J & L K Braybrooks Limited Filleted accounts for Companies House (small and micro)

J & L K Braybrooks Limited Filleted accounts for Companies House (small and micro)

J.& L.K.BRAYBROOKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00466874
J & L K Braybrooks Limited
Filleted Unaudited Financial Statements
for the year ended
5 April 2019
J & L K Braybrooks Limited
Financial Statements
for the year ended 5th April 2019
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
J & L K Braybrooks Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of J & L K Braybrooks Limited
for the year ended 5th 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 J & L K Braybrooks Limited for the year ended 5th April 2019, as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of J & L K Braybrooks Limited, as a body, in accordance with the terms of our engagement letter dated 15th November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of J & L K Braybrooks Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & L K Braybrooks Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that J & L K Braybrooks 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 J & L K Braybrooks Limited. You consider that J & L K Braybrooks 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 J & L K Braybrooks 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.
MOORE THOMPSON Chartered Accountants
Bank House Broad Street Spalding PE11 1TB
Dated: 5 December 2019
J & L K Braybrooks Limited
Statement of Financial Position
as at 5 April 2019
2019
2018
Note
£
£
£
£
Fixed assets
Tangible assets
6
376,500
395,981
Investments
7
1
1
-------------
-------------
376,501
395,982
Current assets
Stocks
41,312
28,107
Debtors
8
40,283
28,565
Cash at bank and in hand
72,842
48,019
-------------
-------------
154,437
104,691
Creditors: amounts falling due within one year
9
80,236
42,906
-------------
-------------
Net current assets
74,201
61,785
-------------
-------------
Total assets less current liabilities
450,702
457,767
Provisions
Taxation including deferred tax
8,082
11,783
-------------
-------------
Net assets
442,620
445,984
-------------
-------------
Capital and reserves
Called up share capital
11
8,000
8,000
Profit and loss account
434,620
437,984
-------------
-------------
Shareholders funds
442,620
445,984
-------------
-------------
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.
For the year ending 5th April 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 .
J & L K Braybrooks Limited
Statement of Financial Position (continued)
as at 5 April 2019
These financial statements were approved by the board of directors and authorised for issue on 5 December 2019 , and are signed on behalf of the board by:
Mrs M. Drury
J.B. Drury
Director
Director
Company registration number: 00466874
J & L K Braybrooks Limited
Notes to the Financial Statements
for the year ended 5th 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 The Poplars, 11 Drain Bank South, Spalding, Lincs, PE12 6FR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Single farm payment
Income is only recognised after the conditions of ownership have been met on 15 May. Once this recognition point has passed, then income accrues evenly up to 31 December in each claim year. In the event that the conditions for the receipt of the Single Farm Payment have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met, and there is reasonable assurance that the Single Farm Payment will be received.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
All fixed assets are initially recorded at cost.
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% on cost of buildings
Plant and machinery
-
15% reducing balance
Equipment
-
5% reducing balance / 25% on cost of computers
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tax on profit
Major components of tax expense
2019
2018
£
£
Current tax:
UK current tax expense
16,986
3,774
Deferred tax:
Origination and reversal of timing differences
( 3,701)
( 641)
-----------
-----------
Tax on profit
13,285
3,133
-----------
-----------
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 6 04 18
333,966
314,253
300
648,519
Disposals
–
( 107,500)
–
( 107,500)
-------------
-------------
-----------
-------------
At 5 04 19
333,966
206,753
300
541,019
-------------
-------------
-----------
-------------
Depreciation
At 6 04 18
–
252,413
125
252,538
Charge for the year
–
7,476
9
7,485
Disposals
–
( 95,504)
–
( 95,504)
-------------
-------------
-----------
-------------
At 5 04 19
–
164,385
134
164,519
-------------
-------------
-----------
-------------
Carrying amount
At 5 04 19
333,966
42,368
166
376,500
-------------
-------------
-----------
-------------
At 5 04 18
333,966
61,840
175
395,981
-------------
-------------
-----------
-------------
7. Investments
Other investments other than loans
£
Cost
At 6 04 18 and 5 04 19
1
-----------
Impairment
At 6 04 18 and 5 04 19
–
-----------
Carrying amount
At 5 04 19
1
-----------
At 5 04 18
1
-----------
8. Debtors
2019
2018
£
£
Trade debtors
45
–
Prepayments and accrued income
2,877
4,195
Other debtors
37,361
24,370
-----------
-----------
40,283
28,565
-----------
-----------
9. Creditors: amounts falling due within one year
2019
2018
£
£
Accruals and deferred income
3,250
3,200
Corporation tax
16,986
3,774
Social security and other taxes
–
847
Director loan accounts
60,000
35,085
-----------
-----------
80,236
42,906
-----------
-----------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019
2018
£
£
Included in provisions
8,082
11,783
-----------
-----------
11. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
8,000
8,000.00
8,000
8,000.00
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