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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST MAY 2018 |
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FOR |
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BAXENDENTAL LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST MAY 2018 |
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FOR |
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BAXENDENTAL LTD |
BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2018 |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 4 |
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BAXENDENTAL LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2018 |
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Directors: |
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Secretary: |
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Registered office: |
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Business address: |
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Registered number: |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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BALANCE SHEET |
31ST MAY 2018 |
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31.5.18 | 31.5.17 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than
one year |
8 |
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Provisions for liabilities | 10 | ( |
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Net assets |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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BALANCE SHEET - continued |
31ST MAY 2018 |
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31.5.18 | 31.5.17 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 11 |
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Retained earnings | 12 |
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Shareholders' funds |
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The directors acknowledge their 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. |
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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 Board of Directors on
signed on its behalf by: |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2018 |
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1. | Statutory information |
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Baxendental Ltd is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
The turnover, all of which arises in the U.K, represents invoiced sales. |
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Intangible fixed assets |
Goodwill is shown in the balance sheet at cost less amortisation and is being amortised at 10% per |
annum as the director considers that its useful life is 10 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. |
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Depreciation is provided at the following rates on the straight line method in order to write off |
each asset over its estimated useful life; |
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Fixtures & fittings | 20% |
Equipment | 25% |
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Stock and work in progress |
Stock is valued by the director at the lower of cost and net realisable value. Work done but not |
invoiced at the year end is included in the profit & loss account at the full sale value. The related |
debit balance is included in other debtors in the balance sheet. |
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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 balance sheet date. |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet 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. |
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Operating leases |
The cost of operating leases is charged to the profit and loss account on a straight line basis over |
the lease term. |
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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. |
BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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2. | Accounting policies - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements |
when there is a legally enforceable right to set off the recognised amounts and there is an intention |
to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are |
measured at transaction price less any impairment. Loans receivable are measured initially at fair |
value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, |
associates or joint ventures, are initially measured at fair value, which is normally the transaction |
price. Such assets are subsequently carried at fair value and the changes in fair value are |
recognised in profit or loss, except that investments in equity instruments that are not publicly |
traded and whose fair values cannot be measured reliably are measured at the cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for |
indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more |
events that occurred after initial recognition of the financial asset, the estimated future cash flows |
have been affected. If an asset is impaired, the impairment loss is the difference between the |
carrying amount and the present value of the estimated cash flows discounted at the assets original |
effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment |
was recognised, the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been, had the impairment not previously |
been recognised. The impairment reversal is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or if some significant risks and rewards of ownership are retained but control |
of the asset has transferred to another party that is able to sell the asset in its entirety to an |
unrelated third party. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducing all of its liabilities. |
BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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2. | Accounting policies - continued |
Basic financial liabilities, including trade and other payables are measured at the transaction price. |
Other financial liabilities, including bank loans and preference shares that are classified as debt, |
are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative |
contract is entered into and are subsequently re-measured at their fair value. Changes in the fair |
value of derivatives are recognised in profit or loss in finance costs or finance income as |
appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are |
discharged or cancelled. |
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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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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1st June 2017 |
and 31st May 2018 |
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Amortisation |
At 1st June 2017 |
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Charge for year |
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At 31st May 2018 |
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Net book value |
At 31st May 2018 |
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At 31st May 2017 |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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5. | Tangible fixed assets |
Fixtures |
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Equipment | fittings | Totals |
£ | £ | £ |
Cost |
At 1st June 2017 |
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Additions |
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At 31st May 2018 |
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Depreciation |
At 1st June 2017 |
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Charge for year |
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At 31st May 2018 |
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Net book value |
At 31st May 2018 |
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At 31st May 2017 |
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The net book value of tangible fixed assets includes £ 7,039 in respect of assets held under hire |
purchase contracts. |
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6. | Debtors: amounts falling due within one year |
31.5.18 | 31.5.17 |
£ | £ |
Trade debtors |
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Other debtors & prepayments |
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Directors' loan accounts | 6,539 | - |
Prepayments and accrued income |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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7. | Creditors: amounts falling due within one year |
31.5.18 | 31.5.17 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors & accruals |
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Directors' loan accounts | - | 2,629 |
Accruals and deferred income |
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8. | Creditors: amounts falling due after more than one year |
31.5.18 | 31.5.17 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | Leasing agreements |
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Minimum lease payments under hire purchase fall due as follows: |
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31.5.18 | 31.5.17 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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10. | Provisions for liabilities |
31.5.18 | 31.5.17 |
£ | £ |
Deferred tax | 1,700 | 500 |
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Deferred tax |
£ |
Balance at 1st June 2017 |
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Accelerated capital allowances | 1,200 |
Balance at 31st May 2018 |
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BAXENDENTAL LTD (REGISTERED NUMBER: 05767980) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.18 | 31.5.17 |
value: | £ | £ |
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Ordinary Shares | £1 | 600 | 600 |
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12. | Reserves |
Retained |
earnings |
£ |
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At 1st June 2017 |
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Profit for the year |
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Dividends | ( |
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At 31st May 2018 |
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13. | Contingent liabilities |
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There were no contingent liabilities at 31st May 2018. |
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14. | Directors' advances, credits and guarantees |
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During the year, the directors used a current account with the company to record amounts due to |
them and amounts drawn by them. Advances totalling £17,968 were made. Repayments of £11,429 |
were made during the year. The maximum outstanding during the year was £9,317 and the balance |
at the year end was £6,539, owed to the company (2017: £2,629 owed by the company). |
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15. | Related party disclosures |
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Dividends of £10,000 were paid to the Directors during the year (2017: £7,000). |
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16. | Ultimate controlling party |
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The controlling party is J Baxendale. |