Company Registration No. 11035900 (England and Wales)
BACKHOUSE (CALNE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
BACKHOUSE (CALNE) LIMITED
COMPANY INFORMATION
Directors
T J Backhouse
S J Russell
T J Mirfield
(Appointed 19 November 2019)
Secretary
Beach Secretaries Limited
Company number
11035900
Registered office
DAC Beachcroft LLP
Portwall Place
Portwall Lane
Bristol
BS1 9HS
Accountants
Pearson May
37 Great Pulteney Street
Bath
BA2 4DA
Bankers
Barclays Bank plc
4 - 5 Southgate Street
Bath
BA1 1AQ
Solicitors
DAC Beachcroft LLP
Portwall Place
Portwall Lane
Bristol
BS1 9HS
BACKHOUSE (CALNE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BACKHOUSE (CALNE) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
-
272,730
Debtors falling due after more than one year
325,000
-
Debtors falling due within one year
7,037
23,553
Cash at bank and in hand
6,871
99,438
338,908
395,721
Creditors: amounts falling due within one year
(14,469)
(400,140)
Net current assets/(liabilities)
324,439
(4,419)
Capital and reserves
Called up share capital
3
3,251
1
Share premium account
321,750
-
Profit and loss reserves
(562)
(4,420)
Total equity
324,439
(4,419)
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BACKHOUSE (CALNE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 June 2020 and are signed on its behalf by:
T J Mirfield
Director
Company Registration No. 11035900
BACKHOUSE (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Backhouse (Calne) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
DAC Beachcroft LLP, Portwall Place, Portwall Lane, Bristol, BS1 9HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In reaching their judgement regarding going concern, the directors have considered the impact of the global Covid-19 pandemic on the company’s activities. Although the pandemic is causing economic disruption, the long-term extent and quantum of that disruption remains unknown as at the date of approving these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from
recharging costs to group companies is recognised by reference to the costs incurred. Revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
BACKHOUSE (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BACKHOUSE (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
-
-
3
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of 1p each
1
1
Preference share capital
Issued and fully paid
325,000 (2018: 0) Preferred shares of 1p each
3,250
-
Preference shares classified as equity
3,250
-
Total equity share capital
3,251
1
4
Financial commitments, guarantees and contingent liabilities
In support of a loan in the sum of £10,644,896 (2018 £ Nil) made to the parent undertaking of the entity in which Backhouse (Calne) Limited holds a participating interest, Backhouse (Calne) Limited has given security, by way of a fixed charge, over a loan in the sum of £325,000 which Backhouse (Calne) Limited has made to Backhouse (Calne) JV Limited. The directors wish to formally record that, in their opinion, an error has been made in drafting the relevant legal paperwork in that, rather than supporting commitments totalling £10,644,896, the aforementioned charge given by Backhouse (Calne) Limited should have been in support of commitments totalling £1,893,568.