BUYWISE_DOMESTICS_LIMITED - Accounts

BUYWISE DOMESTICS LIMITED - Company Information

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Company Registration No. 06495178 (England and Wales)

BUYWISE DOMESTICS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

BUYWISE DOMESTICS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 6

BUYWISE DOMESTICS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

54,206

41,737

Investments

229,145

54,594

283,351

96,331

Current assets

Stocks

272,719

278,505

Debtors

67,715

43,779

Cash at bank and in hand

4,404

151,733

344,838

474,017

Creditors: amounts falling due within one year

(339,934)

(247,839)

Net current assets

4,904

226,178

Total assets less current liabilities

288,255

322,509

Provisions for liabilities

(10,673)

(8,142)

277,582

314,367

Capital and reserves

Called up share capital

100

Revaluation reserve

42,133

27,832

Profit and loss account

235,349

286,435

Shareholders' funds

277,582

314,367

BUYWISE DOMESTICS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2016

- 2 -

For the financial year ended 30 April 2016 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 20 January 2017

J M New

Director

Company Registration No. 06495178

BUYWISE DOMESTICS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention as modified to include the revaluation of fixed asset investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

1.3

Goodwill

Goodwill has been written off in full during the year of acquisition.

1.4

Tangible fixed assets and depreciation

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

Plant and machinery

15% straight line

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

1.5

Investments

Investments are valued at market value.

1.6

Stock

Stock is valued at the lower of cost and net realisable value. Cost represents all direct costs incurred in bringing the stocks to their present state and location.

1.7

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

BUYWISE DOMESTICS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost or valuation

At 1 May 2015

10,000

112,833

54,594

177,427

Additions

32,876

160,250

193,126

Revaluation

14,301

At 30 April 2016

10,000

145,709

229,145

384,854

Depreciation

At 1 May 2015

10,000

71,096

81,096

Charge for the year

20,407

At 30 April 2016

10,000

91,503

101,503

Net book value

At 30 April 2016

54,206

229,145

283,351

At 30 April 2015

41,737

54,594

96,331

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Corbetts Electrical Limited

England & Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Corbetts Electrical Limited

Retailer of electrical goods

108,110

13,685

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £35,721 (2015 - £80).

BUYWISE DOMESTICS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 5 -

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

BUYWISE DOMESTICS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 6 -

Related party relationships and transactions

Other transactions

As at 30 April 2016 the company owed £44,760 (2015 - £15,550) to J M New and L J New. No interest is being charged to the company on amounts owing to the directors.

The bank overdraft is secured by personal guarantees given by the directors of the company.

During the year rent totalling £50,000 (2015 - £50,000) was paid to P Bendle, the father of a director.

The company has entered into a lease for a property occupied by its subsidiary, Corbetts Electrical Limited, the lease is for a three year period from December 2015 at an annual rent of £17,500. The rent is paid by the subsidiary.

During the year the company sold goods to the value of £220,295 to Corbetts Electrical Limited. This was paid for in the year.

As at 30 April 2016 the subsidiary owed the company £20,815 in respect of costs paid on behalf of the subsidiary.