Brownlows (Bristol) Limited - Period Ending 2016-04-30

Registration number: 00478890

Brownlows (Bristol) Limited

Annual report and unaudited financial statements

for the year ended 30 April 2016
 

Brownlows (Bristol) Limited
Contents

Directors' report 1

Chartered accountants' report 2

Profit and loss account 3

Balance sheet 4

Notes to the financial statements 5 to 9

Brownlows (Bristol) Limited
Directors' report for the year ended 30 April 2016

The directors present their report and the unaudited financial statements for the year ended 30 April 2016.

Directors of the company

The directors who held office during the year were as follows:

R A Webb

S P Webb

The Directors' report has been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies.

Approved by the board on 25 August 2016 and signed on its behalf by:

.........................................
R A Webb
Director

Page 1

Chartered accountants' report to the board of directors on the preparation of the unaudited financial statements of
Brownlows (Bristol) Limited
for the year ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brownlows (Bristol) Limited for the year ended 30 April 2016 set out on pages 3 to 9 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.

This report is made solely to the board of directors of Brownlows (Bristol) 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 financial statements of Brownlows (Bristol) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with guidance issued by the ICAEW. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brownlows (Bristol) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Brownlows (Bristol) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brownlows (Bristol) Limited. You consider that Brownlows (Bristol) 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 financial statements of Brownlows (Bristol) 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 financial statements.

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

Milsted Langdon LLP
Chartered Accountants
One Redcliff Street
Bristol
BS1 6NP

8 September 2016

Page 2

Brownlows (Bristol) Limited
Profit and loss account for the year ended 30 April 2016

		Note			2016 £			2015 £
Turnover					210,210			216,017
Administrative expenses					(35,586)			(32,096)
Operating profit		2			174,624			183,921
Other interest receivable and similar income					45			26
Profit on ordinary activities before taxation					174,669			183,947
Tax on profit on ordinary activities		4			(33,416)			(38,114)
Profit for the financial year		10			141,253			145,833

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 3

Brownlows (Bristol) Limited
(Registration number: 00478890)
Balance sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			660,197			660,899
Current assets
Debtors		6			7,749			3,642
Cash at bank and in hand					10,443			18,959
					18,192			22,601
Creditors: amounts falling due within one year		7			(203,909)			(180,673)
Net current liabilities					(185,717)			(158,072)
Net assets					474,480			502,827
Capital and reserves
Called up share capital		8			8,000			8,000
Profit and loss account		10			466,480			494,827
Shareholders' funds					474,480			502,827

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 30 April 2016 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.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the board on 25 August 2016 and signed on its behalf by:

.........................................
R A Webb
Director

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 4

Brownlows (Bristol) Limited
Notes to the financial statements for the year ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

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

Turnover

Turnover represents the rent attributable to the accounting year.

Depreciation

In accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) no depreciation is provided in respect of investment properties. This treatment may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets, but the accounting policy adopted is necessary for the financial statements to give a true and fair view.

Asset class	Depreciation rate and method
Investment properties	Nil
Office equipment	33% straight line

Investment properties

The freehold investment properties have not been revalued at 30 April 2016 in accordance with the Financial Reporting standard for Smaller entities (effective January 2015). The freehold investment properties are held for long term investment and there are no plans for their disposal in the foreseeable future. Accordingly the directors do not consider the open market value at the balance sheet date or the annual movements in that value are relevant to the reporting of the company results or financial position.

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.

Page 5

Brownlows (Bristol) Limited
Notes to the financial statements for the year ended 30 April 2016
......... continued

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Profit on sale of tangible fixed assets		-			(2,505)
Depreciation of tangible fixed assets		702			766

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration		13,000			10,000

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		35,074			38,114
Adjustments in respect of previous years		(1,658)			-
UK Corporation tax		33,416			38,114

Page 6

Brownlows (Bristol) Limited
Notes to the financial statements for the year ended 30 April 2016
......... continued

5	Tangible fixed assets

		Investment properties £			Office equipment £			Total £
Cost or valuation
At 1 May 2015		660,197			2,298			662,495
Depreciation
At 1 May 2015		-			1,596			1,596
Charge for the year		-			702			702
At 30 April 2016		-			2,298			2,298
Net book value
At 30 April 2016		660,197			-			660,197
At 30 April 2015		660,197			702			660,899

6

Debtors

		2016 £			2015 £
Trade debtors		7,749			3,488
Other debtors		-			154
		7,749			3,642

7	Creditors: amounts falling due within one year

		2016 £			2015 £
Corporation tax		35,074			38,114
Other taxes and social security		7,125			6,159
Other creditors		161,710			136,400
		203,909			180,673

Page 7

Brownlows (Bristol) Limited
Notes to the financial statements for the year ended 30 April 2016
......... continued

8	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		8,000			8,000			8,000			8,000

9

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		169,600			540,000

10

Reserves

		Profit and loss account £			Total £
At 1 May 2015		494,827			494,827
Profit for the year		141,253			141,253
Dividends		(169,600)			(169,600)
At 30 April 2016		466,480			466,480

11	Related party transactions

Other related party transactions

During the year the company entered into the following related party transactions:

R A Webb ( Director and shareholder )   During the year the director received dividends of £57,240 (2015: £307,800) and paid expenses on behalf of the company of £520 (2015: £520) . At the balance sheet date the amount due to R A Webb was £60,000 ( 2015 - £50,000 ) .

Page 8

Brownlows (Bristol) Limited
Notes to the financial statements for the year ended 30 April 2016
......... continued

S P Webb ( Director and shareholder )   During the year the director received dividends of £84,800 (2015: £144,450) . At the balance sheet date the amount due to S P Webb was £60,000 ( 2015 - £50,000 ) .

12

Control

The company is controlled by the directors who own 84% of the called up share capital.

Page 9