Banbury Postiche Ltd - Accounts to registrar (filleted) - small 18.2
Banbury Postiche Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Banbury Postiche Ltd |
Financial Statements |
for the Year Ended |
31 December 2020 |
Banbury Postiche Ltd (Registered number: 00972488) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Banbury Postiche Ltd |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
5 Clarendon Place |
Leamington Spa |
Warwickshire |
CV32 5QL |
Banbury Postiche Ltd (Registered number: 00972488) |
Balance Sheet |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Banbury Postiche Ltd (Registered number: 00972488) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
Banbury Postiche Ltd is a |
The parent company of Banbury Postiche Limited is BAHN Investments Limited a private company incorporated in England.The registered office is at Unit 10-14 Apollo Park, Ironstones Lane, Wroxton, Banbury, Oxfordshire OX15 6FE |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised once substantially all the risks and rewards of ownership have passed to the customer. For the majority of sales, which relates to sale of stock items, this is when the order is despatched with the sales invoice. For bespoke wigs it is when the item is completed and the customer has approved the item. Any wigs in progress at the year end are included in work in progress. |
Intangible assets |
Intangible assets are capitalised in the balance sheet and amortisation is charged on a straight line basis in order to write off the cost over their estimated useful life. The rate used is 10% on cost |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
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 balance sheet date. |
Banbury Postiche Ltd (Registered number: 00972488) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Banbury Postiche Ltd (Registered number: 00972488) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
AMORTISATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
The estimated useful life is 10 years, hence 10% on cost is charged annually. |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
Banbury Postiche Ltd (Registered number: 00972488) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 10,499 | - |
9. | LEASING AGREEMENTS |
The amount payable under non-cancellable operating leases within one year is £2,890 (2019 £4,700) and between one and five years is £485 (2019 £3,345). |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Ordinary | £1 | 217,000 | 217,000 |
11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2020 | 242,238 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2020 | 208,501 |
Other reserves of £72,883 shown above are non distributable. |
Banbury Postiche Ltd (Registered number: 00972488) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
Transactions between related parties are at market value and although not required to be disclosed are shown here for completeness. |
The company paid management charges to its parent undertaking during the year of £60,000 and rent for business premises of £50,000 . The amount owed by the company to BAHN Investments Limited at the year end amounted to £268,935. Dividends of £118,000 were paid to the parent undertaking BAHN Investments Limited during the year. |
14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements and to provide tax advice and to represent us, if necessary, at tax tribunals. |
15. | ULTIMATE CONTROLLING PARTY |
The directors Nicholas Christopher Allen and Roy James Henderson are regarded as the joint ultimate controlling parties by virtue of their shareholdings in the ultimate parent company. |
16. | SECURED CREDITORS |
The NatWest Bank Plc holds a mortgage debenture dated 13/07/99 incorporating a fixed and floating charge over all assets of the company. A guarantee dated 29/11/2018 for £715,000 has been given on behalf of the parent company. |