Bristol Fluid System Technologies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07360187 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Bristol Fluid System Technologies

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Cooke

REGISTERED OFFICE:

Unit 7, Orpen Park

Ash Ridge Road

Almondsbury

Bristol

BS32 4QD

REGISTERED NUMBER:

07360187 (England and Wales)

ACCOUNTANTS:

Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

FIXED ASSETS

Tangible assets

4

186,059

213,353

Investments

5

1,426,500

1,426,500

1,612,559

1,639,853

CURRENT ASSETS

Stocks

930,224

1,228,854

Debtors

6

1,729,743

1,616,915

Cash at bank and in hand

618,150

827

3,278,117

2,846,596

CREDITORS

Amounts falling due within one year

7

(1,331,242

)

(1,708,940

)

NET CURRENT ASSETS

1,946,875

1,137,656

TOTAL ASSETS LESS CURRENT LIABILITIES

3,559,434

2,777,509

CREDITORS

Amounts falling due after more than one year

8

(131,039

)

-

NET ASSETS

3,428,395

2,777,509

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,428,295

2,777,409

SHAREHOLDERS' FUNDS

3,428,395

2,777,509

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 5 October 2020 and were signed by:

S Cooke - Director

1.	STATUTORY INFORMATION

Bristol Fluid System Technologies Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted

are set out below.

Turnover

Turnover represents the amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised

when services are provided.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed

to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of

the transaction can be measured reliably.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost and Straight line over the term of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying

value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct

materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to

their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted

where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its

estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of

impairment losses are also recognised in profit or loss.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether

there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is possible to

estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating

unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. in assessing value in use, the estimated

future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments

of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been

adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying

amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised

immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is

treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where

an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the

revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount

that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior

years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a

revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other

short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are

shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial

Instrument Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual

provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and

settle the liability simultaneously.

Basic financial assets

Basis financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including

transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the future receipt discounted at a

market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered

into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all

of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are

classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, there

the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial

liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are

presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at

amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable

on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be

recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate

the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

733,474

Additions

34,897

At 31 December 2019

768,371

DEPRECIATION

At 1 January 2019

520,121

Charge for year

62,191

At 31 December 2019

582,312

NET BOOK VALUE

At 31 December 2019

186,059

At 31 December 2018

213,353

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

and 31 December 2019

1,426,500

NET BOOK VALUE

At 31 December 2019

1,426,500

At 31 December 2018

1,426,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,191,918

1,252,754

Other debtors

537,825

364,161

1,729,743

1,616,915

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

151,050

312,480

Trade creditors

103,269

197,232

Taxation and social security

489,554

592,223

Other creditors

587,369

607,005

1,331,242

1,708,940

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

131,039

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

282,089

99,984

The director has provided a limited guarantee of £500,000 in respect of the bank loan.

10.	CONTINGENT LIABILITIES

The company is a corporate member of Jordanshöshe Developments LLP and is liable to contribute to the assets of the LLP

in the event of a winding-up before 1 April 2020. The maximum liability in relation to this undertaking is £500,333 (2018:

£501,417). The company does not believe that a winding-up of the LLP is probable and has not made provision for the

liability at 31 December 2019.

The company is a member of S.I. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding-up

before 1st June 2020. The maximum liability in relation to this undertaking is £208,641 (2018: £208,715). The company

does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 December 2019.

The company is a member of S.L. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding-up

before 1st January 2021. The maximum liability in relation to this undertaking is £212,963 (2018: £213,000). The company

does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 December 2019.

The company is a member of L.R. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding-up

before 1st May 2020. The maximum liability in relation to this undertaking is £213,058 (2018: £213,105). The company

does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 December 2019.

11.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company has non cancellable operating lease commitments totalling £1,158,509 (2018:

£1,143,888).

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

S Cooke

Balance outstanding at start of year

204,723

(357,686

)

Amounts advanced

200,114

1,212,409

Amounts repaid

(20,000

)

(650,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

384,837

204,723