Banbury Postiche Ltd - Accounts to registrar - small 17.1

REGISTERED NUMBER: 00972488 (England and Wales)

Banbury Postiche Ltd

Financial Statements

for the Year Ended

31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Nicholas Christopher Allen

Roy James Henderson

SECRETARY:

Roy James Henderson

REGISTERED OFFICE:

Unit 10-14, Apollo Park

Ironstone Lane

Wroxton

Banbury,

Oxfordshire

OX15 6FE

REGISTERED NUMBER:

00972488 (England and Wales)

SENIOR STATUTORY AUDITOR:

Geoffrey Gilbert FCA

AUDITORS:

Moffat Gilbert

5 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

123,200

46,461

123,200

46,461

CURRENT ASSETS

Stocks

478,294

441,118

Debtors

6

396,172

450,117

Cash at bank and in hand

137,938

151,747

1,012,404

1,042,982

CREDITORS

Amounts falling due within one year

7

507,397

461,861

NET CURRENT ASSETS

505,007

581,121

TOTAL ASSETS LESS CURRENT LIABILITIES

628,207

627,582

CREDITORS

Amounts falling due after more than one year

8

(134,525

)

(168,140

)

PROVISIONS FOR LIABILITIES

(22,710

)

(6,105

)

NET ASSETS

470,972

453,337

CAPITAL AND RESERVES

Called up share capital

10

217,000

217,000

Other reserves

11

72,883

72,883

Retained earnings

11

181,089

163,454

SHAREHOLDERS' FUNDS

470,972

453,337

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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 September 2017 and were signed on its behalf by:

Roy James Henderson - Director

Nicholas Christopher Allen - Director

1.	STATUTORY INFORMATION

Banbury Postiche Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

The transition date to Financial Reporting Standard 102 Section 1A is 1st January 2015, being the first day of the

comparative period ended 31st December 2015. The accounting policies have been reviewed and it has not been

necessary to restate the opening position.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised once substantially all the risks and rewards of ownership have passed to the customer. For

the majority of sales, which relates to sale of stock items, this is when the order is despatched with the sales

invoice. For bespoke wigs it is when the item is completed and the customer has approved the item. Any wigs in

progress at the year end are included in work in progress.

Intangible assets

Intangible assets are capitalised in the balance sheet and amortisation is charged on a straight line basis in order

to write off the cost over their estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

20% on cost

Improvements made to the leasehold premises have been depreciated over the remaining lease term of the

property.

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

and 31 December 2016

6,652

AMORTISATION

At 1 January 2016

and 31 December 2016

6,652

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

304,661

Additions

119,028

Disposals

(249,460

)

At 31 December 2016

174,229

DEPRECIATION

At 1 January 2016

258,200

Charge for year

29,065

Eliminated on disposal

(236,236

)

At 31 December 2016

51,029

NET BOOK VALUE

At 31 December 2016

123,200

At 31 December 2015

46,461

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

26,538

Additions

9,533

Transfer to ownership

(26,538

)

At 31 December 2016

9,533

DEPRECIATION

At 1 January 2016

17,419

Charge for year

397

Transfer to ownership

(17,419

)

At 31 December 2016

397

NET BOOK VALUE

At 31 December 2016

9,136

At 31 December 2015

9,119

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

229,970

259,985

Other debtors

320

320

Loans to group company

160,203

170,233

Prepayments

5,679

19,579

396,172

450,117

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other loans

38,473

35,329

Hire purchase contracts and finance leases (see note 9)

2,928

4,880

Trade creditors

300,514

268,711

Tax

20,801

49,879

Social security and other taxes

80,175

42,840

Other creditors

882

-

Accrued expenses

63,624

60,222

507,397

461,861

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Other loans

128,297

166,770

Hire purchase contracts and finance leases (see note 9)

6,228

1,370

134,525

168,140

9.	LEASING AGREEMENTS

The amount payable under non-cancellable operating leases within one year is £4,875 and between one and five

years is £1,798.

The amount payable under finance leases and hire purchase agreements within one year is £3,661 and between

one and five years is £6,711.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

217,000

Ordinary

£1

217,000

217,000

11.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2016

163,454

72,883

236,337

Profit for the year

149,635

149,635

Dividends

(132,000

)

(132,000

)

At 31 December 2016

181,089

72,883

253,972

Other reserves of £72,883 shown above are non distributable.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Geoffrey Gilbert FCA (Senior Statutory Auditor)

for and on behalf of Moffat Gilbert

13.	RELATED PARTY DISCLOSURES

Transactions between related parties are at market value and although not required to be disclosed are shown

here for completeness.

The company paid management charges to its parent undertaking during the year of £120,000. The amount owed

by the company to BAHN Investments Limited at the year end amounted to £160,203. Dividends of £132,000

were paid to the parent undertaking BAHN Investments Limited during the year.

The directors have given personal guarantees for the loan advanced to the company during the year as shown in

the creditors note.

14.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements and to provide tax advice and to

represent us, if necessary, at tax tribunals.

15.	ULTIMATE CONTROLLING PARTY

The directors Nicholas Christopher Allen and Roy James Henderson are regarded as the joint ultimate

controlling parties by virtue of their shareholdings in the ultimate parent company.

16.	SECURED CREDITORS

The NatWest Bank Plc holds an unscheduled mortgage debenture dated 13/07/99 incorporating a fixed and

floating charge over all assets of the company.