Brampton Valley Pineham Ltd - Period Ending 2017-05-31

Registration number: 08524620

Brampton Valley Pineham Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2017

10. Chartered Accountants
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

Brampton Valley Pineham Ltd

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Abridged Financial Statements	4 to 8

Brampton Valley Pineham Ltd

Company Information

Directors

Mr Simon Girardier Mr Simon Hunt Mr David Ward

Registered office

Brampton House Tenter Road Moulton Park Industrial Estate Northampton Northamptonshire NN3 6PZ

Accountants

10. Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT

Page 1

Brampton Valley Pineham Ltd

(Registration number: 08524620)
Abridged Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Investments	3	60	60
Current assets
Stocks	4	7,102	7,102
Debtors		374,685	374,685
Cash at bank and in hand		1,768	926
		383,555	382,713
Total assets less current liabilities		383,615	382,773
Creditors: Amounts falling due after more than one year		(386,096)	(384,096)
Accruals and deferred income		(1,014)	(1,104)
Net liabilities		(3,495)	(2,427)
Capital and reserves
Called up share capital		3	3
Profit and loss account		(3,498)	(2,430)
Total equity		(3,495)	(2,427)

For the financial year ending 31 May 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 4 to 8 form an integral part of these abridged financial statements.

Page 2

Brampton Valley Pineham Ltd

(Registration number: 08524620)
Abridged Balance Sheet as at 31 May 2017

Approved and authorised by the Board on 27 February 2018 and signed on its behalf by:
 

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

Mr Simon Girardier

Director

The notes on pages 4 to 8 form an integral part of these abridged financial statements.

Page 3

Brampton Valley Pineham Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 May 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:
Brampton House
Tenter Road
Moulton Park Industrial Estate
Northampton
Northamptonshire
NN3 6PZ

The principal place of business is:
Brampton House
Tenter Road
Moulton Park Industrial Estate
Northampton
Northamptonshire
NN3 6PZ

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Page 4

Brampton Valley Pineham Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

2	Accounting policies (continued)

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 5

Brampton Valley Pineham Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Page 6

Brampton Valley Pineham Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
 

3	Investments

	Total £
Cost or valuation
At 1 June 2016	60
Provision
Carrying amount
At 31 May 2017	60
At 31 May 2016	60

Page 7

Brampton Valley Pineham Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

3	Investments (continued)

4

Stocks

	2017 £	2016 £
Work in progress	7,102	7,102

5	Transition to FRS 102

The company has prepared its accounts under FRS 102 Section 1A for the first time this financial year.

The company's date of transition to FRS 102 Section 1A is therefore 1 June 2016.

In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions as permitted by Section 35 transition to this FRS.

There have been no adjustments made to the figures previously reported under the old UK GAAP at 1 June 2016, as a result of the transition to FRS 102 Section 1A.

Page 8