Bristol Channel Timber Supplies Ltd - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 01652711 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2015

for

Bristol Channel Timber Supplies Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

N B David

R N C David

REGISTERED OFFICE:

39 Ashton Vale Road

Ashton Gate

Bristol

BS3 2HW

REGISTERED NUMBER:

01652711 (England and Wales)

ACCOUNTANTS:

Stanley Joseph Limited

Chartered Accountants

Suite 1

Liberty House

South Liberty Lane

Bristol

BS3 2ST

BANKERS:

Lloyds TSB

PO Box 153

53-55 Corn Street

Bristol

BS99 7LE

FIXED ASSETS

Tangible assets

2

420,928

427,460

CURRENT ASSETS

Stocks

33,100

25,601

Debtors

3

17,119

32,201

Cash at bank and in hand

4,607

541

54,826

58,343

CREDITORS

Amounts falling due within one year

4

97,472

137,386

NET CURRENT LIABILITIES

(42,646

)

(79,043

)

TOTAL ASSETS LESS CURRENT LIABILITIES

378,282

348,417

CREDITORS

Amounts falling due after more than one year

5

(122,087

)

(98,922

)

PROVISIONS FOR LIABILITIES

8

(54,088

)

(54,645

)

NET ASSETS

202,107

194,850

CAPITAL AND RESERVES

Called up share capital

9

300

305

Revaluation reserve

10

216,351

218,581

Retained earnings

10

(14,544

)

(24,036

)

SHAREHOLDERS' FUNDS

202,107

194,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2016 and were signed on its behalf by:

R N C David - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

•

the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

•

the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

•

the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Turnover

Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for

goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the going concern basis. This basis may not be

appropriate as the company is at present reliant on the support of its bankers and creditors.

2.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2015

and 31 December 2015

425,000

149,865

2,400

577,265

DEPRECIATION

At 1 January 2015

12,750

134,655

2,400

149,805

Charge for year

4,250

2,282

-

6,532

At 31 December 2015

17,000

136,937

2,400

156,337

NET BOOK VALUE

At 31 December 2015

408,000

12,928

-

420,928

At 31 December 2014

412,250

15,210

-

427,460

The freehold property was revalued on 19 December 2011 by Andrew Forbes Chartered Surveyors at

£425,000. In the opinion of the directors 50% of the value relates to freehold land and this is not

depreciated.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

£

Trade debtors

15,214

28,951

Other debtors

1,905

3,250

17,119

32,201

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

£

Bank loans and overdrafts (see note 6)

11,830

25,049

Trade creditors

47,101

73,415

Taxation and social security

13,246

10,732

Other creditors

25,295

28,190

97,472

137,386

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.15

31.12.14

£

£

Bank loans (see note 6)

122,087

98,922

6.

LOANS

An analysis of the maturity of loans is given below:

31.12.15

31.12.14

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

6,569

Bank loans

11,830

18,480

11,830

25,049

Amounts falling due between two and five years:

Bank loans - 2-5 years

47,305

73,920

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

74,782

25,002

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.15

31.12.14

£

£

Bank overdraft

-

6,569

Bank loans

133,917

117,402

133,917

123,971

The bank overdrafts and bank loans are secured by a fixed and floating debenture dated 23 April 1999

which is secured over all owned assets.

8.	PROVISIONS FOR LIABILITIES

31.12.15

31.12.14

£

£

Deferred tax

54,088

54,645

Deferred

tax

£

Balance at 1 January 2015

54,645

Provided during year

(557

)

Balance at 31 December 2015

54,088

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

300

A Ordinary

£1

300

300

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2015

(24,036

)

218,581

194,545

Profit for the year

9,492

9,492

Depreciation released

-

(2,787

)

(2,787

)

Deferred tax on revaluation

-

557

557

At 31 December 2015

(14,544

)

216,351

201,807

11.	RELATED PARTY DISCLOSURES

N B David

Director

2015

2014

Capital withdrawn

2,900

1,450

31.12.15

31.12.14

£

£

Amount due to related party at the balance sheet date

23,890

26,790

12.	ULTIMATE CONTROLLING PARTY

The controlling party is R N C David.