Connaught (Birmingham) Limited 31/01/2019 iXBRL

Connaught (Birmingham) Limited 31/01/2019 iXBRL

CONNAUGHT (BIRMINGHAM) LIMITED - Company Information

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Company registration number: 04353313
Connaught (Birmingham) Limited
Unaudited filleted financial statements
31 January 2019
Connaught (Birmingham) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Connaught (Birmingham) Limited
Directors and other information
Director Mr Thomas Murphy
Secretary Lorraine Murphy
Company number 04353313
Registered office 5 St Clements Road
Nechells
Birmingham
B5 5AF
Business address 5 St Clements Road
Nechells
Birmingham
B7 5AF
Bankers Allied Irish Bank
North Birmingham Branch
380 Birmingham Road
Sutton Coldfield
West Midlands
Connaught (Birmingham) Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 35,258 45,202
_______ _______
35,258 45,202
Current assets
Stocks 304,091 323,561
Debtors 6 594,321 570,876
Cash at bank and in hand 60,176 25,120
_______ _______
958,588 919,557
Creditors: amounts falling due
within one year 7 ( 478,591) ( 72,648)
_______ _______
Net current assets 479,997 846,909
_______ _______
Total assets less current liabilities 515,255 892,111
_______ _______
Net assets 515,255 892,111
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 515,155 892,011
_______ _______
Shareholders funds 515,255 892,111
_______ _______
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.
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 18 September 2019 , and are signed on behalf of the board by:
Mr Thomas Murphy
Director
Company registration number: 04353313
Connaught (Birmingham) 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 5 St Clements Road, Nechells, Birmingham, B5 5AF.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25 % reducing balance
Fittings fixtures and equipment - 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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2018 164,000 19,218 183,218
Additions - 1,809 1,809
_______ _______ _______
At 31 January 2019 164,000 21,027 185,027
_______ _______ _______
Depreciation
At 1 February 2018 127,017 10,999 138,016
Charge for the year 9,246 2,507 11,753
_______ _______ _______
At 31 January 2019 136,263 13,506 149,769
_______ _______ _______
Carrying amount
At 31 January 2019 27,737 7,521 35,258
_______ _______ _______
At 31 January 2018 36,983 8,219 45,202
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 187,689 -
Other debtors 406,632 570,876
_______ _______
594,321 570,876
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 79,891 22,881
Social security and other taxes 797 809
Other creditors 397,903 48,958
_______ _______
478,591 72,648
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Thomas Murphy ( 42,958) ( 200,800) ( 243,758)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Thomas Murphy ( 3,179) ( 39,779) ( 42,958)
_______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Mr Thomas Murphy - 36,000 - -
Bring MIB Limited 278,848 238,323 278,848 238,323
Holland Hurrt BV 110,049 76,859 110,049 76,859
_______ _______ _______ _______
The company provided loans to Bring MIB Limited and Holland Hurrt BV, both companies in which Mr Thomas Murphy has an interest.The loans attract interest at commercial rates, are repayable on demand and no security is held.Amounts owing are as per above and and are included in debtors.
The company paid yard and office rent to the director, Mr Thomas Murphy in the sum shown above.