Britannia Machinery (Pontefract) Limited Filleted accounts for Companies House (small and micro)

BRITANNIA MACHINERY (PONTEFRACT) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02022970

Britannia Machinery (Pontefract) Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2018

Britannia Machinery (Pontefract) Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		2,263	2,989

Current assets

Stocks		173,859	226,936
Debtors	6	68,538	81,584
Cash at bank and in hand		13,619	195
		----------	----------
		256,016	308,715

Creditors: amounts falling due within one year	7	153,889		205,557
		----------		----------
Net current assets			102,127	103,158
			----------	----------
Total assets less current liabilities			104,390	106,147
			----------	----------
Net assets			104,390	106,147
			----------	----------

Britannia Machinery (Pontefract) Limited

Statement of Financial Position (continued)

31 July 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	30,000	30,000
Share premium account	18,000	18,000
Profit and loss account	56,390	58,147
	----------	----------
Shareholders funds	104,390	106,147
	----------	----------

These 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 income statement 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 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 25 April 2019 , and are signed on behalf of the board by:

Mr. M. Ruddock
Director

Company registration number: 02022970

Britannia Machinery (Pontefract) Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Stuart Street, Pontefract, West Yorkshire, WF8 4PW.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) 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 from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

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.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) 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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance

(f) 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.

(g) 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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2017 and 31 July 2018	27,922	3,442	49,987	81,351
	--------	-------	--------	--------
Depreciation
At 1 August 2017	27,694	3,293	47,375	78,362
Charge for the year	58	15	653	726
	--------	-------	--------	--------
At 31 July 2018	27,752	3,308	48,028	79,088
	--------	-------	--------	--------
Carrying amount
At 31 July 2018	170	134	1,959	2,263
	--------	-------	--------	--------
At 31 July 2017	228	149	2,612	2,989
	--------	-------	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	45,063	56,248
Corporation tax repayable	349	–
Other debtors	23,126	25,336
	--------	--------
	68,538	81,584
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	16,288
Trade creditors	36,085	25,431
Accruals	1,410	1,373
Corporation tax	–	2,451
Social security and other taxes	12,947	10,523
Directors loan account	93,806	139,850
Other creditors	9,641	9,641
	----------	----------
	153,889	205,557
	----------	----------

The Company's bankers have secured the bank overdraft by means of a debenture over all assets.

8. Directors' advances, credits and guarantees

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

	Balance brought forward and outstanding
	2018	2017
	£	£
Mr. T. Jones	10,500	10,500
	--------	--------

9. Related party transactions

During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 93,806 (2017 - £139,850).