Registration number:
Bodnant Joinery Limited
for the Year Ended 5 April 2017
Bodnant Joinery Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Bodnant Joinery Limited
(Registration number: 06886207)
Balance Sheet as at 5 April 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 5 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Bodnant Joinery Limited
(Registration number: 06886207)
Balance Sheet as at 5 April 2017
Approved and authorised by the
.........................................
The Hon Michael McLaren
Company secretary and director
Page 2 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
General information |
The company is a private company limited by share capital, incorporated in Wales & England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. These financial statements are the first financial statements to comply with FRS102 Section 1A for small entities.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and Buildings |
25 years straight line |
Plant and Machinery |
10% reducing balance |
Motor Vehicles |
20% straight line |
Page 3 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Fixtures & Fittings |
10% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 4 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
||
Cost or valuation |
|||||
At 6 April 2016 |
|
|
|
|
|
Additions |
|
- |
- |
|
|
Disposals |
- |
- |
( |
( |
|
At 5 April 2017 |
|
|
- |
|
|
Depreciation |
|||||
At 6 April 2016 |
|
|
|
|
|
Charge for the year |
|
|
- |
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 5 April 2017 |
|
|
- |
|
|
Carrying amount |
|||||
At 5 April 2017 |
|
|
- |
|
|
At 5 April 2016 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 6 April 2016 |
|
||||
Additions |
|
||||
Disposals |
( |
||||
At 5 April 2017 |
|
||||
Depreciation |
|||||
At 6 April 2016 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 5 April 2017 |
|
||||
Carrying amount |
|||||
At 5 April 2017 |
|
||||
At 5 April 2016 |
|
Page 5 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Included within the net book value of land and buildings above is £148,136 (2016 - £151,862) in respect of short leasehold land and buildings.
Stocks |
2017 |
2016 |
|
Work in progress |
- |
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
The bank loans and overdrafts are secured by a legal charge over the fixed assets of the company.
Page 6 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
|
Due after one year |
|||
Loans and borrowings |
|
|
The bank loans and overdrafts are secured by a legal charge over the fixed assets of the company.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Page 7 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Related party transactions |
The Hon Michael McLaren QC has provided a personal guarantee to a maximum value of £128,000.
Included with creditors falling due within one year is a directors current account balance of £168,287 (2016 £150,000). In the current and preceding year no interest was charged on this balance. The balance is unsecured and repayable on demand.
Transition to FRS 102 |
On transition to FRS102 the company elected to use performance method to account for deferred capital grants instead of the accruals method. The company directors voluntarily decided to prepare the accounts using FRS102 1A over FRS 105 to utilise the change in accounting treatment for deferred capital grants.
Balance Sheet at 6 April 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
213,493 |
- |
- |
213,493 |
Current assets |
||||
Stocks |
11,755 |
- |
- |
11,755 |
Debtors |
29,025 |
- |
- |
29,025 |
Cash at bank and in hand |
5,415 |
- |
- |
5,415 |
46,195 |
- |
- |
46,195 |
|
Creditors: Amounts falling due within one year |
(205,516) |
- |
- |
(205,516) |
Net current liabilities |
(159,321) |
- |
- |
(159,321) |
Total assets less current liabilities |
54,172 |
- |
- |
54,172 |
Creditors: Amounts falling due after more than one year |
(126,366) |
- |
63,000 |
(63,366) |
Net (liabilities)/assets |
(72,194) |
- |
63,000 |
(9,194) |
Capital and reserves |
||||
Called up share capital |
2 |
- |
- |
2 |
Profit and loss account |
(72,196) |
- |
63,000 |
(9,196) |
Total equity |
(72,194) |
- |
63,000 |
(9,194) |
Page 8 |
Bodnant Joinery Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Balance Sheet at 5 April 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
207,856 |
- |
- |
207,856 |
Current assets |
||||
Stocks |
15,621 |
- |
- |
15,621 |
Debtors |
34,682 |
- |
- |
34,682 |
Cash at bank and in hand |
59 |
- |
- |
59 |
50,362 |
- |
- |
50,362 |
|
Creditors: Amounts falling due within one year |
(208,913) |
- |
- |
(208,913) |
Net current liabilities |
(158,551) |
- |
- |
(158,551) |
Total assets less current liabilities |
49,305 |
- |
- |
49,305 |
Creditors: Amounts falling due after more than one year |
(112,268) |
- |
60,000 |
(52,268) |
Net (liabilities)/assets |
(62,963) |
- |
60,000 |
(2,963) |
Capital and reserves |
||||
Called up share capital |
2 |
- |
- |
2 |
Profit and loss account |
(62,965) |
- |
60,000 |
(2,965) |
Total equity |
(62,963) |
- |
60,000 |
(2,963) |
Page 9 |