Brightsolo Limited - Limited company accounts 16.1

REGISTERED NUMBER: 01777855 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2016

for

Brightsolo Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

D A Hornbuckle

Mrs M Hornbuckle

SECRETARY:

Mrs M Hornbuckle

REGISTERED OFFICE:

Orchard Cottage

Old Apley

Market Rasen

Lincolnshire

LN8 5JQ

REGISTERED NUMBER:

01777855 (England and Wales)

ACCOUNTANTS:

G & R Millett T/as G M Agencies

Orchard Cottage

Old Apley

Market Rasen

Lincolnshire

LN8 5JQ

The directors present their report with the financial statements of the company for the year ended 31 March 2016.

DIRECTORS

The directors during the year under review were:

D A Hornbuckle

Mrs M Hornbuckle

The beneficial interests of the directors holding office on 31 March 2016 in the issued share capital of the company were

as follows:

31.3.16

1.4.15

Ordinary 1.00 shares

D A Hornbuckle

9

6

Mrs M Hornbuckle

9

12

Both D A Hornbuckle and Mrs M Hornbuckle have settlements on which they have settled shares. In the case of D A

Hornbuckle, he has settled 29 ordinary "E" shares (2011 14 ordinary "E" shares). In the case of Mrs M Hornbuckle, she

has settled 29 ordinary "F" shares (2011 14 ordinary "F" shares).

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs M Hornbuckle - Secretary

14 December 2016

TURNOVER

128,956

133,656

Cost of sales

111,583

72,684

GROSS PROFIT

17,373

60,972

Administrative expenses

46,206

46,676

OPERATING (LOSS)/PROFIT

2

(28,833

)

14,296

Profit/loss on sale of invest

-

81,575

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(28,833

)

95,871

Tax on (loss)/profit on ordinary activities

3

6,869

19,169

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(35,702

)

76,702

FIXED ASSETS

Tangible assets

4

1,388,224

1,388,863

CURRENT ASSETS

Stocks

5

355,001

386,001

Debtors

6

275,901

217,169

Cash at bank

102,545

147,525

733,447

750,695

CREDITORS

Amounts falling due within one year

7

12,599

(5,292

)

NET CURRENT ASSETS

720,848

755,987

TOTAL ASSETS LESS CURRENT LIABILITIES

2,109,072

2,144,850

PROVISIONS FOR LIABILITIES

8

169

245

NET ASSETS

2,108,903

2,144,605

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

947,353

947,353

Profit and loss account

10

1,161,450

1,197,152

SHAREHOLDERS' FUNDS

2,108,903

2,144,605

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 14 December 2016 and were signed on its behalf by:

D A Hornbuckle - Director

1.	ACCOUNTING POLICIES

Accounting convention

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 net invoiced sales of goods, excluding value added tax.

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

-

not provided

Plant and machinery

-

25% on reducing balance

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 balance

sheet date.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2015 - operating profit) is stated after charging:

31.3.16

31.3.15

£

£

Depreciation - owned assets

639

852

Directors' remuneration

30,000

30,000

3.

TAXATION

Analysis of the tax charge

The tax charge on the loss on ordinary activities for the year was as follows:

31.3.16

31.3.15

£

£

Current tax:

UK corporation tax

6,945

19,122

Deferred tax

(76

)

47

Tax on (loss)/profit on ordinary activities

6,869

19,169

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2015

and 31 March 2016

1,386,305

36,753

1,423,058

DEPRECIATION

At 1 April 2015

-

34,195

34,195

Charge for year

-

639

639

At 31 March 2016

-

34,834

34,834

NET BOOK VALUE

At 31 March 2016

1,386,305

1,919

1,388,224

At 31 March 2015

1,386,305

2,558

1,388,863

5.

STOCKS

31.3.16

31.3.15

£

£

Land/property held for resale

355,001

386,001

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Trade debtors

25,820

29,841

Other loans

2,650

2,650

Other debtors

69,077

35,905

Directors' current accounts

178,354

148,773

275,901

217,169

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Trade creditors

-

1

Tax

6,945

(13,387

)

VAT

2,889

5,329

Accruals and deferred income

2,765

2,765

12,599

(5,292

)

8.	PROVISIONS FOR LIABILITIES

31.3.16

31.3.15

£

£

Deferred tax

169

245

Deferred

tax

£

Balance at 1 April 2015

245

Capital allowances

(76

)

Balance at 31 March 2016

169

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

100

Ordinary

1.00

100

100

10.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1 April 2015

1,197,152

947,353

2,144,505

Deficit for the year

(35,702

)

(35,702

)

At 31 March 2016

1,161,450

947,353

2,108,803

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

£

D A Hornbuckle and Mrs M Hornbuckle

Balance outstanding at start of year

146,373

254,043

Amounts advanced

31,981

-

Amounts repaid

-

(107,670

)

Balance outstanding at end of year

178,354

146,373

12.	RELATED PARTY DISCLOSURES

D A Hornbuckle

Brightsolo Limited, a company in which Mr Hornbuckle is a director

Included in debtors of Brightsolo Ltd is the directors loan account of £178,354 (2015 £146,373) which was

outstanding at the year end. This relates to D A and M Hornbuckle. The maximum amount outstanding

during the year was £178,354. The company was under the control of Mr and Mrs Hornbuckle throughout the

current and previous year. Mr D A Hornbuckle is shareholder and managing director.

Mrs M Hornbuckle

Brightsolo Ltd, a company in which Mrs M Hornbuckle is a director.

Included in debtors of Brightsolo Ltd is the directors loan account of £178,354 (2015 £146,373) which was

outstanding at the year end. This relates to D A and M Hornbuckle. The maximum amount outstanding during

the year was £178,354.The company was under the control of Mr and Mrs Hornbuckle throughout the current

and previous year. Mrs M Hornbuckle is a director and shareholder.