Bristol Channel Timber Supplies Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01652711 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

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

4

414,739

420,928

CURRENT ASSETS

Stocks

27,895

33,100

Debtors

5

19,707

17,119

Cash at bank and in hand

263

4,607

47,865

54,826

CREDITORS

Amounts falling due within one year

6

123,383

97,467

NET CURRENT LIABILITIES

(75,518

)

(42,641

)

TOTAL ASSETS LESS CURRENT LIABILITIES

339,221

378,287

CREDITORS

Amounts falling due after more than one year

7

(110,081

)

(122,087

)

PROVISIONS FOR LIABILITIES

(55,260

)

(54,088

)

NET ASSETS

173,880

202,112

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

9

214,120

216,351

Capital redemption reserve

5

5

Retained earnings

(40,545

)

(14,544

)

SHAREHOLDERS' FUNDS

173,880

202,112

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 28 September 2017 and were signed on its behalf by:

R N C David - Director

1.	STATUTORY INFORMATION

Bristol Channel Timber Supplies 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.

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.

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 have been

enacted or substantively enacted by the statement of financial position date.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

425,000

149,865

2,400

577,265

DEPRECIATION

At 1 January 2016

17,000

136,937

2,400

156,337

Charge for year

4,250

1,939

-

6,189

At 31 December 2016

21,250

138,876

2,400

162,526

NET BOOK VALUE

At 31 December 2016

403,750

10,989

-

414,739

At 31 December 2015

408,000

12,928

-

420,928

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.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

19,147

15,214

Other debtors

560

1,905

19,707

17,119

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

33,427

11,830

Trade creditors

62,514

47,101

Taxation and social security

7,652

13,246

Other creditors

19,790

25,290

123,383

97,467

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans

110,081

122,087

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

62,811

74,782

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank overdraft

21,597

-

Bank loans

121,911

133,917

143,508

133,917

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.

9.

RESERVES

Revaluation

reserve

£

At 1 January 2016

216,351

Depreciation released

(2,788

)

Deferred tax on revaluation

557

At 31 December 2016

214,120

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr N David and Mr R David

2016

2015

Capital withdrawn

5,500

2,900

At the year end the company owed Mr N David and Mr R David £18,390 (2015 - £23,890).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R N C David.