B & R Vision Limited Small abridged accounts

B & R Vision Limited Small abridged accounts

B & R VISION LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of B & R Vision Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 07705133
B & R Vision Limited
Filleted Unaudited Abridged Financial Statements
31 July 2018
B & R Vision Limited
Abridged Financial Statements
Year ended 31 July 2018
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
B & R Vision Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of B & R Vision Limited
Year ended 31 July 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of B & R Vision Limited for the year ended 31 July 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of B & R Vision Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2018. Our work has been undertaken solely to prepare for your approval the abridged financial statements of B & R Vision Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & R Vision Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that B & R Vision Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B & R Vision Limited. You consider that B & R Vision Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of B & R Vision Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CAS Chartered accountant
151 Askew Road London W12 9AU
29 November 2018
B & R Vision Limited
Abridged Statement of Financial Position
31 July 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
–
2,304
Current assets
Stocks
25,320
23,250
Debtors
72,794
81,403
Cash at bank and in hand
91,274
43,315
---------
---------
189,388
147,968
Creditors: amounts falling due within one year
99,800
104,667
---------
---------
Net current assets
89,588
43,301
--------
--------
Total assets less current liabilities
89,588
45,605
--------
--------
Net assets
89,588
45,605
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
89,488
45,505
--------
--------
Shareholders funds
89,588
45,605
--------
--------
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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 .
B & R Vision Limited
Abridged Statement of Financial Position (continued)
31 July 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , and are signed on behalf of the board by:
Mr A B Ali
Director
Company registration number: 07705133
B & R Vision Limited
Notes to the Abridged Financial Statements
Year ended 31 July 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 72 High Street, Acton, London, England, W3 6LE.
2. Statement of compliance
These abridged 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 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Taxation
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.
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.
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:
Fixtures & fittings
-
25% reducing balance
Equipment
-
25% 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.
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 instruments are classified and accounted for, according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2017: 4 ).
5. Tangible assets
£
Cost
At 1 August 2017 and 31 July 2018
10,600
--------
Depreciation
At 1 August 2017
8,296
Charge for the year
2,304
--------
At 31 July 2018
10,600
--------
Carrying amount
At 31 July 2018
–
--------
At 31 July 2017
2,304
--------
6. Directors' advances, credits and guarantees
At the year end the company owed Mr A B Ali £930 (2017: 1,727).
7. Related party transactions
During the year the company paid the directors equally a total of £115,000 (2017: £144,000) in dividends.