Burner & Boiler Spares Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03942257 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2019

for

Burner & Boiler Spares Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C.P. Lucas

A Lucas

REGISTERED OFFICE:

Suite 3 Warren House

10-20 Main Road

Hockley

Essex

SS5 4QS

REGISTERED NUMBER:

03942257 (England and Wales)

ACCOUNTANTS:

Anser Solutions!

Chartered Accountants

Suite 3 Warren House

10-20 Main Road

Hockley

Essex

SS5 4QS

FIXED ASSETS

Tangible assets

3

11,080

14,955

CURRENT ASSETS

Stocks

163,645

160,253

Debtors

4

448,917

410,264

Cash at bank and in hand

11,998

78,840

624,560

649,357

CREDITORS

Amounts falling due within one year

5

536,803

570,510

NET CURRENT ASSETS

87,757

78,847

TOTAL ASSETS LESS CURRENT LIABILITIES

98,837

93,802

CAPITAL AND RESERVES

Called up share capital

5,200

5,200

Retained earnings

7

93,637

88,602

SHAREHOLDERS' FUNDS

98,837

93,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 3 February 2020 and were signed on its behalf by:

C.P. Lucas - Director

1.	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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 20% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company makes employers contributions into the personal pensions scheme of eligible employees.

Contributions deemed payable are charged to the profit and loss account to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

and 30 September 2019

44,718

DEPRECIATION

At 1 October 2018

29,763

Charge for year

3,875

At 30 September 2019

33,638

NET BOOK VALUE

At 30 September 2019

11,080

At 30 September 2018

14,955

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

445,589

406,689

Other debtors

3,328

3,575

448,917

410,264

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

268,698

323,732

Taxation and social security

32,028

14,579

Other creditors

236,077

232,199

536,803

570,510

6.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Invoice discounter

214,615

228,639

Factored debts are secured by way of a fixed and floating charge over the company's assets, whilst hire purchase

liabilities are secured against the specific assets they were used to procure.

7.

RESERVES

Retained

earnings

£

At 1 October 2018

88,602

Profit for the year

87,535

Dividends

(82,500

)

At 30 September 2019

93,637

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments not included in the balance sheet amount to £19,858 (2018 : £24,824)