Butfield Limited 31/03/2021 iXBRL

Butfield Limited 31/03/2021 iXBRL

BUTFIELD LIMITED - Company Information

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Company registration number: 04712119
Butfield Limited
Unaudited filleted financial statements
31 March 2021
Butfield Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Butfield Limited
Directors and other information
Directors Mr D Butler
Mr C Cockell
Mr C Tanner
Company number 04712119
Registered office 7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Accountants Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Butfield Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Butfield Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Butfield Limited for the year ended 31 March 2021 which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Butfield Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 10,508 17,534
_______ _______
10,508 17,534
Current assets
Debtors 6 235,291 197,098
Cash at bank and in hand 280,476 14,091
_______ _______
515,767 211,189
Creditors: amounts falling due
within one year 7 ( 195,697) ( 116,509)
_______ _______
Net current assets 320,070 94,680
_______ _______
Total assets less current liabilities 330,578 112,214
Creditors: amounts falling due
after more than one year 8 ( 41,667) -
_______ _______
Net assets 288,911 112,214
_______ _______
Capital and reserves
Called up share capital 400 400
Profit and loss account 288,511 111,814
_______ _______
Shareholders funds 288,911 112,214
_______ _______
For the year ending 31 March 2021 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2021 , and are signed on behalf of the board by:
Mr D Butler
Director
Company registration number: 04712119
Butfield Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-7c Snuff Street, Devizes, Wiltshire, SN10 1DU.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
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:
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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 8 (2020: 10 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2020 76,716 28,459 105,175
Additions 5,949 - 5,949
Disposals - ( 15,400) ( 15,400)
_______ _______ _______
At 31 March 2021 82,665 13,059 95,724
_______ _______ _______
Depreciation
At 1 April 2020 72,850 14,791 87,641
Charge for the year 1,681 3,265 4,946
Disposals - ( 7,371) ( 7,371)
_______ _______ _______
At 31 March 2021 74,531 10,685 85,216
_______ _______ _______
Carrying amount
At 31 March 2021 8,134 2,374 10,508
_______ _______ _______
At 31 March 2020 3,866 13,668 17,534
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 173,227 140,668
Other debtors 62,064 56,430
_______ _______
235,291 197,098
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 9,534 16,286
Corporation tax 71,145 35,088
Social security and other taxes 92,126 53,850
Other creditors 22,892 11,285
_______ _______
195,697 116,509
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 41,667 -
_______ _______