BEECRAFT CLASSICS FURNITURE LTD Company accounts

BEECRAFT CLASSICS FURNITURE LTD Company accounts

BEECRAFT CLASSICS FURNITURE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05551613
BEECRAFT CLASSICS FURNITURE LTD
Unaudited Financial Statements
30 September 2018
BEECRAFT CLASSICS FURNITURE LTD
Financial Statements
Year ended 30 September 2018
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
BEECRAFT CLASSICS FURNITURE LTD
Director's Report
Year ended 30 September 2018
The director presents his report and the unaudited financial statements of the company for the year ended 30 September 2018 .
Director
The director who served the company during the year was as follows:
Mr B Hazan
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 11 April 2019 and signed on behalf of the board by:
Mr B Hazan
Director
Registered office:
Hallswelle House
1 Hallswelle Road
London
NW11 0DH
BEECRAFT CLASSICS FURNITURE LTD
Statement of Income and Retained Earnings
Year ended 30 September 2018
2018
2017
Note
£
£
Turnover
–
2,202
Cost of sales
( 2,291)
2,131
-------
-------
Gross profit
2,291
71
Distribution costs
–
6,311
Administrative expenses
3,892
3,547
Other operating income
8,250
8,250
-------
-------
Operating profit/(loss)
6,649
( 1,537)
Interest payable and similar expenses
–
924
-------
-------
Profit/(loss) before taxation
5
6,649
( 2,461)
Tax on profit/(loss)
–
–
-------
-------
Profit/(loss) for the financial year and total comprehensive income
6,649
( 2,461)
-------
-------
Retained losses at the start of the year
( 56,331)
( 53,870)
--------
--------
Retained losses at the end of the year
( 49,682)
( 56,331)
--------
--------
All the activities of the company are from continuing operations.
BEECRAFT CLASSICS FURNITURE LTD
Statement of Financial Position
30 September 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
3,028
3,519
Current assets
Debtors
7
17,739
15,577
Cash at bank and in hand
37
37
--------
--------
17,776
15,614
Creditors: amounts falling due within one year
8
70,386
75,364
--------
--------
Net current liabilities
52,610
59,750
--------
--------
Total assets less current liabilities
( 49,582)
( 56,231)
--------
--------
Net liabilities
( 49,582)
( 56,231)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 49,682)
( 56,331)
--------
--------
Shareholders deficit
( 49,582)
( 56,231)
--------
--------
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 30 September 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 .
These financial statements were approved by the board of directors and authorised for issue on 11 April 2019 , and are signed on behalf of the board by:
Mr B Hazan
Director
Company registration number: 05551613
BEECRAFT CLASSICS FURNITURE LTD
Notes to the Financial Statements
Year ended 30 September 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
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 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.
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:
Land and buildings
-
2% straight line
Fixtures and 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. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2017: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
491
657
----
----
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2017 and 30 September 2018
9,438
7,885
3,285
20,608
-------
-------
-------
--------
Depreciation
At 1 October 2017
7,127
6,997
2,965
17,089
Charge for the year
189
222
80
491
-------
-------
-------
--------
At 30 September 2018
7,316
7,219
3,045
17,580
-------
-------
-------
--------
Carrying amount
At 30 September 2018
2,122
666
240
3,028
-------
-------
-------
--------
At 30 September 2017
2,311
888
320
3,519
-------
-------
-------
--------
7. Debtors
2018
2017
£
£
Other debtors
17,739
15,577
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
24,636
24,753
Trade creditors
30,331
35,271
Social security and other taxes
6,320
6,320
Other creditors
9,099
9,020
--------
--------
70,386
75,364
--------
--------