Securebid Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07702726 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

SECUREBID LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

Mrs S E Bourn

Mr H C Bourn

Registered office:

The Old Rectory

Louth Road

West Barkwith

Market Rasen

Lincolnshire

LN8 5LF

Registered number:

07702726 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

23 Algitha Road

Skegness

United Kingdom

PE25 2AG

Fixed assets

Tangible assets

3

1,288,206

1,288,206

Current assets

Stocks

4

69,480

111,874

Debtors

5

38,239

2,878

Cash at bank

22,683

-

130,402

114,752

Creditors

Amounts falling due within one year

6

24,028

27,716

Net current assets

106,374

87,036

Total assets less current liabilities

1,394,580

1,375,242

Creditors

Amounts falling due after more than one year

7

1,304,700

1,304,700

Net assets

89,880

70,542

Capital and reserves

Called up share capital

9

1

1

Retained earnings

10

89,879

70,541

Shareholders' funds

89,880

70,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

Mrs S E Bourn - Director

1.	Statutory information

Securebid Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

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

Freehold land

-

Farm land is not depreciated

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Single farm payment

The single farm payment is recognised in the financial statements in accordance with H M Revenue and Customs

guidance.

3.	Tangible fixed assets

Freehold

land

£

Cost

At 1 April 2018

and 31 March 2019

1,288,206

Net book value

At 31 March 2019

1,288,206

At 31 March 2018

1,288,206

4.

Stocks

2019

2018

£

£

Valuation

69,480

111,874

5.

Debtors: amounts falling due within one year

2019

2018

£

£

H R Bourn & Sons Linwood

Limited

8,974

-

H C Bourn (Farming) Limited

24,313

371

E J Bourn (Farming) Limited

950

-

VAT

3,457

2,507

Prepayments

545

-

38,239

2,878

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

-

8,258

Trade creditors

14,449

11,749

H R Bourn & Sons

5,001

4,488

H R Bourn & Sons (Linwood)

Limited

-

260

E J Bourn (Farming) Limited

-

235

Corporation tax

4,578

2,726

24,028

27,716

7.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans - 2-5 years

509,000

509,000

Directors' loan accounts

795,700

795,700

1,304,700

1,304,700

8.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

8,258

Bank loans

509,000

509,000

509,000

517,258

The Clydesdale bank loan and bank current account are secured on 79.07 acres of land owned by the company and a

further 115.15 acres of land owned by Mr H C Bourn (Director).

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary shares

£1

1

1

10.

Reserves

Retained

earnings

£

At 1 April 2018

70,541

Profit for the year

19,338

At 31 March 2019

89,879

11.	Related party disclosures

Mrs S E Bourn and Mr H C Bourn

Directors of the Company.

Movement in the loan during the year nil (2018 - nil).

The directors loan account is unsecured, interest free and repayable on demand, no amounts have been written off

during the year.

2019

2018

£

£

Amount due to related party at the balance sheet date

795,700

795,700

H R Bourn and Sons

In which Mr H C Bourn, a Director, is a partner.

During the year the company invoiced H R Bourn and Sons for farming operations on an arms' length farm contracting

arrangement, for an amount of £21,200, (2018 - £7,580).

During the year H R Bourn and Sons invoiced the company for farming operations on an arms' length farm contracting

arrangement, for an amount of £31,580, (2018 - £19,014).

2019

2018

£

£

Amount due to related party at the balance sheet date

5,001

4,488

H C Bourn (Farming) Limited

In which Mr H C Bourn is a director.

During the year the company invoiced H C Bourn (Farming) Limited for farming operations on an arms' length farm

contracting arrangement, for an amount of 30,583, (2018 - £2,774).

During the year H C Bourn (Farming) Limited invoiced the company for farming operations on an arms' length farm

contracting arrangement, for an amount of £5,451, (2018 - £2,403).

2019

2018

£

£

Amount due from related party at the balance sheet date

24,313

371

H R Bourn & Sons (Linwood) Limited

In which Mr H C Bourn is a director.

During the year the company invoiced H R Bourn & Sons (Linwood) Limited for farming operations on an arms' length

farm contracting arrangement, for an amount of £10,047, (2018 - £1,402).

During the year H R Bourn & Sons (Linwood) Limited invoiced the company for farming operations on an arms' length

farm contracting arrangement, for an amount of £1,021, (2018 - £1,252).

2019

2018

£

£

Amount due from/(to) related party at the balance sheet date

8,974

(260

)

E J Bourn (Farming) limited

Brother to the Director Mr H C Bourn.

During the year the company invoiced E J Bourn (Farming) Limited for farming operations on an arms length farm

contracting arrangement, for an amount of £2,368 (2018 - £1,577).

During the year E J Bourn (Farming) Limited invoiced the company for farming operations on an arms length farm

contracting arrangement, for an amount of £1,636 (2018 - 1,813).

2019

2018

£

£

Amount due from/(to) related party at the balance sheet date

950

(235

)

12.	Ultimate controlling party

The controlling party is Mrs S E Bourn.