Company Registration No. SC325561 (Scotland)
BRIGHT RED PUBLISHING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
BRIGHT RED PUBLISHING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BRIGHT RED PUBLISHING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
106
Current assets
Stocks
76,561
93,539
Debtors
102,751
123,258
Cash at bank and in hand
10,084
54,692
189,396
271,489
Creditors: amounts falling due within one year
(292,569)
(386,395)
Net current liabilities
(103,173)
(114,906)
Total assets less current liabilities
(103,173)
(114,800)
Creditors: amounts falling due after more than one year
3
(25,463)
(55,766)
(128,636)
(170,566)
Capital and reserves
Called up share capital
4
89,233
89,233
Share premium account
60,775
60,775
Profit and loss account
(278,644)
(320,574)
Shareholders' funds
(128,636)
(170,566)
For the financial year ended 31 March 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 13 December 2016
Mr Alan Grierson
Director
Company Registration No. SC325561
BRIGHT RED PUBLISHING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
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).
The company meets its day to day working capital requirements through a bank loan facility which is repayable on demand and the support of its directors. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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 goods and services net of VAT and trade discounts.
Turnover consists entirely of sales made in the United Kingdom.
1.4
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:
Computer equipment
33.33% Straight line
Fixtures, fittings & equipment
20% Straight line
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
Obsolete stock totalling £36,364 was written off in the year ended 31 March 2016. (2015: £110,635)
1.6
Revenue recognition
Revenue from the sale of books is recognised at the point of sale.
BRIGHT RED PUBLISHING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015 & at 31 March 2016
10,279
Depreciation
At 1 April 2015
10,172
Charge for the year
107
At 31 March 2016
10,279
Net book value
At 31 March 2016
-
At 31 March 2015
106
3
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £86,069).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
89,233 Ordinary shares of £1 each
89,233
89,233