B & S Chains (Midlands) Limited 31/01/2019 iXBRL

B & S Chains (Midlands) Limited 31/01/2019 iXBRL

B & S CHAINS (MIDLANDS) LIMITED - Company Information

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Company registration number: 3014683
B & S Chains (Midlands) Limited
Unaudited filleted financial statements
31 January 2019
B & S Chains (Midlands) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
B & S Chains (Midlands) Limited
Directors and other information
Directors Andrew Steele
Joanne Morris
Company number 3014683
Registered office Anvil Works
29 Toys Lane
Halesowen
West Midlands
B63 2JX
Business address Anvil Works
29 Toys Lane
Halesowen
West Midlands
B63 2JX
Accountants Lindley & Co
17 Millbrook Drive
Shesntone
Lichfield
Staffordshire
WS14 0JL
Bankers HSBC
1 Great Cornbow
Halesowen
West Midlands
B63 3AD
B & S Chains (Midlands) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of B & S Chains (Midlands) Limited
Year ended 31 January 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B & S Chains (Midlands) Limited for the year ended 31 January 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of B & S Chains (Midlands) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of B & S Chains (Midlands) Limited and state those matters that we have agreed to state to the board of directors of B & S Chains (Midlands) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & S Chains (Midlands) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that B & S Chains (Midlands) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B & S Chains (Midlands) Limited. You consider that B & S Chains (Midlands) 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 financial statements of B & S Chains (Midlands) 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 financial statements.
Lindley & Co
Chartered Certified Accountants
17 Millbrook Drive
Shesntone
Lichfield
Staffordshire
WS14 0JL
1 April 2019
B & S Chains (Midlands) Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 37,508 21,402
_______ _______
37,508 21,402
Current assets
Stocks 3,170 3,075
Debtors 6 31,758 38,863
Cash at bank and in hand 19,030 17,489
_______ _______
53,958 59,427
Creditors: amounts falling due
within one year 7 ( 47,888) ( 40,403)
_______ _______
Net current assets 6,070 19,024
_______ _______
Total assets less current liabilities 43,578 40,426
Provisions for liabilities ( 7,126) ( 4,066)
_______ _______
Net assets 36,452 36,360
_______ _______
Capital and reserves
Called up share capital 300 300
Profit and loss account 36,152 36,060
_______ _______
Shareholders funds 36,452 36,360
_______ _______
For the year ending 31 January 2019 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 April 2019 , and are signed on behalf of the board by:
Andrew Steele
Director
Company registration number: 3014683
B & S Chains (Midlands) Limited
Statement of changes in equity
Year ended 31 January 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2017 300 28,301 28,601
Profit for the year 25,499 25,499
_______ _______ _______
Total comprehensive income for the year - 25,499 25,499
Dividends paid and payable ( 17,740) ( 17,740)
_______ _______ _______
Total investments by and distributions to owners - ( 17,740) ( 17,740)
_______ _______ _______
At 31 January 2018 and 1 February 2018 300 36,060 36,360
Profit for the year 14,992 14,992
_______ _______ _______
Total comprehensive income for the year - 14,992 14,992
Dividends paid and payable ( 14,900) ( 14,900)
_______ _______ _______
Total investments by and distributions to owners - ( 14,900) ( 14,900)
_______ _______ _______
At 31 January 2019 300 36,152 36,452
_______ _______ _______
B & S Chains (Midlands) Limited
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is B & S Chains (Midlands) Limited, Anvil Works, 29 Toys Lane, Halesowen, West Midlands, B63 2JX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2018: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2018 49,833 38,157 7,995 95,985
Additions 3,242 - 23,101 26,343
Disposals - - ( 7,995) ( 7,995)
_______ _______ _______ _______
At 31 January 2019 53,075 38,157 23,101 114,333
_______ _______ _______ _______
Depreciation
At 1 February 2018 36,689 35,895 1,999 74,583
Charge for the year 2,458 339 2,569 5,366
Disposals - - ( 3,124) ( 3,124)
_______ _______ _______ _______
At 31 January 2019 39,147 36,234 1,444 76,825
_______ _______ _______ _______
Carrying amount
At 31 January 2019 13,928 1,923 21,657 37,508
_______ _______ _______ _______
At 31 January 2018 13,144 2,262 5,996 21,402
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 30,608 37,713
Other debtors 1,150 1,150
_______ _______
31,758 38,863
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 30,599 23,284
Corporation tax 457 6,805
Social security and other taxes 4,995 5,437
Other creditors 11,837 4,877
_______ _______
47,888 40,403
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Andrew Steele ( 1,572) ( 5,460) - ( 7,032)
Joanne Morris ( 1,220) ( 1,325) - ( 2,545)
_______ _______ _______ _______
( 2,792) ( 6,785) - ( 9,577)
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Andrew Steele ( 14,620) - 13,048 ( 1,572)
Joanne Morris ( 4,838) - 3,618 ( 1,220)
_______ _______ _______ _______
( 19,458) - 16,666 ( 2,792)
_______ _______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2019 2018
£ £
Andrew Steele 6,400 9,600
_______ _______
During the year the company paid rent of £6,400 to Andrew Steele .
10. Controlling party
The company is controlled by Andrew Steele and Joanne Morris who own 100% of the issued share capital.