BTS Chorley Limited Company Accounts

BTS CHORLEY LIMITED - Company Information

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Company Registration Number: 04300719

BTS CHORLEY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED

31 March 2017

BTS CHORLEY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Pages

Statement of Financial Position	1 to 2

Notes to the Financial Statements	3 to 6

BTS CHORLEY LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	375,000	412,500
Tangible assets	6	6,410	9,190
		----------	----------
		381,410	421,690

Current assets

Debtors	7	431,583	422,351
Cash at bank and in hand		119,854	131,164
		----------	----------
		551,437	553,515

Creditors: amounts falling due within one year	8	635,391		589,164
		----------		----------
Net current liabilities			83,954		35,649
			----------		----------
Total assets less current liabilities			297,456		386,041

Creditors: amounts falling due after more than one year	9	–	120,000
		----------	----------
Net assets		297,456	266,041
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	297,356	265,941
	----------	----------
Members funds	297,456	266,041
	----------	----------

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 31 March 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 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 .

BTS CHORLEY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

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

These financial statements were approved by the board of directors and authorised for issue on 18 December 2017 , and are signed on behalf of the board by:

Mr B.A. Rigby, Director

Company registration number: 04300719

BTS CHORLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Southport Road, Chorley, Lancashire, PR7 1LD.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity .

(b) Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

(c) 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. The judgements that have had the most significant effect on the amounts recognised in the financial statements relate to the estimate of the useful economic lives of the various fixed assets in the accounts for the purpose of the amortisation and depreciation charges and the estimate of the recovery rate for work in progress included in the accounts at selling price under debtors .

(d) Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, recognised at the date of performing the work.

(e) 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.

(f) 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:

	Amortisation	-	5% 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.

(g) 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.

(h) 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:

	Equipment	-	20% straight line

(i) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(j) 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 .

(k) Defined contribution plans

The company contributes to a group personal pension scheme for the employees. The assets of the scheme are held separately from those of the company. The company also makes contributions to the personal pension schemes of the directors. The annual contributions paid are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 16 (2016: 17 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	750,000
	----------
Amortisation
At 1 April 2016	337,500
Charge for the year	37,500
	----------
At 31 March 2017	375,000
	----------
Carrying amount
At 31 March 2017	375,000
	----------
At 31 March 2016	412,500
	----------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2016	18,207	18,207
Additions	1,067	1,067
Disposals	( 2,651)	( 2,651)
	---------	---------
At 31 March 2017	16,623	16,623
	---------	---------
Depreciation
At 1 April 2016	9,017	9,017
Charge for the year	3,847	3,847
Disposals	( 2,651)	( 2,651)
	---------	---------
At 31 March 2017	10,213	10,213
	---------	---------
Carrying amount
At 31 March 2017	6,410	6,410
	---------	---------
At 31 March 2016	9,190	9,190
	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	419,987	408,606
Other debtors	11,596	13,745
	----------	----------
	431,583	422,351
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	120,000	–
Trade creditors	11,721	9,558
Corporation tax	33,044	47,470
Social security and other taxes	91,578	85,720
Other creditors	379,048	446,416
	----------	----------
	635,391	589,164
	----------	----------

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

	2017	2016
	£	£
Bank loans and overdrafts	–	120,000
	---------	----------

10. Events after the end of the reporting period

The goodwill of the business was sold and the outstanding bank loan repaid in May 2017.

11. Related party transactions

The company paid equity dividends during the year to the directors of £61,122.

12. Transition to FRS 102

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

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