BORNA TRADING LTD
BORNA TRADING LTD
Registered number: 6946880
Unaudited Financial Statements
For The Year Ended 31 July 2019
ZA Ltd
BSc, MSc, FMAAT, FFA, FIPA
8 Colton Road
Harrow
Middlesex
HA1 1SG
BORNA TRADING LTD
Unaudited Financial Statements
For The Year Ended 31 July 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—7 |
BORNA TRADING LTD
Accountant's Report
For The Year Ended 31 July 2019
Accountant's Report
Report of the Accountant to the director of BORNA TRADING LTD
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 July 2019 .
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
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BSc, MSc, FMAAT, FFA, FIPA
8 Colton Road
Harrow
Middlesex
HA1 1SG
Page 1
BORNA TRADING LTD
Balance Sheet
As at
31 July 2019
Balance Sheet
Registered number:
6946880
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 59,680 | 63,062 | |||
Page 2
BORNA TRADING LTD
Balance Sheet (continued)
As at
31 July 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 5 to 7 form part of these financial statements.
Page 3
BORNA TRADING LTD
Statement of Changes in Equity
For The Year Ended 31 July 2019
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 August 2017 |
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67,370 |
| Profit for the year and total comprehensive income | - |
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20,692 |
| Dividends paid | - | (25,000) | (25,000) |
| As at 31 July 2018 and 1 August 2018 |
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63,062 |
| Profit for the year and total comprehensive income | - |
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21,618 |
| Dividends paid | - | (25,000) | (25,000) |
| As at |
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59,680 |
Page 4
BORNA TRADING LTD
Notes to the Financial Statements
For The Year Ended 31 July 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 5
BORNA TRADING LTD
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Office and administration |
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4.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Total | |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock - materials |
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6.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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BORNA TRADING LTD
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
7.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Accruals and deferred income |
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| Director's loan account |
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9.
Dividends
| 2019 | 2018 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 25,000 | 25,000 | ||
10.
General Information
BORNA TRADING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 6946880 . The registered office is 13 Oakleigh Park North, London, N20 9AN.
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