Britannia Machinery (Pontefract) Limited Filleted accounts for Companies House (small and micro)

BRITANNIA MACHINERY (PONTEFRACT) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02022970

Britannia Machinery (Pontefract) Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2019

Britannia Machinery (Pontefract) Limited

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		15,245		2,263

Current assets

Stocks		184,809	173,859
Debtors	6	64,774	68,538
Cash at bank and in hand		700	13,619
		----------	----------
		250,283	256,016

Creditors: amounts falling due within one year	7	171,402		153,889
		----------		----------
Net current assets			78,881		102,127
			--------		----------
Total assets less current liabilities			94,126		104,390
			--------		----------
Net assets			94,126		104,390
			--------		----------

Britannia Machinery (Pontefract) Limited

Statement of Financial Position (continued)

31 July 2019

	2019		2018
Note	£	£	£	£

Capital and reserves

Called up share capital	30,000	30,000
Share premium account	18,000	18,000
Profit and loss account	46,126	56,390
	--------	----------
Shareholders funds	94,126	104,390
	--------	----------

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 income statement has not been delivered.

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.

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 were approved by the board of directors and authorised for issue on 29 July 2020 , and are signed on behalf of the board by:

Mr. M. Ruddock
Director

Company registration number: 02022970

Britannia Machinery (Pontefract) Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Stuart Street, Pontefract, West Yorkshire, WF8 4PW.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) 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 from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

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.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) 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 & Machinery	-	25% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance

(f) 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.

(g) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2018	27,922	3,442	49,987	81,351
Additions	–	–	20,000	20,000
Disposals	–	–	( 49,987)	( 49,987)
	--------	-------	--------	--------
At 31 July 2019	27,922	3,442	20,000	51,364
	--------	-------	--------	--------
Depreciation
At 1 August 2018	27,752	3,308	48,028	79,088
Charge for the year	45	14	5,000	5,059
Disposals	–	–	( 48,028)	( 48,028)
	--------	-------	--------	--------
At 31 July 2019	27,797	3,322	5,000	36,119
	--------	-------	--------	--------
Carrying amount
At 31 July 2019	125	120	15,000	15,245
	--------	-------	--------	--------
At 31 July 2018	170	134	1,959	2,263
	--------	-------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	41,299	45,063
Corporation tax repayable	349	349
Other debtors	23,126	23,126
	--------	--------
	64,774	68,538
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	34,254	–
Trade creditors	37,822	36,085
Accruals	1,440	1,410
Social security and other taxes	3,731	12,947
Directors loan account	84,147	93,806
Other creditors	10,008	9,641
	----------	----------
	171,402	153,889
	----------	----------

The Company's bankers have secured the bank overdraft by means of a debenture over all assets.

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2019	2018
	£	£
Mr. T. Jones	10,500	10,500
	--------	--------

9. Related party transactions

During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 84,147 (2018 - £93,806).