Company Registration number 07408706
BELTONS QUALITY BAKERIES
LIMITED
Abbreviated Accounts
For the year ended 31 March 2015
BELTONS QUALITY BAKERIES LIMITED
Financial statements for the year ended 31 March 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
BELTONS QUALITY BAKERIES LIMITED
Abbreviated balance sheet as at 31 March 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Intangible assets
4,924
8,924
Tangible assets
20,965
23,638
2
25,889
32,562
2
Current assets
Stock
4,078
3,325
Debtors
22,366
19,622
Cash at bank and in hand
353
353
26,797
23,300
Creditors:
amounts falling due within one year
(111,817)
(96,692)
Net current liabilities
(85,020)
(73,392)
Current liabilities less total assets
(59,131)
(40,830)
Creditors: amounts falling due after more than one
year
(14,097)
(18,570)
3
(73,228)
(59,400)
Capital and reserves
Called up share capital
100
100
4
Deficit on profit and loss account
(73,328)
(59,500)
Shareholders' funds
(73,228)
(59,400)
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the board of directors on 20 December 2015 and signed on its behalf.
S S O'Neill - Director
Company Registration No: 07408706
The notes on pages 2 to 3 form part of these financial statements.
1
BELTONS QUALITY BAKERIES LIMITED
Notes to the abbreviated accounts for the year ended 31 March 2015
1
Accounting policies
a)
Going concern
The financial statements have been prepared on a going concern basis despite the company having net liabilities of £73,328, as the directors have indicated their willingness to support the company over the next twelve months.
b)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
c)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
d)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Motor vehicles
25% on cost
Plant and machinery
20% on cost
e)
Goodwill
Goodwill is amortised over its useful economic life.
f)
Stocks
Stock is valued at the lower of cost and estimated net realisable value.
g)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
h)
Hire purchase and lease transactions
Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.
2
BELTONS QUALITY BAKERIES LIMITED
Notes to the abbreviated accounts for the year ended 31 March 2015 (continued)
2
Fixed assets
Intangible
Tangible
fixed
fixed
assets
assets
Total
£
£
£
£
£
£
£
£
£
Cost:
At 1 April 2014
19,999
45,738
65,737
Additions
8,778
8,778
At 31 March 2015
19,999
54,516
74,515
Depreciation:
At 1 April 2014
11,075
22,100
33,175
Provision for the year
4,000
11,451
15,451
At 31 March 2015
15,075
33,551
48,626
Net book value:
At 31 March 2015
4,924
20,965
25,889
At 31 March 2014
8,924
23,638
32,562
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
£
£
£
£
Bank loans
13,270
17,052
Net obligations under finance leases and hire purchase contracts
827
1,518
14,097
18,570
Obligations under finance leases and hire purchases agreements totalling £1,518 (2014:£3,893) are secured against the assets they relate to.
4
Called-up share capital
2015
2014
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
A ordinary shares of £1 each
40
40
B ordinary shares of £1 each
36
36
C ordinary shares of £1 each
8
8
D ordinary shares of £1 each
8
8
E ordinary shares of £1 each
8
8
100
100
The shares rank pari passu in all aspects.
5
Controlling party
The company is controlled by the directors S S O'Neil and B L O'Neil.
3