B & T Rewinds Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01259884 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

B & T REWINDS LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

Mr B Phelps

Mr D Phelps

Mrs S Phelps

Registered office:

134 Brearley Street

Hockley

Birmingham

West Midlands

B19 3XJ

Registered number:

01259884 (England and Wales)

Accountants:

Haines Watts Birmingham LLP

Sterling House

71 Francis Road

Edgbaston

Birmingham

B16 8SP

Bankers:

Barclays Bank PLC

PO Box 9

Dudley

West Midlands

DY1 1PP

Fixed assets

Tangible assets

4

48,090

44,551

Current assets

Stocks

75,000

75,000

Debtors

379,463

354,258

Cash at bank

32,537

23,946

487,000

453,204

Creditors

Amounts falling due within one year

274,757

271,870

Net current assets

212,243

181,334

Total assets less current liabilities

260,333

225,885

Creditors

Amounts falling due after more than one year

(9,930

)

-

Provisions for liabilities

(9,523

)

(8,081

)

Net assets

240,880

217,804

Capital and reserves

Called up share capital

5

3,000

3,000

Retained earnings

237,880

214,804

Shareholders' funds

240,880

217,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 January 2018 and were signed on its behalf by:

Mr D Phelps - Director

1.	Statutory information

B & T Rewinds Limited os a private company, limited by shares, registered in England and Wales. 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.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

The Company has transitioned to FRS 102 (1a) from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008)

as at 1st June 2015. Transition to FRS 102 (1a) has not affected the reported financial position and

performance.

Turnover

The turnover shown in the profit and loss account represents amounts receivable for goods and services

provided during the year, exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are

held separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

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.

3.	Employees and directors

The average number of employees during the year was 14 (2016 - 14 ) .

4.	Tangible fixed assets

Totals

£

Cost

At 1 June 2016

259,207

Additions

19,403

Disposals

(15,403

)

At 31 May 2017

263,207

Depreciation

At 1 June 2016

214,656

Charge for year

10,990

Eliminated on disposal

(10,529

)

At 31 May 2017

215,117

Net book value

At 31 May 2017

48,090

At 31 May 2016

44,551

Included with the total net book value of £48,090 is £13,096 (2016: £nil) relating to assets held under hire

purchase agreements. The depreciation charged to the financial statements in the year in respect of such

assets amounted to £4,366 (2016: £nil).

5.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

3,000

Ordinary

£1

3,000

3,000

6.	Related party transactions

The company's ultimate parent undertaking, B & T Rewinds (Holdings) 2011 Limited is controlled by D Phelps,

who is also a director of B & T Rewinds Limited.

Included in debtors is a balance of £183,000 (2016: £181,300) due from B & T Rewinds (Holdings) 2011

Limited.

Included in creditors is a balance of £109,436 (2016: £122,436) due to B & T Rewinds (Holdings) Limited, the

intermediate parent company.

During the year dividends of £36,060 (2016: £24,960) were paid to B & T Rewinds (Holdings) Limited.

Included in other creditors is a director's loan account balance of £8,643 (2016: £19,643) due to B W Phelps,

after repayments of £11,000 were made by the company during the year.

During the year the company paid rent of £36,000 to B W Phelps (2016: £36,000).

7.	Ultimate parent company

The ultimate parent company is B & T Rewinds (Holdings) 2011 Limited, a company also incorporated in

England & Wales.