COMPANY REGISTRATION NUMBER:
SC365778
Balmoral Motorhomes Limited
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Filleted Unaudited Financial Statements
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Balmoral Motorhomes Limited
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Statement of Financial Position
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31 October 2018
Fixed assets
Tangible assets
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5
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740
|
988
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|
|
|
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Current assets
Stocks
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16,361
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20,420
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Cash at bank and in hand
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11,959
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8,601
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--------
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--------
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28,320
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29,021
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Creditors: amounts falling due within one year
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6
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75,528
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84,875
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--------
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--------
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Net current liabilities
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47,208
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55,854
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--------
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--------
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Total assets less current liabilities
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(
46,468)
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(
54,866)
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--------
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--------
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Net liabilities
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(
46,468)
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(
54,866)
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--------
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--------
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Capital and reserves
Called up share capital
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75,001
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75,001
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Profit and loss account
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(
121,469)
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(
129,867)
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---------
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---------
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Shareholders deficit
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(
46,468)
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(
54,866)
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---------
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---------
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These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 October 2018 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Balmoral Motorhomes Limited
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Statement of Financial Position (continued)
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31 October 2018
These financial statements were approved by the
board of directors
and authorised for issue on
30 July 2019
, and are signed on behalf of the board by:
Mr D G G Thomson
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Director
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Company registration number:
SC365778
Balmoral Motorhomes Limited
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Notes to the Financial Statements
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Year ended 31 October 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Flat 2/1, Bow, PA11 3NY, Scotland.
2.
Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents Sales invoices from sale of goods and services, net of VAT. Consideration is given to the date on which the company becomes entitled to receive the income.
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:
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Plant and machinery
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-
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25% reducing balance
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Fixtures and fittings
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-
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25% reducing balance
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Motor vehicles
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-
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25% reducing balance
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2017:
1
).
5.
Tangible assets
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Plant and machinery
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Fixtures and fittings
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Motor vehicles
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Total
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£
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£
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£
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£
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Cost
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At 1 November 2017 and 31 October 2018
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355
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1,097
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2,596
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4,048
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----
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-------
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-------
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-------
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Depreciation
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At 1 November 2017
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293
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1,046
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1,721
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3,060
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Charge for the year
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16
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13
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219
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248
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----
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-------
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-------
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-------
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At 31 October 2018
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309
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1,059
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1,940
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3,308
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----
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-------
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-------
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-------
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Carrying amount
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At 31 October 2018
|
46
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38
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656
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740
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----
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-------
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-------
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-------
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At 31 October 2017
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62
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51
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875
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988
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----
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-------
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-------
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-------
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6.
Creditors:
amounts falling due within one year
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2018
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2017
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£
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£
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Trade creditors
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1,001
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1,001
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Social security and other taxes
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1,723
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970
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Loan from former director
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67,137
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77,081
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Other creditors
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5,667
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5,823
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--------
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--------
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75,528
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84,875
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--------
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--------
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7.
Related party transactions
The company was under the control of
Mr D G G Thomson
throughout the current and previous year. Mr Thomson is the sole director and interested in more than 25% of the share capital. The company has benefited from a loan from shareholder and former director I E Nisbet. The balance due to him at the balance sheet date was £67,137 (2017;£77,081). The loan is interest free. £9,944 was repaid during the year (2017; £8,091). The company's ability to continue trading is reliant on Mr Nisbet's continued support.