Beaverland Limited Company accounts

Beaverland Limited Company accounts

BEAVERLAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01875901
Beaverland Limited
Unaudited Financial Statements
31 December 2018
Beaverland Limited
Financial Statements
Year ended 31 December 2018
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
Beaverland Limited
Directors' Report
Year ended 31 December 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018 .
Directors
The directors who served the company during the year were as follows:
Mr A R Bellingham
Mrs S A Bellingham
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 February 2019 and signed on behalf of the board by:
Mrs S A Bellingham
Director
Registered office:
10 Kelfield Gardens
London
W10 6LS
Beaverland Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Beaverland Limited
Year ended 31 December 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
4 March 2019
Beaverland Limited
Statement of Income and Retained Earnings
Year ended 31 December 2018
2018
2017
Note
£
£
Turnover
1,540
838
-------
----
Gross profit
1,540
838
Administrative expenses
1,585
1,222
-------
-------
Operating loss
( 45)
( 384)
-------
-------
Loss before taxation
( 45)
( 384)
Tax on loss
12
( 68)
----
----
Loss for the financial year and total comprehensive income
( 57)
( 316)
----
----
Retained earnings at the start of the year
60
376
----
----
Retained earnings at the end of the year
3
60
----
----
All the activities of the company are from continuing operations.
Beaverland Limited
Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
Current assets
Stocks
150
150
Debtors
4
–
68
Cash at bank and in hand
318
475
----
----
468
693
Creditors: amounts falling due within one year
5
365
533
----
----
Net current assets
103
160
----
----
Total assets less current liabilities
103
160
----
----
Net assets
103
160
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
3
60
----
----
Shareholders funds
103
160
----
----
These financial statements have been prepared 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'.
For the year ending 31 December 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 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 financial statements were approved by the board of directors and authorised for issue on 27 February 2019 , and are signed on behalf of the board by:
Mr A R Bellingham
Director
Company registration number: 01875901
Beaverland Limited
Notes to the Financial Statements
Year ended 31 December 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 10 Kelfield Gardens, London, W10 6LS.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2018
2017
£
£
Other debtors
–
68
----
----
5. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
12
–
Other creditors
353
533
----
----
365
533
----
----