The Battle of Britain Memorial Limited Filleted accounts for Companies House (small and micro)

THE BATTLE OF BRITAIN MEMORIAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08638616

The Battle of Britain Memorial Limited

Filleted Unaudited Financial Statements

31 December 2019

The Battle of Britain Memorial Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The Battle of Britain Memorial Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	740	986

Current assets

Stock		93,903	122,439
Debtors	7	930	1
Cash at bank and in hand		8,978	5,331
		---------	---------
		103,811	127,771

Creditors: amounts falling due within one year	8	162,675	128,756
		---------	---------
Net current liabilities		58,864	985
		--------	----
Total assets less current liabilities		( 58,124)	1
		--------	----
Net (liabilities)/assets		( 58,124)	1
		--------	----

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 58,125)	–
	--------	----
Shareholders (deficit)/funds	( 58,124)	1
	--------	----

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 December 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 .

The Battle of Britain Memorial Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 16 June 2020 , and are signed on behalf of the board by:

R G Parry

Director

Company registration number: 08638616

The Battle of Britain Memorial Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH.

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

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.

Going concern

These accounts have been prepared on the going concern basis, on the understanding the controlling party will continue to support the company for the foreseeable future.

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 tax

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Employees

	2019	2018
Average number of staff	4	4

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2019 and 31 December 2019	865	450	1,315
	----	----	-------
Depreciation
At 1 January 2019	254	75	329
Charge for the year	152	94	246
	----	----	-------
At 31 December 2019	406	169	575
	----	----	-------
Carrying amount
At 31 December 2019	459	281	740
	----	----	-------
At 31 December 2018	611	375	986
	----	----	-------

6. Stock

	2019	2018
	£	£
Goods for resale	93,903	122,439

Stock recognised in cost of sales during the year as an expense was £124,151 (2018: £106,474).

7. Debtors

	2019	2018
	£	£
Other debtors	930	1
	----	----

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	15,638	14,761
Amounts owed to group undertakings and undertakings in which the company has a participating interest	144,837	111,385
Social security and other taxes	–	1,230
Other creditors	2,200	1,380
	---------	---------
	162,675	128,756
	---------	---------

9. Controlling party

The controlling party of the company is The Battle of Britain Memorial Trust CIO . The parent produces consolidated financial statements for the year ended 31 December 2019. The principal place of business is New Dover Road, Capel-le-Ferne, Folkestone, Kent, CT18 7JJ .