FRANCIS_BROWN_LIMITED - Accounts
FRANCIS_BROWN_LIMITED - Accounts
Company Registration No. 00446866 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(2,004,631 )
(2,265,102 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(429,344 )
(134,826 )
Provisions for liabilities
(48,542 )
(42,976 )
Accruals and deferred income
(35,827 )
(42,150 )
597,427
627,071
Capital and reserves
Called up share capital
5
Other reserves
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 21 July 2015
Company Registration No. 00446866
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.3
Tangible fixed assets and depreciation
Land and buildings Freehold
Plant and machinery
Office furniture and fittings
Motor vehicles
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.7
Pensions
The pension costs charged in the financial statements represent the contributions payable by the company during the year.
1.8
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.9
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.10
Debt factoring
The company factors its trade debts. The company continues to bear all the risks and rewards of ownership, therefore in accordance with accounting standards, the debtors are disclosed gross and a liability exists relating to monies received from factors.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014
Additions
Disposals
(140,617 )
At 31 December 2014
Depreciation
At 1 January 2014
On disposals
(136,258 )
Charge for the year
At 31 December 2014
Net book value
At 31 December 2014
At 31 December 2013
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £47,087 (2013 - £567,342)
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 5 -
4
Creditors: amounts falling due after more than one year
2014
2013
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
281,885
42,439
The aggregate amount of creditors for which security has been given amounted to £429,344 (2013 - £134,826).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
6
Loans to directors
DG Brown had an interest free loan from the company during the year. Advances to DG Brown in the year amounted to £6,720 (2013 - £22,690) with amounts repaid totalling £3,600 (2013 - £Nil). The maximum amount outstanding during the year was £48,943 (2013- £46,002), the loan was £48,303 (2013 - £45,183) at the end of the year and is repayable on demand.
SF Brown had an interest free loan from the company during the year. Advances to SF Brown in the year amounted to £2,480 (2013 - £4,485) with amounts repaid totalling £250 (2013- £18,000). The maximum amount outstanding during the year was £2,993 (2013 - £14,256), the loan was £2,993 (2013 - £763) at the end of the year and is repayable on demand.
JG Brown had an interest free loan from the company during the year. Advances to JG Brown in the year amounted to £3,980 (2013 - £4,504), with amounts repaid totalling £2,500 (2013 - £90,000). The maximum amount outstanding during the year was £48,984 (2013 - £136,040), the loan was £47,964 (2013 - £46,484) at the end of the year and is repayable on demand.