The Business Foundry Limited - Period Ending 2015-04-30

Registration number: 06889515

The Business Foundry Limited

Abbreviated Accounts

for the Year Ended 30 April 2015
 

Kerr and Associates Limited

The Business Foundry Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

Chartered Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
The Business Foundry Limited
for the Year Ended 30 April 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Business Foundry Limited for the year ended 30 April 2015 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of The Business Foundry 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 accounts of The Business Foundry Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Business Foundry Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Business Foundry Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Business Foundry Limited. You consider that The Business Foundry 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 accounts of The Business Foundry 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 accounts.

......................................

Kerr and Associates Limited

24 September 2015

Page 1

The Business Foundry Limited
(Registration number: 06889515)
Abbreviated Balance Sheet at 30 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,702			1,741
Current assets
Debtors					24,558			11,132
Investments					58,195			55,241
Cash at bank and in hand					533,818			141,217
					616,571			207,590
Creditors: Amounts falling due within one year					(144,715)			(46,411)
Net current assets					471,856			161,179
Net assets					473,558			162,920
Capital and reserves
Called up share capital		3			3,500			3,500
Profit and loss account					470,058			159,420
Shareholders' funds					473,558			162,920

For the year ending 30 April 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

For the year ending 30 April 2015 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 2 October 2015 and signed on its behalf by:

.........................................
Mr Peter Dennis Kerr
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

The Business Foundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration date. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based upon a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% reducing balance basis p.a.

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

The Business Foundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2014		3,533			3,533
Additions		529			529
At 30 April 2015		4,062			4,062
Depreciation
At 1 May 2014		1,792			1,792
Charge for the year		568			568
At 30 April 2015		2,360			2,360
Net book value
At 30 April 2015		1,702			1,702
At 30 April 2014		1,741			1,741

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		3,500			3,500			3,500			3,500

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Peter Dennis Kerr

Page 4

The Business Foundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

The company has a loan account with its director Mr P Kerr. The loan account represents monies owed to him by the company in respect of the expenses paid on behalf of the company and any Dividdends declared and credited to the loan account. The loan is interest free, unsecured and repayable on demand	9,579	8,772	5,437	7,652
Ms Debbie Vint
The company has a loan account with its director Ms D Vint. The loan account represents monies owed to her for Dividends Declared and paid to the Directors Loan Account	1,332	-	-	-

Page 5