Border Developments Ltd Filleted accounts for Companies House (small and micro)

Border Developments Ltd Filleted accounts for Companies House (small and micro)

BORDER DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11338613
BORDER DEVELOPMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2020
BORDER DEVELOPMENTS LTD
FINANCIAL STATEMENTS
Year ended 31 October 2020
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
BORDER DEVELOPMENTS LTD
BALANCE SHEET
31 October 2020
2020
2019
Note
£
£
FIXED ASSETS
Tangible assets
4
53,224
61,893
CURRENT ASSETS
Stocks
1,268,621
745,883
Debtors
5
12,501
10,166
Cash at bank and in hand
15,302
96,824
------------
---------
1,296,424
852,873
CREDITORS: amounts falling due within one year
6
( 1,404,939)
( 967,041)
------------
---------
NET CURRENT LIABILITIES
( 108,515)
( 114,168)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 55,291)
( 52,275)
CREDITORS: amounts falling due after more than one year
7
( 63,659)
( 33,940)
---------
--------
NET LIABILITIES
( 118,950)
( 86,215)
---------
--------
CAPITAL AND RESERVES
Called up share capital
4
4
Profit and loss account
( 118,954)
( 86,219)
---------
--------
SHAREHOLDERS FUNDS
( 118,950)
( 86,215)
---------
--------
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 profit and loss account has not been delivered.
For the year ending 31 October 2020 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 28 March 2021 , and are signed on behalf of the board by:
Mr S J Haines
Director
Company registration number: 11338613
BORDER DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Garden Farm, Rockfield, Monmouth, NP25 5QE.
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
The accounts have been prepared on the going concern basis. The accounts show that the company made a loss of £32,735 in the period and had net liabilities of £118,950. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from the directors. Was this support not available, the company may not be able to continue trading. The directors are satisfied that with the continued support of the directors the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
20% straight line
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 are 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. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 1 November 2019
76,128
Additions
20,179
Disposals
( 13,144)
--------
At 31 October 2020
83,163
--------
Depreciation
At 1 November 2019
14,235
Charge for the year
15,704
--------
At 31 October 2020
29,939
--------
Carrying amount
At 31 October 2020
53,224
--------
At 31 October 2019
61,893
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 October 2020
43,050
--------
At 31 October 2019
57,150
--------
5. DEBTORS
2020
2019
£
£
Other debtors
12,501
10,166
--------
--------
6. CREDITORS: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
4,166
–
Trade creditors
–
172
Other creditors
1,400,773
966,869
------------
---------
1,404,939
967,041
------------
---------
Included within creditors due within one year are hire purchase agreements totalling £16,188 (2019 - £15,428) that are secured on the assets to which they relate.
7. CREDITORS: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
45,833
–
Other creditors
17,826
33,940
--------
--------
63,659
33,940
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £5,834 (2019: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors due after more than one year are hire purchase agreements totalling £17,826 (2019 - £33,940) that are secured on the assets to which they relate.
8. RELATED PARTY TRANSACTIONS
Included within other creditors is a balance of £1,372,585 (2019 - £949,441) due to the directors. Interest of £7,662 (2019 - £52,592) has been paid to the directors during the year.