B & T Rewinds Limited - Accounts to registrar (filleted) - small 18.2
B & T Rewinds Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2020 |
| for |
| B & T REWINDS LIMITED |
| B & T REWINDS LIMITED (REGISTERED NUMBER: 01259884) |
| Contents of the Financial Statements |
| for the year ended 31 May 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| B & T REWINDS LIMITED |
| Company Information |
| for the year ended 31 May 2020 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 5-6 Greenfield Crescent |
| Edgbaston |
| Birmingham |
| B15 3BE |
| Bankers: |
| PO Box 9 |
| Dudley |
| West Midlands |
| DY1 1PP |
| B & T REWINDS LIMITED (REGISTERED NUMBER: 01259884) |
| Statement of Financial Position |
| 31 May 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| B & T REWINDS LIMITED (REGISTERED NUMBER: 01259884) |
| Notes to the Financial Statements |
| for the year ended 31 May 2020 |
| 1. | Statutory information |
| B & T Rewinds Limited os 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. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Turnover |
| The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| All fixed assets are initially recorded at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 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. |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
| B & T REWINDS LIMITED (REGISTERED NUMBER: 01259884) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2020 |
| 2. | Accounting policies - continued |
| Pension costs |
| The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
| 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. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1 June 2019 |
| Additions |
| At 31 May 2020 |
| Depreciation |
| At 1 June 2019 |
| Charge for year |
| At 31 May 2020 |
| Net book value |
| At 31 May 2020 |
| At 31 May 2019 |
| Included with the total net book value of £27,506 is £Nil (2019: £7,366) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £nil (2019: £2,456). |
| 5. | Debtors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| B & T REWINDS LIMITED (REGISTERED NUMBER: 01259884) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2020 |
| 6. | Creditors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 29,953 | 26,326 |
| Hire purchase |
| Directors' loan accounts | 8,000 | 8,000 |
| Accruals and deferred income |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 3,000 | 3,000 |
| 8. | Related party transactions |
| The company's ultimate parent undertaking, B & T Rewinds (Holdings) 2011 Limited is controlled by Mr D Phelps, who is also a director of B & T Rewinds Limited. |
| During the year the company paid rent of £36,000 to Mr B Phelps (2019: £36,000), a director and shareholder. There was no balance outstanding at the year end. |
| Included in debtors is a balance of £153,350 (2019: £160,000) due from B & T Rewinds (Holdings) 2011 Limited. |
| Included in creditors is a balance of £55,638 (2019: £64,379) due to B & T Rewinds (Holdings) Limited, the intermediate parent company. |
| Included in other creditors is a balance of £8,000 (2019: £8,000) due to Mr D Phelps. |
| 9. | Ultimate parent company |
| The ultimate parent company is B & T Rewinds (Holdings) 2011 Limited, a company also incorporated in England & Wales. |