Burns Sheehan Limited 30/11/2020 iXBRL

Burns Sheehan Limited 30/11/2020 iXBRL

BURNS SHEEHAN LIMITED - Company Information

Print Friendly Version

41 30/11/2020 2020-11-30 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2019-12-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 05070421 2019-12-01 2020-11-30 05070421 2020-11-30 05070421 2019-11-30 05070421 2018-12-01 2019-11-30 05070421 2019-11-30 05070421 2018-11-30 05070421 core:PlantMachinery 2019-12-01 2020-11-30 05070421 core:FurnitureFittingsToolsEquipment 2019-12-01 2020-11-30 05070421 bus:LeadAgentIfApplicable 2019-12-01 2020-11-30 05070421 bus:Director1 2019-12-01 2020-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2019-11-30 05070421 core:FurnitureFittingsToolsEquipment 2019-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2020-11-30 05070421 core:FurnitureFittingsToolsEquipment 2020-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2018-12-01 2019-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2019-12-01 2020-11-30 05070421 core:WithinOneYear 2020-11-30 05070421 core:WithinOneYear 2019-11-30 05070421 core:AfterOneYear 2020-11-30 05070421 core:ShareCapital 2020-11-30 05070421 core:ShareCapital 2019-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2020-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2019-11-30 05070421 core:ShareCapital 2018-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2018-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2019-12-01 2020-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2019-11-30 05070421 core:FurnitureFittingsToolsEquipment 2019-11-30 05070421 bus:Director1 2020-11-30 05070421 bus:Director2 2020-11-30 05070421 bus:Director1 2018-11-30 05070421 bus:Director2 2019-12-01 2020-11-30 05070421 bus:Director1 2018-12-01 2019-11-30 05070421 bus:SmallEntities 2019-12-01 2020-11-30 05070421 bus:AuditExemptWithAccountantsReport 2019-12-01 2020-11-30 05070421 bus:FullAccounts 2019-12-01 2020-11-30 05070421 bus:SmallCompaniesRegimeForAccounts 2019-12-01 2020-11-30 05070421 bus:PrivateLimitedCompanyLtd 2019-12-01 2020-11-30 05070421 core:LandBuildings core:LongLeaseholdAssets 2019-12-01 2020-11-30
Company registration number: 05070421
Burns Sheehan Limited
Unaudited filleted financial statements
30 November 2020
Burns Sheehan Limited
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Burns Sheehan Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Burns Sheehan Limited
Year ended 30 November 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burns Sheehan Limited for the year ended 30 November 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants , we are subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of Burns Sheehan Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Burns Sheehan Limited and state those matters that we have agreed to state to the board of directors of Burns Sheehan Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burns Sheehan Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Burns Sheehan Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Burns Sheehan Limited. You consider that Burns Sheehan Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Burns Sheehan Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cloudco Accountancy Group Limited
Chartered Management Accountants
Suite 415c
Margaret Powell House
Midsummer Boulevard
Milton Keynes
MK9 3BN
20 April 2021
Burns Sheehan Limited
Statement of financial position
30 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 107,833 143,911
_______ _______
107,833 143,911
Current assets
Debtors 6 1,650,469 2,594,867
Cash at bank and in hand 2,023,948 1,220,523
_______ _______
3,674,417 3,815,390
Creditors: amounts falling due
within one year 7 ( 2,100,891) ( 2,841,541)
_______ _______
Net current assets 1,573,526 973,849
_______ _______
Total assets less current liabilities 1,681,359 1,117,760
Creditors: amounts falling due
after more than one year 8 ( 550,000) -
Provisions for liabilities ( 20,488) ( 27,343)
_______ _______
Net assets 1,110,871 1,090,417
_______ _______
Capital and reserves
Called up share capital 75,699 75,699
Profit and loss account 1,035,172 1,014,718
_______ _______
Shareholders funds 1,110,871 1,090,417
_______ _______
For the year ending 30 November 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 April 2021 , and are signed on behalf of the board by:
Mr Sean Michael Burns
Director
Company registration number: 05070421
Burns Sheehan Limited
Statement of changes in equity
Year ended 30 November 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2018 75,699 929,087 1,004,786
Profit for the year 796,900 796,900
_______ _______ _______
Total comprehensive income for the year - 796,900 796,900
Dividends paid and payable ( 711,269) ( 711,269)
_______ _______ _______
Total investments by and distributions to owners - ( 711,269) ( 711,269)
_______ _______ _______
At 30 November 2019 and 1 December 2019 75,699 1,014,718 1,090,417
Profit for the year 622,787 622,787
_______ _______ _______
Total comprehensive income for the year - 622,787 622,787
Dividends paid and payable ( 602,333) ( 602,333)
_______ _______ _______
Total investments by and distributions to owners - ( 602,333) ( 602,333)
_______ _______ _______
At 30 November 2020 75,699 1,035,172 1,110,871
_______ _______ _______
Burns Sheehan Limited
Notes to the financial statements
Year ended 30 November 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 Brick House, 150A Station Road, Woburn Sands, Milton Keynes, MK17 8SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2019: 43 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2019 24,085 305,004 329,089
Additions - 13,252 13,252
_______ _______ _______
At 30 November 2020 24,085 318,256 342,341
_______ _______ _______
Depreciation
At 1 December 2019 10,636 174,542 185,178
Charge for the year 2,408 46,922 49,330
_______ _______ _______
At 30 November 2020 13,044 221,464 234,508
_______ _______ _______
Carrying amount
At 30 November 2020 11,041 96,792 107,833
_______ _______ _______
At 30 November 2019 13,449 130,462 143,911
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 1,005,277 1,740,030
Other debtors 645,192 854,837
_______ _______
1,650,469 2,594,867
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 232,206 358,795
Corporation tax 280,980 226,786
Social security and other taxes 261,305 196,249
Other creditors 1,326,400 2,059,711
_______ _______
2,100,891 2,841,541
_______ _______
Included in other creditors is £729,604 (2019 - £1,135,151) due to Lloyds TSB Commercial Finance in respect of debt factoring. Lloyds TSB Commercial Finance and Lloyds TSB Bank PLC both hold fixed and floating charges over the assets of the company in respect of debt factoring and bank borrowings respectively.
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 550,000 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Sean Michael Burns - - ( 18,000) ( 18,000)
- - (26,667) (26,667)
_______ _______ _______ _______
- - ( 44,667) ( 44,667)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Sean Michael Burns ( 20,000) 20,000 - -
- - - -
_______ _______ _______ _______
The loan bears interest at 3% and is repayable on demand.