Building Controls Maintenance Limited 30/03/2019 iXBRL

Building Controls Maintenance Limited 30/03/2019 iXBRL

BUILDING CONTROLS MAINTENANCE LIMITED - Company Information

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Company registration number: 04996449
Building Controls Maintenance Limited
Unaudited financial statements
30 March 2019
Building Controls Maintenance Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Building Controls Maintenance Limited
Directors and other information
Directors Mr Ian Ford
Mr Mark Phelps
Mrs Tracey Ford
Mrs Joanne Phelps
Secretary Mrs Tracey Ford
Company number 04996449
Registered office Blaen Yr Afon
Yr Graig
Burry Port
Carmarthenshire
SA16 0DH
Business address Blaen Yr Afon
Yr Graig
Burry Port
Carmarthenshire SA16 0DH
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Building Controls Maintenance Limited
Directors report
Year ended 30 March 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 March 2019.
Directors
The directors who served the company during the year were as follows:
Mr Ian Ford
Mr Mark Phelps
Mrs Tracey Ford
Mrs Joanne Phelps
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 November 2019 and signed on behalf of the board by:
Mr Ian Ford
Director
Building Controls Maintenance Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Building Controls Maintenance Limited
Year ended 30 March 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 Building Controls Maintenance Limited for the year ended 30 March 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Building Controls Maintenance 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 Building Controls Maintenance Limited and state those matters that we have agreed to state to the board of directors of Building Controls Maintenance Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Building Controls Maintenance Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Building Controls Maintenance 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 Building Controls Maintenance Limited. You consider that Building Controls Maintenance 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 Building Controls Maintenance 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.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
20 November 2019
Building Controls Maintenance Limited
Statement of comprehensive income
Year ended 30 March 2019
2019 2018
Note £ £
Turnover 829,411 740,122
Cost of sales ( 512,123) ( 435,933)
_______ _______
Gross profit 317,288 304,189
Administrative expenses ( 205,203) ( 194,028)
_______ _______
Operating profit 112,085 110,161
Other interest receivable and similar income 68 24
_______ _______
Profit before taxation 5 112,153 110,185
Tax on profit 6 ( 21,362) ( 21,031)
_______ _______
Profit for the financial year and total comprehensive income 90,791 89,154
_______ _______
All the activities of the company are from continuing operations.
Building Controls Maintenance Limited
Statement of financial position
30 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 7 14,667 13,075
_______ _______
14,667 13,075
Current assets
Stocks 5,000 5,000
Debtors 8 123,316 132,220
Cash at bank and in hand 124,190 169,059
_______ _______
252,506 306,279
Creditors: amounts falling due
within one year 9 ( 101,886) ( 128,549)
_______ _______
Net current assets 150,620 177,730
_______ _______
Total assets less current liabilities 165,287 190,805
Provisions for liabilities ( 2,787) ( 2,496)
_______ _______
Net assets 162,500 188,309
_______ _______
Capital and reserves
Called up share capital 22 22
Profit and loss account 162,478 188,287
_______ _______
Shareholders funds 162,500 188,309
_______ _______
For the year ending 30 March 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.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2019 , and are signed on behalf of the board by:
Mr Ian Ford Mr Mark Phelps
Director Director
Company registration number: 04996449
Building Controls Maintenance Limited
Statement of changes in equity
Year ended 30 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 31 March 2017 22 191,533 191,555
Profit for the year 89,154 89,154
_______ _______ _______
Total comprehensive income for the year - 89,154 89,154
Dividends paid and payable ( 92,400) ( 92,400)
_______ _______ _______
Total investments by and distributions to owners - ( 92,400) ( 92,400)
_______ _______ _______
At 30 March 2018 and 31 March 2018 22 188,287 188,309
Profit for the year 90,791 90,791
_______ _______ _______
Total comprehensive income for the year - 90,791 90,791
Dividends paid and payable ( 116,600) ( 116,600)
_______ _______ _______
Total investments by and distributions to owners - ( 116,600) ( 116,600)
_______ _______ _______
At 30 March 2019 22 162,478 162,500
_______ _______ _______
Building Controls Maintenance Limited
Notes to the financial statements
Year ended 30 March 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 Blaen Yr Afon, Yr Graig, Burry Port, Carmarthenshire, SA16 0DH.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2018: 7 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 6,457 4,445
_______ _______
6. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 21,071 19,115
_______ _______
Deferred tax:
Origination and reversal of timing differences 291 1,916
_______ _______
Tax on profit 21,362 21,031
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 31 March 2018 4,789 22,485 27,274
Additions 425 7,623 8,048
_______ _______ _______
At 30 March 2019 5,214 30,108 35,322
_______ _______ _______
Depreciation
At 31 March 2018 4,080 10,118 14,198
Charge for the year 429 6,028 6,457
_______ _______ _______
At 30 March 2019 4,509 16,146 20,655
_______ _______ _______
Carrying amount
At 30 March 2019 705 13,962 14,667
_______ _______ _______
At 30 March 2018 709 12,367 13,076
_______ _______ _______
8. Debtors
2019 2018
£ £
Trade debtors 122,366 131,720
Other debtors 950 500
_______ _______
123,316 132,220
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 44,893 75,423
Corporation tax 21,071 19,115
Social security and other taxes 31,517 32,094
Other creditors 4,405 1,917
_______ _______
101,886 128,549
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 9,223 -
Later than 1 year and not later than 5 years 6,378 20,392
_______ _______
15,601 20,392
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ian Ford - 450 450
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ian Ford - - -
_______ _______ _______
12. Controlling party
The directors have a controlling interest in the company.