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true
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No description of principal activity
2018-03-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
09992070
2018-03-01
2019-02-28
09992070
2019-02-28
09992070
2018-02-28
09992070
2017-03-01
2018-02-28
09992070
2018-02-28
09992070
core:PlantMachinery
2018-03-01
2019-02-28
09992070
core:FurnitureFittings
2018-03-01
2019-02-28
09992070
bus:Director1
2018-03-01
2019-02-28
09992070
core:WithinOneYear
2019-02-28
09992070
core:WithinOneYear
2018-02-28
09992070
core:AfterOneYear
2019-02-28
09992070
core:AfterOneYear
2018-02-28
09992070
core:ShareCapital
2019-02-28
09992070
core:ShareCapital
2018-02-28
09992070
core:RetainedEarningsAccumulatedLosses
2019-02-28
09992070
core:RetainedEarningsAccumulatedLosses
2018-02-28
09992070
bus:SmallEntities
2018-03-01
2019-02-28
09992070
bus:AuditExemptWithAccountantsReport
2018-03-01
2019-02-28
09992070
bus:AbridgedAccounts
2018-03-01
2019-02-28
09992070
bus:SmallCompaniesRegimeForAccounts
2018-03-01
2019-02-28
09992070
bus:PrivateLimitedCompanyLtd
2018-03-01
2019-02-28
09992070
core:ComputerSoftware
2018-03-01
2019-02-28
09992070
core:ComputerEquipment
2018-03-01
2019-02-28
COMPANY REGISTRATION NUMBER:
09992070
COMPOSITE BRAIDING LIMITED
|
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
|
|
COMPOSITE BRAIDING LIMITED
|
|
28 February 2019
FIXED ASSETS
Intangible assets
|
5
|
|
6,448
|
|
13,150
|
Tangible assets
|
6
|
|
90,765
|
|
103,358
|
|
|
--------
|
|
---------
|
|
|
97,213
|
|
116,508
|
|
|
|
|
|
|
CURRENT ASSETS
Stocks
|
10,039
|
|
3,808
|
|
Debtors
|
104,942
|
|
45,413
|
|
Cash at bank and in hand
|
71,976
|
|
32,744
|
|
|
---------
|
|
--------
|
|
|
186,957
|
|
81,965
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
67,658
|
|
50,410
|
|
|
---------
|
|
--------
|
|
NET CURRENT ASSETS
|
|
119,299
|
|
31,555
|
|
|
---------
|
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
216,512
|
|
148,063
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
|
305,215
|
|
223,883
|
|
|
---------
|
|
---------
|
NET LIABILITIES
|
|
(
88,703)
|
|
(
75,820)
|
|
|
---------
|
|
---------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
|
2,000
|
|
1,000
|
Profit and loss account
|
|
(
90,703)
|
|
(
76,820)
|
|
|
--------
|
|
--------
|
SHAREHOLDERS DEFICIT
|
|
(
88,703)
|
|
(
75,820)
|
|
|
--------
|
|
--------
|
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged profit and loss account has not been delivered.
For the year ending 28th February 2019 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged profit and loss account and the balance
COMPOSITE BRAIDING LIMITED
|
|
BALANCE SHEET (continued) |
|
28 February 2019
sheet for the year ending 28th February 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 May 2019
, and are signed on behalf of the board by:
Company registration number:
09992070
COMPOSITE BRAIDING LIMITED
|
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
|
|
YEAR ENDED 28th FEBRUARY 2019
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 470 Hucknall Road, Nottingham, NG5 1FX.
2.
STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Software licences
|
-
|
50% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Computer equipment
|
-
|
33% straight line
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
3
(2018:
3
).
5.
INTANGIBLE ASSETS
|
£
|
Cost
|
|
At 1st March 2018
|
15,029
|
Additions
|
3,587
|
|
--------
|
At 28th February 2019
|
18,616
|
|
--------
|
Amortisation
|
|
At 1st March 2018
|
1,879
|
Charge for the year
|
10,289
|
|
--------
|
At 28th February 2019
|
12,168
|
|
--------
|
Carrying amount
|
|
At 28th February 2019
|
6,448
|
|
--------
|
At 28th February 2018
|
13,150
|
|
--------
|
|
|
6.
TANGIBLE ASSETS
|
£
|
Cost
|
|
At 1st March 2018
|
114,902
|
Additions
|
9,672
|
|
---------
|
At 28th February 2019
|
124,574
|
|
---------
|
Depreciation
|
|
At 1st March 2018
|
11,544
|
Charge for the year
|
22,265
|
|
---------
|
At 28th February 2019
|
33,809
|
|
---------
|
Carrying amount
|
|
At 28th February 2019
|
90,765
|
|
---------
|
At 28th February 2018
|
103,358
|
|
---------
|
|
|
7.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors introduced capital into the company of £92,000 (2018: £136,350) and made withdrawals of £15,889 (2018: £Nil). The Directors Loan Accounts balance at the year end totalled £231,744 (2018: £155,633). The loans are interest free and repayable after more than one year. In addition, during the year Mr J Roebuck, the Company Secretary, provided services to the company totalling £13,750 (2018: £15,000). There are amounts of £18,750 (2018: £15,000) included in accruals relating to these transactions.