Business Forms Express Limited - Accounts to registrar (filleted) - small 18.2
Business Forms Express Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2018 |
| for |
| Business Forms Express Limited |
| Business Forms Express Limited (Registered number: 02185570) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Business Forms Express Limited |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Torre Lea House |
| 33 The Avenue |
| Yeovil |
| Somerset |
| BA21 4BN |
| Business Forms Express Limited (Registered number: 02185570) |
| Abridged Balance Sheet |
| 31 December 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Business Forms Express Limited (Registered number: 02185570) |
| Abridged Balance Sheet - continued |
| 31 December 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Business Forms Express Limited (Registered number: 02185570) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Business Forms Express Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| No significant judgements have been made by management in preparing these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and |
| other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value |
| of each asset over its estimated useful life: |
| Plant & Machinery | - 15%-50% on cost |
| Fixtures & Fittings | - 15%-50% on cost |
| Motor Vehicles | - 25% on cost |
| Computer Equipment | - 33% or 50% on cost |
| Stocks |
| Stock is valued at the lower of cost, using the first in first out method, and selling price less costs to complete and |
| sell. |
| In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to |
| the stage of completion. |
| Business Forms Express Limited (Registered number: 02185570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company enters into basic financial instruments transactions that result in the recognition of financial assets |
| and liabilities. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
| in profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
| asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
| interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is |
| the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
| an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company |
| would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
| the asset and settle the liability simultaneously. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Operating lease agreements |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Business Forms Express Limited (Registered number: 02185570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value are reviewed to determine whether there is an |
| indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount |
| of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is |
| estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the |
| asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
| increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
| determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
| reversal of an impairment loss is recognised immediately in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2018 |
| and 31 December 2018 |
| AMORTISATION |
| At 1 January 2018 |
| and 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Business Forms Express Limited (Registered number: 02185570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 15,720 | 39,947 |
| The bank overdraft is secured by a fixed and floating charge over the company's assets, dated 20 February 2003. |
| The company has entered into hire purchase agreements, classified as finance leases, that include the option to |
| purchase the items at the end of the lease term for a nominal amount. The loans in respect of the hire purchase |
| agreements are secured against the assets to which they relate. |
| 7. | PENSION COMMITMENTS |
| The amount outstanding to the independent pension provider in regards to the defined contribution pension |
| scheme at the balance sheet date was £4,354 (2017 £4,327) of which is included within other creditors. |
| 8. | OTHER FINANCIAL COMMITMENTS |
| At the balance sheet date, the company had total commitments under non-cancellable operating leases of |
| £943,202 (2017 £27,327). |
| 9. | POST BALANCE SHEET EVENTS |
| Since the end of the financial year the company has purchased £15,768 (net of value added tax) of tangible fixed |
| assets (2017 £5,750). |