Blacker Sheep Limited - Period Ending 2016-03-31

 
 
 
 
 
 
 
  Blacker Sheep Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2016
 
  Company Registration Number: 05426960

Blacker Sheep Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Blacker Sheep Limited
Abbreviated Balance Sheet
31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			558			112
Tangible fixed assets		2			75,393			112,814
Investments		2			1			1
					75,952			112,927
Current assets
Stocks					49,037			65,726
Debtors					75,757			24,705
Cash at bank and in hand					14,458			6,698
					139,252			97,129
Creditors: Amounts falling due within one year					(162,477)			(208,840)
Net current liabilities					(23,225)			(111,711)
Total assets less current liabilities					52,727			1,216
Creditors: Amounts falling due after more than one year					(107,655)			(61,930)
Deferred income					(9,767)			(16,034)
Net liabilities					(64,695)			(76,748)
Capital and reserves
Called up share capital		4			1,018,081			1,018,081
Share premium account					187,130			187,130
Profit and loss account					(1,269,906)			(1,281,959)
Shareholders' deficit					(64,695)			(76,748)

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Blacker Sheep Limited
Abbreviated Balance Sheet
31 March 2016 ......... continued

For the year ending 31 March 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 5 October 2016 and signed on its behalf by:

S M Blacker
Director

Company Registration Number: 05426960

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

Blacker Sheep Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... 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 January 2015).

Going concern

Although the balance sheet at 31 March 2016 shows a deficit of shareholders' funds, the financial statements have been prepared on a going concern basis, as the the directors have undertaken to provide continued financial support to the company, for the foreseeable future should it be required.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on the intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years, straight line basis
Research and development	2 years straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold property	5 - 10 years, straight line basis
Plant and machinery	10 years, straight line basis
Website	2 years, straight line basis
Office equipment	4 years, straight line basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Page 3

Blacker Sheep Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 April 2015		33,509			543,314			1			576,824
Additions		1,118			6,070			-			7,188
At 31 March 2016		34,627			549,384			1			584,012
Depreciation
At 1 April 2015		33,397			430,500			-			463,897
Charge for the year		672			43,491			-			44,163
At 31 March 2016		34,069			473,991			-			508,060
Net book value
At 31 March 2016		558			75,393			1			75,952
At 31 March 2015		112			112,814			1			112,927

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Page 4

Blacker Sheep Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
The Natural Fibre Company Limited	England	Ordinary shares	100.00%	Dormant

The profit for the financial period of The Natural Fibre Company Limited was £0 and the aggregate amount of capital and reserves at the end of the period was £1.

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		110,404			124,176
Amounts falling due after more than one year		33,022			61,930
Total secured creditors		143,426			186,106

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		482,247			482,247			482,247			482,247
Ordinary 'A' shares of £1 each		192,757			192,757			192,757			192,757
Ordinary 'B' shares of £1 each		146,538			146,538			146,538			146,538
Ordinary 'C' shares of £1 each		196,539			196,539			196,539			196,539
		1,018,081			1,018,081			1,018,081			1,018,081

Page 5