Brightsolo Limited - Limited company accounts 18.2

REGISTERED NUMBER: 01777855 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Brightsolo Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

D A Hornbuckle

Mrs M Hornbuckle

SECRETARY:

Mrs M Hornbuckle

REGISTERED OFFICE:

Orchard Cottage

Old Apley

Market Rasen

Lincolnshire

LN8 5JQ

REGISTERED NUMBER:

01777855 (England and Wales)

ACCOUNTANTS:

G & R Millett T/as G M Agencies

Orchard Cottage

Old Apley

Market Rasen

Lincolnshire

LN8 5JQ

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

D A Hornbuckle

Mrs M Hornbuckle

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs M Hornbuckle - Secretary

3 December 2019

TURNOVER

136,055

131,320

Cost of sales

32,961

86,293

GROSS PROFIT

103,094

45,027

Administrative expenses

56,179

51,678

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

46,915

(6,651

)

Tax on profit/(loss)

7,710

4,568

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

39,205

(11,219

)

FIXED ASSETS

Tangible assets

5

1,390,420

1,387,941

CURRENT ASSETS

Stocks

320,001

320,001

Debtors

6

263,004

260,922

Cash at bank and in hand

140,182

124,622

723,187

705,545

CREDITORS

Amounts falling due within one year

7

12,754

10,305

NET CURRENT ASSETS

710,433

695,240

TOTAL ASSETS LESS CURRENT LIABILITIES

2,100,853

2,083,181

PROVISIONS FOR LIABILITIES

643

176

NET ASSETS

2,100,210

2,083,005

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

947,353

947,353

Retained earnings

1,152,757

1,135,552

2,100,210

2,083,005

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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 3 December 2019 and were signed on its behalf by:

D A Hornbuckle - Director

1.	STATUTORY INFORMATION

Brightsolo 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.

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.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2018 - operating loss) is stated after charging:

31.3.19

31.3.18

£

£

Depreciation - owned assets

1,371

545

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

1,386,305

37,742

1,424,047

Additions

-

3,850

3,850

At 31 March 2019

1,386,305

41,592

1,427,897

DEPRECIATION

At 1 April 2018

-

36,106

36,106

Charge for year

-

1,371

1,371

At 31 March 2019

-

37,477

37,477

NET BOOK VALUE

At 31 March 2019

1,386,305

4,115

1,390,420

At 31 March 2018

1,386,305

1,636

1,387,941

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

22,823

15,584

Other loans

2,650

2,650

Other debtors

47,023

49,438

Directors' current accounts

190,508

193,250

263,004

260,922

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

(1

)

-

Tax

6,872

4,270

VAT

3,118

3,270

Accruals and deferred income

2,765

2,765

12,754

10,305

8.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

947,353