Company Registration No. 04805915 (England and Wales)
MILTON KEYNES FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
MILTON KEYNES FENCING LIMITED
COMPANY INFORMATION
Directors
Mr K Brooks
Mr A R C Brooks
(Appointed 7 November 2016)
Mr J E Hickman
(Appointed 7 November 2016)
Secretary
Ms D J Brooks
Company number
04805915
Registered office
2-3 Bassett Court
Broad Street
Newport Pagnell
Buckinghamshire
MK16 0JN
MILTON KEYNES FENCING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MILTON KEYNES FENCING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
5
24,350
19,495
Current assets
Stocks
25,000
20,000
Debtors
6
37,881
56,594
Cash at bank and in hand
8,627
13,001
71,508
89,595
Creditors: amounts falling due within one year
7
(54,265)
(54,675)
Net current assets
17,243
34,920
Total assets less current liabilities
41,593
54,415
Creditors: amounts falling due after more than one year
8
(40,787)
(48,131)
Net assets
806
6,284
Capital and reserves
Called up share capital
9
100
100
Share premium account
409
409
Profit and loss reserves
297
5,775
Total equity
806
6,284
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 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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.
MILTON KEYNES FENCING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2017 and are signed on its behalf by:
Mr K Brooks
Director
Company Registration No. 04805915
MILTON KEYNES FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Milton Keynes Fencing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2-3 Bassett Court, Broad Street, Newport Pagnell, Buckinghamshire, United Kingdom, MK16 0JN.
1.1
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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.
These financial statements for the period ending 31st March 2017 are the first financial statements of Milton Keynes Fencing Limited prepared in accordance with FRS102. The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS102 was 1 April 2016. The effect on the reported financial position and financial performance for the previous period are shown in note 12.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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:
Fixtures, fittings & equipment
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
.
MILTON KEYNES FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.6
Hire Purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 7).
3
Directors' remuneration
2017
2016
£
£
Remuneration paid to directors
26,027
8,647
Dividends totalling £0 (2016 - £0) were paid in the year in respect of shares held by the company's directors.
4
Dividends
2017
2016
£
£
Final paid
15,000
27,000
MILTON KEYNES FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2016
18,324
26,217
44,541
Additions
300
24,125
24,425
Disposals
-
(14,842)
(14,842)
At 31 March 2017
18,624
35,500
54,124
Depreciation and impairment
At 1 April 2016
13,779
11,267
25,046
Depreciation charged in the year
727
5,058
5,785
Eliminated in respect of disposals
-
(1,057)
(1,057)
At 31 March 2017
14,506
15,268
29,774
Carrying amount
At 31 March 2017
4,118
20,232
24,350
At 31 March 2016
4,545
14,950
19,495
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
5,258
4,514
Other debtors
29,349
52,080
Prepayments and accrued income
3,274
-
37,881
56,594
7
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
-
745
Obligations under finance leases
6,910
5,500
Other borrowings
9,090
10,002
Trade creditors
30,903
29,446
Corporation tax
2,948
4,659
Other taxation and social security
3,164
2,049
Other creditors
-
1,024
Accruals and deferred income
1,250
1,250
54,265
54,675
MILTON KEYNES FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
8
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Obligations under finance leases
10,395
11,458
Other borrowings
30,392
36,673
40,787
48,131
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
Allotted, called up and fully paid
100
100
10
Directors' transactions
Dividends totalling £15,000 (2016: £27,000) were paid to the Mr K Brooks during the year, who is the ultimate controlling party of Milton Keynes Fencing Limited.