The Belfast Arms Company Limited Company Accounts

The Belfast Arms Company Limited Company Accounts

THE BELFAST ARMS COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI053819
THE BELFAST ARMS COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2017
THE BELFAST ARMS COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
6
THE BELFAST ARMS COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2017
2017
2016
Note
£
£
£
CURRENT ASSETS
Stocks
14,085
12,000
Debtors
4
–
8,016
Cash at bank and in hand
3,049
737
--------
--------
17,134
20,753
CREDITORS: amounts falling due within one year
5
16,510
17,877
--------
--------
NET CURRENT ASSETS
624
2,876
----
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
624
2,876
----
-------
NET ASSETS
624
2,876
----
-------
CAPITAL AND RESERVES
Called up share capital
6
2
2
Profit and loss account
622
2,874
----
-------
MEMBERS FUNDS
624
2,876
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE BELFAST ARMS COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2017
These financial statements were approved by the board of directors and authorised for issue on 6 November 2017 , and are signed on behalf of the board by:
Mr J Black
Director
Company registration number: NI053819
THE BELFAST ARMS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2C Old Road, Ballinderry Upper, Lisburn, BT28 2NJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. DEBTORS
2017
2016
£
£
Other debtors
–
8,016
----
-------
5. CREDITORS: amounts falling due within one year
2017
2016
£
£
Trade creditors
–
626
Other creditors - James Black Restorations Ltd
1,071
1,862
Other creditors
15,439
15,389
--------
--------
16,510
17,877
--------
--------
6. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
7. RELATED PARTY TRANSACTIONS
An amount of £1,071.55 is owed at the year end to James Black Restorations Ltd, a company owned by the director, in respect of transactions paid for on behalf of Belfast Arms Co Ltd.
8. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.
THE BELFAST ARMS COMPANY LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30 APRIL 2017
The following pages do not form part of the financial statements.
THE BELFAST ARMS COMPANY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE BELFAST ARMS COMPANY LIMITED
YEAR ENDED 30 APRIL 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD. Chartered Accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
6 November 2017