B.C. CERAMICS LIMITED 30/11/2019 iXBRL

B.C. CERAMICS LIMITED 30/11/2019 iXBRL

B.C. CERAMICS LIMITED - Company Information

Print Friendly Version

30/11/2019 2019-11-30 true false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-12-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 02140375 2018-12-01 2019-11-30 02140375 2019-11-30 02140375 2018-11-30 02140375 2017-12-01 2018-11-30 02140375 2018-11-30 02140375 core:NetGoodwill 2018-12-01 2019-11-30 02140375 core:FurnitureFittingsToolsEquipment 2018-12-01 2019-11-30 02140375 core:MotorVehicles 2018-12-01 2019-11-30 02140375 bus:Director1 2018-12-01 2019-11-30 02140375 core:NetGoodwill 2019-11-30 02140375 core:LandBuildings core:LongLeaseholdAssets 2018-11-30 02140375 core:PlantMachinery 2018-11-30 02140375 core:FurnitureFittingsToolsEquipment 2018-11-30 02140375 core:MotorVehicles 2018-11-30 02140375 core:LandBuildings core:LongLeaseholdAssets 2019-11-30 02140375 core:PlantMachinery 2019-11-30 02140375 core:FurnitureFittingsToolsEquipment 2019-11-30 02140375 core:MotorVehicles 2019-11-30 02140375 core:WithinOneYear 2019-11-30 02140375 core:WithinOneYear 2018-11-30 02140375 core:AfterOneYear 2018-11-30 02140375 core:ShareCapital 2019-11-30 02140375 core:ShareCapital 2018-11-30 02140375 core:RetainedEarningsAccumulatedLosses 2019-11-30 02140375 core:RetainedEarningsAccumulatedLosses 2018-11-30 02140375 core:LandBuildings core:LongLeaseholdAssets 2018-12-01 2019-11-30 02140375 core:PlantMachinery 2018-12-01 2019-11-30 02140375 core:NetGoodwill 2018-11-30 02140375 core:PlantMachinery 2018-11-30 02140375 core:FurnitureFittingsToolsEquipment 2018-11-30 02140375 core:MotorVehicles 2018-11-30 02140375 bus:SmallEntities 2018-12-01 2019-11-30 02140375 bus:AuditExempt-NoAccountantsReport 2018-12-01 2019-11-30 02140375 bus:FullAccounts 2018-12-01 2019-11-30 02140375 bus:SmallCompaniesRegimeForAccounts 2018-12-01 2019-11-30 02140375 bus:PrivateLimitedCompanyLtd 2018-12-01 2019-11-30 02140375 core:AllAssociates 2018-12-01 2019-11-30 02140375 core:AllAssociates 2017-12-01 2018-11-30 02140375 core:AllAssociates 2019-11-30 02140375 core:AllAssociates 2018-11-30
B.C. CERAMICS LIMITED
Unaudited filleted financial statements
30 November 2019
Company registration number 02140375
B.C. CERAMICS LIMITED
Contents
Statement of financial position
Notes to the financial statements
B.C. CERAMICS LIMITED
Statement of financial position
30 November 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 102,178 116,442
Tangible assets 6 119,113 110,848
_______ _______
221,291 227,290
Current assets
Stocks 782,569 551,236
Debtors 7 1,002,685 701,621
Cash at bank and in hand 436,635 397,375
_______ _______
2,221,889 1,650,232
Creditors: amounts falling due
within one year 8 ( 1,178,612) ( 692,923)
_______ _______
Net current assets 1,043,277 957,309
_______ _______
Total assets less current liabilities 1,264,568 1,184,599
Creditors: amounts falling due
after more than one year 9 - ( 1,859)
Provisions for liabilities ( 14,518) ( 21,061)
_______ _______
Net assets 1,250,050 1,161,679
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,250,048 1,161,677
_______ _______
Shareholders funds 1,250,050 1,161,679
_______ _______
For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2020 , and are signed on behalf of the board by:
Mr M.E. Colley
Director
Company registration number: 02140375
B.C. CERAMICS LIMITED
Notes to the financial statements
Year ended 30 November 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Bloors Lane, Rainham, Gillingham, Kent.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 10% to 20% straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2018: 16 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2018 and 30 November 2019 116,442 116,442
_______ _______
Amortisation
At 1 December 2018 - -
Charge for the year 11,353 11,353
Impairment losses 2,911 2,911
_______ _______
At 30 November 2019 14,264 14,264
_______ _______
Carrying amount
At 30 November 2019 102,178 102,178
_______ _______
At 30 November 2018 116,442 116,442
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2018 13,525 112,432 84,770 162,160 372,887
Additions 22,026 15,000 6,868 - 43,894
Transfers - (6,500) - 6,500 -
_______ _______ _______ _______ _______
At 30 November 2019 35,551 120,932 91,638 168,660 416,781
_______ _______ _______ _______ _______
Depreciation
At 1 December 2018 13,525 69,408 73,759 105,347 262,039
Charge for the year 2,806 11,957 6,366 14,500 35,629
_______ _______ _______ _______ _______
At 30 November 2019 16,331 81,365 80,125 119,847 297,668
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2019 19,220 39,567 11,513 48,813 119,113
_______ _______ _______ _______ _______
At 30 November 2018 - 43,024 11,011 56,813 110,848
_______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 407,847 272,121
Amounts owed by group undertakings and undertakings in which the company has a participating interest 393,250 393,250
Other debtors 201,588 36,250
_______ _______
1,002,685 701,621
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 925,284 530,771
Corporation tax - 4,862
Social security and other taxes 179,406 141,040
Other creditors 73,922 16,250
_______ _______
1,178,612 692,923
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors - 1,859
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(to)
2019 2018 2019 2018
£ £ £ £
Loan to BC Ceramics Holdings Limited - 25,000 393,250 393,250
_______ _______ _______ _______
The above loan is interest free, unsecured and has no fixed repayment schedule.
11. Controlling party
The company is controlled by B C Ceramics Holdings Limited, who owns 100% of the Company' share capital.