Brittain Limited
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Notes to the Accounts |
for the year ended 31 January 2018
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1 |
Accounting policies |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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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2 |
Debtors |
2018 |
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2017 |
£ |
£ |
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Trade debtors |
3,720 |
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10,080 |
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Other debtors |
23,949 |
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12,281 |
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27,669 |
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22,361 |
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3 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
£ |
£ |
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Bank loans and overdrafts |
2,947 |
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2,454 |
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Taxation and social security costs |
21,424 |
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17,567 |
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Other creditors |
2,701 |
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1,200 |
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27,072 |
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21,221 |
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4 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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Neil Thomas Brittain
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[Loan 1] |
9,824 |
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97,968 |
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(89,162) |
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18,630 |
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9,824 |
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97,968 |
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(89,162) |
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18,630 |
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5 |
Controlling party |
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The company is controlled by its director, Mr N T Brittain.
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6 |
Other information |
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Brittain Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5-6 George Street |
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St Albans |
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Hertfordshire |
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AL3 4ER |