R.J. Blundy & Son Limited - Period Ending 2017-04-30

Registration number: 04992411

R.J. Blundy & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

R.J. Blundy & Son Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

R.J. Blundy & Son Limited

(Registration number: 04992411)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	6	103,336	158,444
Current assets
Debtors	7	59,385	60,235
Cash at bank and in hand		120,554	29,919
		179,939	90,154
Creditors: Amounts falling due within one year	8	(142,874)	(120,551)
Net current assets/(liabilities)		37,065	(30,397)
Total assets less current liabilities		140,401	128,047
Creditors: Amounts falling due after more than one year	8	(53,833)	(74,029)
Provisions for liabilities		(19,634)	(31,689)
Net assets		66,934	22,329
Capital and reserves
Called up share capital		4	4
Profit and loss account		66,930	22,325
Total equity		66,934	22,329

For the financial year ending 30 April 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

R.J. Blundy & Son Limited

(Registration number: 04992411)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 22 September 2017 and signed on its behalf by:
 

.........................................

S J Blundy

Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
57 Henwick Lane
Thatcham
Berkshire
RG18 3BX
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance basis
Plant & machinery	25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 3

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Taxation

Page 4

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

	2017		2016
	£		£
Corporation tax	32,248		(2,451)
Deferred tax	(12,055)		12,274
	20,193		9,823

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 2).

Page 5

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2016	16,000	16,000
At 30 April 2017	16,000	16,000
Amortisation
At 1 May 2016	16,000	16,000
At 30 April 2017	16,000	16,000
Carrying amount
At 30 April 2017	-	-

6	Tangible assets

	Office equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2016	336	322,225	322,561
Additions	1,419	-	1,419
Disposals	-	(113,000)	(113,000)
At 30 April 2017	1,755	209,225	210,980
Depreciation
At 1 May 2016	50	164,067	164,117
Charge for the year	186	42,130	42,316
Eliminated on disposal	-	(98,789)	(98,789)
At 30 April 2017	236	107,408	107,644
Carrying amount
At 30 April 2017	1,519	101,817	103,336
At 30 April 2016	286	158,158	158,444

Included within the net book value of tangible fixed assets is £73,768 (2016 - £102,324) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £28,556 (2016 - £11,898).

Page 6

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

7

Debtors

	2017 £	2016 £
Trade debtors	39,658	57,784
Other debtors	19,727	2,451
Total current trade and other debtors	59,385	60,235

8

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	9	48,765	45,892
Trade creditors		12,872	6,899
Amounts owed to related undertakings	10	31,870	56,870
Taxation and social security		47,867	9,890
Other creditors		1,500	1,000
		142,874	120,551
Due after one year
Loans and borrowings	9	53,833	74,029

9	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Hire purchase liabilities	53,833	74,029

Page 7

R.J. Blundy & Son Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

	2017 £	2016 £
Current loans and borrowings
Hire purchase liabilities	20,196	20,196
Other borrowings	28,569	25,696
	48,765	45,892

Finance lease and hire purchase contract liabilities are secured on the assets to which they relate.

10	Related party transactions

Transactions with directors

Blundy Brothers Limited (R J Blundy is a director of both companies). During the year the company charged £518 (2016: £1,981) to Blundy Brothers Limited for the provision of tipping services and made purchases of £4,460 (2016: £4,829) from that company. At the balance sheet date the amount due from Blundy Brothers Limited was £1,815 (2016: £1,717).

R. J. Blundy Limited (R J Blundy is a director of both companies). During the year R. J. Blundy & Son Limited made purchases of £nil (2016: £nil) from R. J. Blundy Limited. At the balance sheet date the amount due to R. J. Blundy Limited was £33,587 (2016: £58,588).

R J Blundy (director) had a loan with the company. No interest is charged in respect of this balance. At the balance sheet date the amount due to R J Blundy was £23,383 (2016: £23,383).

S J Blundy (director) had a loan with the company. No interest is charged in respect of this balance. At the balance sheet date the amount due to S J Blundy was £5,186 (2016: £2,313).

11	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

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