Bristol Panel Formers Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03740518 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

BRISTOL PANEL FORMERS LTD.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Bowns

Ms R Adams

SECRETARY:

Ms N Lewis

REGISTERED OFFICE:

606 Central Park

Petherton Road

Bristol

BS14 9BZ

REGISTERED NUMBER:

03740518 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

FIXED ASSETS

Tangible assets

4

248,776

288,410

CURRENT ASSETS

Stocks

52,814

41,449

Debtors

5

210,107

141,178

Cash at bank

273,024

258,407

535,945

441,034

CREDITORS

Amounts falling due within one year

6

226,477

160,364

NET CURRENT ASSETS

309,468

280,670

TOTAL ASSETS LESS CURRENT LIABILITIES

558,244

569,080

PROVISIONS FOR LIABILITIES

40,148

46,132

NET ASSETS

518,096

522,948

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

9,995

9,995

Retained earnings

508,001

512,853

518,096

522,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23 July 2019 and were signed on its behalf by:

Ms R Adams - Director

Mr D Bowns - Director

1.	STATUTORY INFORMATION

Bristol Panel Formers Ltd. is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found

on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting 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.

Turnover

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 fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 Improvements - 10% straight line

Plant and Machinery - 10% straight line

Equipment - 10% straight line

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 and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stocks to their 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result

of a past event, it is probable that the entity will be required to transfer economic benefits in

settlement and the amount of the obligation can be estimated reliably. Provisions are

recognised as a liability in the statement of financial position and the amount of the provision

as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the

obligation at the reporting date and subsequently reviewed at each reporting date and

adjusted to reflect the current best estimate of the amount that would be required to settle

the obligation. Any adjustments to the amounts previously recognised are recognised in

profit or loss unless the provision was originally recognised as part of the cost of an asset.

When a provision is measured at the present value of the amount expected to be required to

settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or

loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 November 2017

43,376

477,948

61,625

582,949

Additions

2,194

755

-

2,949

At 31 October 2018

45,570

478,703

61,625

585,898

DEPRECIATION

At 1 November 2017

19,365

238,255

36,919

294,539

Charge for year

3,858

34,871

3,854

42,583

At 31 October 2018

23,223

273,126

40,773

337,122

NET BOOK VALUE

At 31 October 2018

22,347

205,577

20,852

248,776

At 31 October 2017

24,011

239,693

24,706

288,410

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

207,277

137,842

Other debtors

2,830

3,336

210,107

141,178

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

133,192

102,806

Tax

29,377

4,216

Social security and other taxes

8,779

7,801

VAT

41,470

32,012

Directors' loan accounts

10,159

10,029

Accruals and deferred income

3,500

3,500

226,477

160,364

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31 October 2018 and 31 October 2017:

2018

2017

£

£

Mr D Bowns

Balance outstanding at start of year

2,899

19,577

Amounts advanced

(2,755

)

(19,800

)

Amounts repaid

-

3,122

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

144

2,899

Ms R Adams

Balance outstanding at start of year

(10,029

)

(9,899

)

Amounts advanced

(130

)

(130

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,159

)

(10,029

)