Company Registration No. 08195753 (England and Wales)
B AND S TEXTILES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
B AND S TEXTILES LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
B AND S TEXTILES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF B AND S TEXTILES LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 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 B and S Textiles Limited for the year ended 30 September 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of B and S Textiles Limited, as a body, in accordance with the terms of our engagement letter dated 7 January 2014. Our work has been undertaken solely to prepare for your approval the financial statements of B and S Textiles Limited and state those matters that we have agreed to state to the Board of Directors of B and S Textiles Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B and S Textiles Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that B and S Textiles 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 B and S Textiles Limited. You consider that B and S Textiles 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 B and S Textiles 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.
Moore and Smalley LLP
Chartered Accountants
Priory Close
St Marys Gate
Lancaster
LA1 1XB
24 January 2017
B AND S TEXTILES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
430,037
501,710
Tangible assets
2
36,093
38,064
466,130
539,774
Current assets
Debtors
78,914
58,219
Cash at bank and in hand
223,543
163,591
302,457
221,810
Creditors: amounts falling due within one year
(227,236)
(286,122)
Net current assets/(liabilities)
75,221
(64,312)
Total assets less current liabilities
541,351
475,462
Creditors: amounts falling due after more than one year
3
(400,000)
(400,000)
Provisions for liabilities
(4,500)
(3,829)
136,851
71,633
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
136,751
71,533
Shareholders' funds
136,851
71,633
B AND S TEXTILES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 3 -
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 January 2017
Mr S B Smith
Mr S M R Smith
Director
Director
Company Registration No. 08195753
B AND S TEXTILES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for textile design services net of VAT and trade discounts to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years (previously five years). On 1 October 2012 the company acquired goodwill and the directors were unable to make a reliable estimate of its useful life. As a result the estimated useful life was presumed not to exceed fi v e years. During the current financial year, as required by FRSSE (2015), the directors have reviewed the estimated the useful life and consider ten years from the date of acquisition to be a reliable estimate. As a result they have revised the accounting estimate and for this financial reporting period the goodwill has been amortised over its estimated remaining useful economic life of seven years. As a result of this change in accounting estimate the amortisation charge for the current period has been reduced by £ 179,183 .
five
years).
On 1 October 2012 the company acquired goodwill and the directors were unable to make a reliable estimate of its useful life. As a result the estimated useful life was presumed not to exceed fi
v
e years. During the current financial year, as required by FRSSE (2015), the directors have reviewed the estimated the useful life and consider ten years from the date of acquisition to be a reliable estimate. As a result they have revised the accounting estimate and for this financial reporting period the goodwill has been amortised over its estimated remaining useful economic life of seven years.
As a result of this change in accounting estimate the amortisation charge for the current period has been reduced by £
179,183
.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
Office equipment
15% reducing balance
1.6
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
B AND S TEXTILES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2015
1,254,278
53,570
1,307,848
Additions
-
3,946
3,946
At 30 September 2016
1,254,278
57,516
1,311,794
Depreciation
At 1 October 2015
752,568
15,506
768,074
Charge for the year
71,673
5,917
77,590
At 30 September 2016
824,241
21,423
845,664
Net book value
At 30 September 2016
430,037
36,093
466,130
At 30 September 2015
501,710
38,064
539,774
3
Creditors: amounts falling due after more than one year
Included in creditors amounts falling due after more than one year are 400,000 £1 Redeemable Non-Cumulative Preference shares, which are entitled to be redeemed after two years. The directors may determine the terms, conditions and manner of said shares. There is no premium on redemption on the shares.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Ultimate parent company
Rutherford-Smith Holdings Limited is the ultimate holding company.