Black Isle Bronze Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC244319 (Scotland)

Black Isle Bronze Limited

Financial Statements For The Year Ended 30 April 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

F P Laing

SECRETARY:

Mrs C Gilchrist

REGISTERED OFFICE:

4A Balmakeith Business Park

Nairn

Highland

IV12 5QR

REGISTERED NUMBER:

SC244319 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Tangible assets

4

283,797

264,411

CURRENT ASSETS

Stocks

6,534

2,535

Debtors

5

93,951

113,355

Cash at bank and in hand

20,928

104,526

121,413

220,416

CREDITORS

Amounts falling due within one year

6

68,260

184,360

NET CURRENT ASSETS

53,153

36,056

TOTAL ASSETS LESS CURRENT LIABILITIES

336,950

300,467

CREDITORS

Amounts falling due after more than one year

7

(13,895

)

(20,467

)

PROVISIONS FOR LIABILITIES

8

(22,863

)

(24,996

)

NET ASSETS

300,192

255,004

CAPITAL AND RESERVES

Called up share capital

9

17,500

17,500

Revaluation reserve

10

55,471

55,471

Retained earnings

10

227,221

182,033

SHAREHOLDERS' FUNDS

300,192

255,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 15 September 2017 and were signed by:

F P Laing - Director

1.	STATUTORY INFORMATION

Black Isle Bronze Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

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.

Equipment

-

15% on reducing balance and 10% 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.

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 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.

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 14 .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

Equipment

Totals

£

£

£

COST OR VALUATION

At 1 May 2016

138,281

233,158

371,439

Additions

29,802

8,999

38,801

At 30 April 2017

168,083

242,157

410,240

DEPRECIATION

At 1 May 2016

-

107,028

107,028

Charge for year

-

19,415

19,415

At 30 April 2017

-

126,443

126,443

NET BOOK VALUE

At 30 April 2017

168,083

115,714

283,797

At 30 April 2016

138,281

126,130

264,411

Cost or valuation at 30 April 2017 is represented by:

Land and

buildings

Equipment

Totals

£

£

£

Valuation in 2010

55,471

-

55,471

Cost

112,612

242,157

354,769

168,083

242,157

410,240

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment

£

COST OR VALUATION

At 1 May 2016

and 30 April 2017

15,760

DEPRECIATION

At 1 May 2016

2,364

Charge for year

2,009

At 30 April 2017

4,373

NET BOOK VALUE

At 30 April 2017

11,387

At 30 April 2016

13,396

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

89,539

110,672

Other debtors

4,412

2,683

93,951

113,355

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Hire purchase contracts

4,728

4,728

Trade creditors

32,702

108,464

Taxation and social security

25,619

60,321

Other creditors

5,211

10,847

68,260

184,360

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Hire purchase contracts

3,546

8,274

Other creditors

10,349

12,193

13,895

20,467

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

3,147

5,251

8.	PROVISIONS FOR LIABILITIES

30.4.17

30.4.16

£

£

Deferred tax

22,863

24,996

Deferred

tax

£

Balance at 1 May 2016

24,996

Credit to Income Statement during year

(2,133

)

Balance at 30 April 2017

22,863

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.17

30.4.16

value:

£

£

17,500

Ordinary

£1

17,500

17,500

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2016

182,033

55,471

237,504

Profit for the year

60,318

60,318

Dividends

(15,130

)

(15,130

)

At 30 April 2017

227,221

55,471

282,692

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £9,078 (2016 - £48,870) were paid to the director .

Included in other creditors is a interest free directors loan of £9 (2016 - £4) due to F P Laing. There are no

repayment terms.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is F P Laing.

The ultimate controlling party is F P Laing.

13.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared in accordance with FRS 102. In

previous years the financial statements have been prepared in accordance with the Financial Reporting Standard

for Smaller Entities (The FRSSE).

The adoption of FRS 102 has not resulted in any changes to the recognition and measurement principles

previously adopted.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Black Isle Bronze Limited for the year ended 30 April 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Black Isle Bronze Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Black Isle Bronze Limited and state those matters that we have agreed to state to the director of Black Isle Bronze Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Black Isle Bronze Limited director for our work or for this report.

It is your duty to ensure that Black Isle Bronze Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Black Isle Bronze Limited. You consider that Black Isle Bronze Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Black Isle Bronze Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

15 September 2017