Company Registration No. 05422804 (England and Wales)
BUTHAY ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BUTHAY ENTERPRISES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BUTHAY ENTERPRISES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BUTHAY ENTERPRISES LIMITED FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Buthay Enterprises Limited for the year ended 31 March 2021 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Buthay Enterprises Limited, as a body, in accordance with the terms of our engagement letter dated 9 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Buthay Enterprises Limited
and state those matters that we have agreed to state to the Board of Directors of Buthay Enterprises Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buthay Enterprises Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Buthay Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Buthay Enterprises Limited. You consider that Buthay Enterprises Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Buthay Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Azets
17 December 2021
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
BUTHAY ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
319,197
273,839
Investments
5
150
150
319,347
273,989
Current assets
Stocks
124,938
155,921
Debtors
6
51,881
49,760
Cash at bank and in hand
345,401
222,538
522,220
428,219
Creditors: amounts falling due within one year
7
(60,675)
(50,503)
Net current assets
461,545
377,716
Total assets less current liabilities
780,892
651,705
Creditors: amounts falling due after more than one year
8
(35,000)
Provisions for liabilities
(57,430)
(48,520)
Net assets
688,462
603,185
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
688,362
603,085
Total equity
688,462
603,185
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
BUTHAY ENTERPRISES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 December 2021
Mr I Sing
Director
Company Registration No. 05422804
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Buthay Enterprises Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Buthay Farm, Mariansleigh, South Molton, Devon, United Kingdom, EX36 4LL.
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.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Tenants improvements
Straight line over the life of the lease
Plant and machinery
12.5% straight line
Tractors
16.67% straight line
Motor vehicles
25% straight line
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
.
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction
. Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
4
Tangible fixed assets
Tenants improvements
Plant and machinery
Tractors
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2020
38,363
314,716
167,300
7,000
527,379
Additions
7,867
102,000
109,867
Disposals
(4,717)
(36,000)
(40,717)
At 31 March 2021
38,363
317,866
233,300
7,000
596,529
Depreciation and impairment
At 1 April 2020
19,895
147,844
82,300
3,501
253,540
Depreciation charged in the year
1,535
34,250
18,850
1,167
55,802
Eliminated in respect of disposals
(2,354)
(29,656)
(32,010)
At 31 March 2021
21,430
179,740
71,494
4,668
277,332
Carrying amount
At 31 March 2021
16,933
138,126
161,806
2,332
319,197
At 31 March 2020
18,468
166,872
85,000
3,499
273,839
5
Fixed asset investments
2021
2020
£
£
Investments
150
150
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2020 & 31 March 2021
150
Carrying amount
At 31 March 2021
150
At 31 March 2020
150
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
51,881
43,046
Other debtors
6,714
51,881
49,760
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
21,901
18,747
Corporation tax
13,439
9,298
Other taxation and social security
74
Other creditors
25,261
22,458
60,675
50,503
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
35,000
BUTHAY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
9
Directors' transactions
Dividends totalling £10,000 (2020 - £10,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr I Sing -
-
22,458
(14,697)
7,761
22,458
(14,697)
7,761