 825 | |||
Bank charges | 1,524 | 1,358 | |||
£141,472 | £121,795 | ||||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 16 | |
B & B COMPONENTS LIMITED | |||||
PROFIT AND LOSS ACCOUNT SUMMARIES | |||||
FOR THE YEAR ENDED 30 APRIL 2016 | |||||
2016 | 2015 | ||||
£ | £ | ||||
Depreciation and amortisation: | |||||
Depreciation of vehicles | 815 | 1,087 | |||
Depreciation of equipment | 344 | 460 | |||
£1,159 | £1,547 | ||||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 17 |