Blackwater (Clothing) Limited
Blackwater (Clothing) Limited
Registered number: 09153831
Financial Statements
For The Year Ended
31 December 2020
Blackwater (Clothing) Limited
Financial Statements
For The Year Ended
31 December 2020
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Blackwater (Clothing) Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
09153831
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET LIABILITIES |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (212,325) | (82,416) | |||
Page 1
Blackwater (Clothing) Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Blackwater (Clothing) Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of 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 for the period under review ended
31 December 2020
have been prepared on a going concern basis. The directors have considered a period of twelve months from the period of approval of these financial statements, whereby they believe that there a substantial increase in cash inflows. On this basis, the directors believe that it is prudent to prepare the accounts on a going concern basis.
Mr R Steel and Mrs C M Steel, have confirmed that they will not withdraw their loan if iit would render the company unable to pay its liabilities as they fall due, for at least twelve months beyond the approval date of these financial statements.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land |
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Plant and machinery |
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Motor Vehicles |
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Arena and equine facilities |
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Tangible fixed asset are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 not 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.
1.4.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
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.
Page 3
Blackwater (Clothing) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.5.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Cash and cash equivalents
Cash and cash equivalents 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.
Basic financial assets
Basic 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 receipts 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, where 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 cost, 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 of less. If not, they are present 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.
1.6.
Taxation
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items that are never taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and will be reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settle d or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Page 4
Blackwater (Clothing) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Employee
The cost of short-term 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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2019: 4)
3.
Tangible Assets
Land & Property | |||||
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Land | Plant and machinery | Motor Vehicles | Arena and equine facilities | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
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Additions |
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As at
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Depreciation | |||||
As at
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Provided during the period |
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As at
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Net Book Value | |||||
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4.
Stocks
2020 | 2019 | ||
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£ | £ | ||
Stock |
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5.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT |
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Page 5
Blackwater (Clothing) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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Net wages | - | 3,880 | |
Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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8.
Post Balance Sheet Events
After the year end, the company entered into a binding financial agreement whereby the sum of £930,923 has been borrowed and secured against the land that it owns, in order to fund the development of a commercial building on that land. The loan facility is repayable by 21 January 2022 and the interest rate is at 9.7% plus the Bank of England base rate (subject to a minimum of 0.5%).
9.
Controlling Party
The ultimate controlling party is Miss C L Steel Hallion.
10.
General Information
Blackwater (Clothing) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09153831
. The registered office is Unit 4 Shelley Farm Shelley Lane, Ower, Romsey, Hampshire, SO51 6AS.
Page 6