Branfield Restoration Limited Company Accounts

BRANFIELD RESTORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08882512

Branfield Restoration Limited

Unaudited Financial Statements

For the year ended

28 February 2017

AMHERST & SHAPLAND (TAUNTON AND WIVELISCOMBE)

Chartered Accountants

Bridge House

14 Bridge Street

Taunton

Somerset

TA1 1UB

Branfield Restoration Limited

Financial Statements

Year ended 28 February 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Branfield Restoration Limited

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	7	2,353	3,353
Tangible assets	8	6,083	5,513
		-------	-------
		8,436	8,866

Current assets

Debtors	9	40,505		39,005

Creditors: amounts falling due within one year	10	43,747		57,848
		--------		--------
Net current liabilities			3,242	18,843
			-------	--------
Total assets less current liabilities			5,194	( 9,977)

Creditors: amounts falling due after more than one year	11		6,462	–

Provisions

Taxation including deferred tax	1,156	–
	-------	-------
Net liabilities	( 2,424)	( 9,977)
	-------	-------

Branfield Restoration Limited

Statement of Financial Position (continued)

28 February 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 2,524)	( 10,077)
	-------	--------
Member deficit	( 2,424)	( 9,977)
	-------	--------

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 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 November 2017 , and are signed on behalf of the board by:

Mr P T Branfield

Director

Company registration number: 08882512

Branfield Restoration Limited

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England with company number 08882512 . The address of the registered office is Unit 2 Old Brewery Road, Wiveliscombe, Somerset, TA4 2PQ.

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. Going concern basis of accounting The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In the opinion of the directors this basis is appropriate notwithstanding accumulated losses of £2,524 and the financial position of the company at the balance sheet date which shows net liabilities of £2,424. During the period the company continued to receive financial support from the director and shareholder of the company which enabled the company to maintain its financial position. The director and shareholder have confirmed that it is his intention to continue to provide financial support to the company to enable it to maintain its trading capability for the foreseeable future and preserve the longer term commercial potential of the company's assets. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable in respect of carpentry and building restoration work during the year, exclusive of Value Added Tax. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Tools and equipment	-	20% reducing balance

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 6 (2016: 5).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£

Amortisation of intangible assets	1,000	1,000
Depreciation of tangible assets	1,521	1,378
	-------	-------

6. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Deferred tax:

Origination and reversal of timing differences	1,156	–
	-------	----
Tax on profit	1,156	–
	-------	----

7. Intangible assets

	Goodwill
	£

Cost
At 1 Mar 2016 and 28 Feb 2017	5,000
	-------
Amortisation
At 1 March 2016	1,647
Charge for the year	1,000
	-------
At 28 February 2017	2,647
	-------
Carrying amount
At 28 February 2017	2,353
	-------
At 29 February 2016	3,353
	-------

8. Tangible assets

	Tools and equipment
	£

Cost
At 1 March 2016	7,330
Additions	2,091
	-------
At 28 February 2017	9,421
	-------
Depreciation
At 1 March 2016	1,817
Charge for the year	1,521
	-------
At 28 February 2017	3,338
	-------
Carrying amount
At 28 February 2017	6,083
	-------
At 29 February 2016	5,513
	-------

9. Debtors

	2017	2016
	£	£

Trade debtors	40,505	36,018
Other debtors	–	2,987
	--------	--------
	40,505	39,005
	--------	--------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	9,004	4,116
Trade creditors	9,840	16,552
Social security and other taxes	6,319	7,130
Other creditors	18,584	30,050
	--------	--------
	43,747	57,848
	--------	--------

11. Creditors: amounts falling due after more than one year

	2017	2016
	£	£

Bank loans and overdrafts	6,462	–
	-------	----

12. There were no advances, credits or guarantees

There were no advances or credits to the directors during the year.

13. Related party transactions

During the year the company received loans from the managing director and sole shareholder, Mr P T Branfield . The loans are repayable on demand and the balance outstanding on the loans at the end of the year was £15,622 (2016: £29,332). No interest was charged on the loans during the year (2016: £none) No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.