B & B INNOVATIONS LIMITED Small abridged accounts

B & B INNOVATIONS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-06-01 Sage Accounts Production Advanced 2017 - FRS xbrli:pure xbrli:shares iso4217:GBP 04297914 2017-06-01 2018-05-31 04297914 2018-05-31 04297914 2017-05-31 04297914 2016-06-01 2017-05-31 04297914 2017-05-31 04297914 core:NetGoodwill 2017-06-01 2018-05-31 04297914 core:LandBuildings core:LongLeaseholdAssets 2017-06-01 2018-05-31 04297914 core:PlantMachinery 2017-06-01 2018-05-31 04297914 core:FurnitureFittings 2017-06-01 2018-05-31 04297914 core:MotorVehicles 2017-06-01 2018-05-31 04297914 bus:LeadAgentIfApplicable 2017-06-01 2018-05-31 04297914 bus:Director1 2017-06-01 2018-05-31 04297914 bus:Director2 2017-06-01 2018-05-31 04297914 core:WithinOneYear 2018-05-31 04297914 core:WithinOneYear 2017-05-31 04297914 core:AfterOneYear 2018-05-31 04297914 core:AfterOneYear 2017-05-31 04297914 core:ShareCapital 2018-05-31 04297914 core:ShareCapital 2017-05-31 04297914 core:RetainedEarningsAccumulatedLosses 2018-05-31 04297914 core:RetainedEarningsAccumulatedLosses 2017-05-31 04297914 core:BetweenOneFiveYears 2017-05-31 04297914 bus:Director1 2017-05-31 04297914 bus:Director1 2018-05-31 04297914 bus:Director1 2016-05-31 04297914 bus:Director1 2017-05-31 04297914 bus:Director1 2016-06-01 2017-05-31 04297914 bus:FRS102 2017-06-01 2018-05-31 04297914 bus:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 04297914 bus:AbridgedAccounts 2017-06-01 2018-05-31 04297914 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 04297914 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 04297914 core:OfficeEquipment 2017-06-01 2018-05-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of B & B INNOVATIONS LIMITED have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31st May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04297914

B & B INNOVATIONS LIMITED

Unaudited Abridged Financial Statements

31 May 2018

MORGWN ATKINS LIMITED

Chartered Accountants

Eight Bells House

14 Church Street

Tetbury

Gloucestershire

GL8 8JG

B & B INNOVATIONS LIMITED

Abridged Financial Statements

Year ended 31st May 2018

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

B & B INNOVATIONS LIMITED

Abridged Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	7		70,887	82,024

Current assets

Debtors	317,342	254,959
Cash at bank and in hand	132	37,840
	---------	---------
	317,474	292,799

Creditors: amounts falling due within one year	258,034		201,946
	---------		---------
Net current assets		59,440	90,853
		---------	---------
Total assets less current liabilities		130,327	172,877

Creditors: amounts falling due after more than one year	3,576	22,163
	---------	---------
Net assets	126,751	150,714
	---------	---------

B & B INNOVATIONS LIMITED

Abridged Statement of Financial Position (continued)

31 May 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	200	200
Profit and loss account	126,551	150,514
	---------	---------
Members funds	126,751	150,714
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 31st May 2018 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 .

These abridged financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

D BAGUST	R BAGUST
Director	Director

Company registration number: 04297914

B & B INNOVATIONS LIMITED

Notes to the Abridged Financial Statements

Year ended 31st May 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 Unit 2, Dovecot Workshops, Barnsley Park Estate, Cirencester, Gloucestershire, GL7 5EG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

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.

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:

	Goodwill	-	20% 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:

Leasehold Property	-	20% straight line
Plant and Machinery	-	15% reducing balance
Fixtures and Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

	Office Equipment	-	20% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 7 (2017: 7).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	18,085	20,983
	--------	--------

6. Intangible assets

	£
Cost
At 1st June 2017 and 31st May 2018	6,000
	-------
Amortisation
At 1st June 2017 and 31st May 2018	6,000
	-------
Carrying amount
At 31st May 2018	–
	-------

7. Tangible assets

	£
Cost
At 1st June 2017	238,197
Additions	11,527
Disposals	( 7,456)
	---------
At 31st May 2018	242,268
	---------
Depreciation
At 1st June 2017	156,173
Charge for the year	18,085
Disposals	( 2,877)
	---------
At 31st May 2018	171,381
	---------
Carrying amount
At 31st May 2018	70,887
	---------
At 31st May 2017	82,024
	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 1 year and not later than 5 years	–	993
	----	----

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D BAGUST	( 14)	( 161)	( 175)
	----	----	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D BAGUST	( 133)	119	( 14)
	----	----	----

10. Related party transactions

The company was under the joint control of Mr and Mrs D Bagust during the current and previous year. Mr Bagust is the managing director and Mr and Mrs D Bagust are the only shareholders.