Balmers GM Limited - Period Ending 2017-10-31
Balmers GM Limited - Period Ending 2017-10-31
Year Ended 31 October 2017
Balmers GM Limited
Balance Sheet
31 October 2017
Registration Number:
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
D Balmer
Director
Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Manchester Road
Clow Bridge
Dunnockshaw
Burnley
Lancashire
BB11 5PF
These financial statements were authorised for issue by the
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold land and buildings |
20% straight line |
Plant and machinery |
10% to 25% reducing balance basis |
Motor vehicles |
20% reducing balance basis |
Office equipment |
15% to 25% reducing balance basis |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 10 years |
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 at the transaction price. 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at the transaction price and 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. All shares are called up, allotted and fully paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2016 |
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At 31 October 2017 |
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Amortisation |
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At 1 November 2016 |
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Amortisation charge |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Tangible assets |
Short |
Office |
Motor vehicles |
Plant and |
Total |
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Cost or valuation |
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At 1 November 2016 |
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Additions |
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Disposals |
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- |
- |
( |
( |
At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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The company's bank borrowings are secured by a fixed and floating charge over the company and all properties and assets held by the company.
Balmers GM Limited
Notes to the Financial Statements
Year Ended 31 October 2017
Financial commitments, guarantees and contingencies |
Operating lease commitments
The total amount of financial commitments not included in the balance sheet is £
Contingent liabilities
The company has entered into an unlimited guarantee in which it guarantees the liabilities of D Balmer to the company's bankers.
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Other related party transactions
During the year the company made the following related party transactions:
D Balmer
Director
During the year the company continued to be advanced monies by D Balmer. The loan is unsecured and interest free. The balance due to D Balmer as at the balance sheet date was £1,076,453 (2016 - £1,079,770), with an amount of £76,453 (2016 - £79,770) being shown within creditors: amounts falling due within one year and an amount of £1,000,000 (2016 - £1,000,000) being shown within creditors: amounts falling due after more than one year.
D Balmer has provided a personal guarantee to the company's bankers limited to £400,000 (2016 - £400,000).
Parent and ultimate parent undertaking |
The company's immediate parent is
Transition to FRS 102 |
This is the first accounting period the company has prepared financial statements in accordance with FRS 102.
There are no adjustments arising on the transition from previous UK GAAP to FRS 102.