B & S Supplies (Lancs) Limited 30/04/2019 iXBRL

B & S Supplies (Lancs) Limited 30/04/2019 iXBRL

B & S SUPPLIES (LANCS) LIMITED - Company Information

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Company registration number: 02001227
B & S Supplies (Lancs) Limited
Unaudited financial statements
30 April 2019
B & S Supplies (Lancs) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
B & S Supplies (Lancs) Limited
Directors and other information
Director Richard Stevenson
Secretary Kathleen Brown
Company number 02001227
Registered office Grahams
14 Bridge Street
Garstang
PR3 1YB
Business address Grahams
14 Bridge Street
Garstang
PR3 1YB
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers National Westminster Bank Plc.
24 Deansgate
Bolton
BL1 1BN
Santander UK Plc
Bridle Road
Bootle
L30 4GB
B & S Supplies (Lancs) Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of B & S Supplies (Lancs) Limited
Year ended 30 April 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 Supplies (Lancs) Limited for the year ended 30 April 2019 which comprise the statement of financial position 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 www.accaglobal.co.uk.
This report is made solely to the director of B & S Supplies (Lancs) 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 Supplies (Lancs) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.co.uk. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & S Supplies (Lancs) Limited and its director as a body for our work or for this report.
It is your duty to ensure that B & S Supplies (Lancs) 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 Supplies (Lancs) Limited. You consider that B & S Supplies (Lancs) 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 Supplies (Lancs) 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.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
6 September 2019
B & S Supplies (Lancs) Limited
Statement of financial position
30 April 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 260,867 265,017
_______ _______
260,867 265,017
Current assets
Stocks 47,622 44,267
Debtors 8 1,358 838
Cash at bank and in hand 20,395 7,152
_______ _______
69,375 52,257
Creditors: amounts falling due
within one year 9 ( 114,908) ( 97,122)
_______ _______
Net current liabilities ( 45,533) ( 44,865)
_______ _______
Total assets less current liabilities 215,334 220,152
Creditors: amounts falling due
after more than one year 10 ( 18,102) ( 21,683)
Provisions for liabilities 11 ( 2,331) ( 3,003)
_______ _______
Net assets 194,901 195,466
_______ _______
Capital and reserves
Called up share capital 13 100 100
Revaluation reserve 178,204 178,204
Profit and loss account 16,597 17,162
_______ _______
Shareholders funds 194,901 195,466
_______ _______
For the year ending 30 April 2019 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 September 2019 , and are signed on behalf of the board by:
Richard Stevenson
Director
Company registration number: 02001227
B & S Supplies (Lancs) Limited
Notes to the financial statements
Year ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Grahams, 14 Bridge Street, Garstang, PR3 1YB.
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 are prepared on the historical cost basis as modified by the revaluation of the freehold properties. 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 tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid 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. 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 initally recorded at cost, and are subsequently stated at cost or valuation 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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicle - 25 % reducing balance
Stocks
Stocks are measured at cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).
5. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 7,720 4,743
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 672) 2,243
_______ _______
Tax on profit 7,048 6,986
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2018 and 30 April 2019 18,264 18,264
_______ _______
Amortisation
At 1 May 2018 and 30 April 2019 18,264 18,264
_______ _______
Carrying amount
At 30 April 2019 - -
_______ _______
At 30 April 2018 - -
_______ _______
7. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2018 250,000 8,878 8,898 267,776
Additions - 950 - 950
_______ _______ _______ _______
At 30 April 2019 250,000 9,828 8,898 268,726
_______ _______ _______ _______
Depreciation
At 1 May 2018 - 1,832 927 2,759
Charge for the year 1,400 1,707 1,993 5,100
_______ _______ _______ _______
At 30 April 2019 1,400 3,539 2,920 7,859
_______ _______ _______ _______
Carrying amount
At 30 April 2019 248,600 6,289 5,978 260,867
_______ _______ _______ _______
At 30 April 2018 250,000 7,046 7,971 265,017
_______ _______ _______ _______
8. Debtors
2019 2018
£ £
Other debtors 1,358 838
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 26,991 1,667
Trade creditors 17,237 17,129
Corporation tax 7,720 4,743
Social security and other taxes 7,511 6,731
Other creditors 55,449 66,852
_______ _______
114,908 97,122
_______ _______
10. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 13,325 15,115
Other creditors 4,777 6,568
_______ _______
18,102 21,683
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 May 2018 3,003 3,003
Charges against provisions ( 672) ( 672)
_______ _______
At 30 April 2019 2,331 2,331
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Included in provisions (note 11) 2,331 3,003
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 2,331 3,003
_______ _______
13. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______