FRANCIS_BROWN_LIMITED

FRANCIS BROWN LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

FRANCIS BROWN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

£

Fixed assets

Tangible assets

2

804,433

783,778

Current assets

Stocks

63,798

32,666

Debtors

1,747,202

2,028,667

Cash at bank and in hand

16,718

270,660

1,827,718

2,331,993

Creditors: amounts falling due within one year

3

(1,588,052)

(2,004,631)

Net current assets

239,666

327,362

Total assets less current liabilities

1,044,099

1,111,140

Creditors: amounts falling due after more than one year

4

(414,006)

(429,344)

Provisions for liabilities

(56,282)

(48,542)

Accruals and deferred income

(29,504)

(35,827)

544,307

597,427

Capital and reserves

Called up share capital

5

10,000

Other reserves

4,800

Profit and loss account

529,507

582,627

Shareholders' funds

544,307

597,427

FRANCIS BROWN LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 August 2016

Mr S F Brown

Director

Company Registration No. 00446866

FRANCIS BROWN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2.5% straight line basis

Plant and machinery

15% reducing balance basis

Office furniture and fittings

20% straight line basis

Motor vehicles

25% straight line basis

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.

FRANCIS BROWN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

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.

2

Fixed assets

Tangible assets

£

Cost

At 1 January 2015

1,463,984

Additions

96,463

At 31 December 2015

1,560,447

Depreciation

At 1 January 2015

680,206

Charge for the year

75,808

At 31 December 2015

756,014

Net book value

At 31 December 2015

804,433

At 31 December 2014

783,778

3

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £189,308 (2014 - £47,087)

4

Creditors: amounts falling due after more than one year

2015

2014

£

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

259,461

281,885

The aggregate amount of creditors for which security has been given amounted to £414,006 (2014 - £429,344).

FRANCIS BROWN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

5

Share capital

2015

2014

£

Allotted, called up and fully paid

10,000 Ordinary shares of £1 each

10,000

6

Related party relationships and transactions

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 £2,960 (2014 - £6,720) with amounts repaid totalling £nil (2014 - £3,600). The maximum amount outstanding during the year was £51,263 (2014- £48,943), the loan was £51,263 (2014 - £48,303) 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 £5,740 (2014 - £2,480) with amounts repaid totalling £5,264 (2014 - £250). The maximum amount outstanding during the year was £7,253 (2014 - £2,993), the loan was £3,469 (2014 - £2,993) 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 £8,995 (2014 - £3,980), with amounts repaid totalling £5,375 (2014 - £2,500). The maximum amount outstanding during the year was £53,339 (2014 - £48,984), the loan was £51,584 (2014 - £47,964) at the end of the year and is repayable on demand.

FRANCIS_BROWN_LIMITED - Accounts

FRANCIS_BROWN_LIMITED - Accounts