Barbican Kitchen Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06925358 (England and Wales)

BARBICAN KITCHEN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C M Tanner

Mr J E Tanner

REGISTERED OFFICE:

60 Southside Street

The Barbican

Plymouth

Devon

PL1 2LQ

REGISTERED NUMBER:

06925358 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Tangible assets

5

37,792

41,556

CURRENT ASSETS

Stocks

6,555

6,561

Debtors

111,968

52,315

Cash at bank and in hand

40,958

32,487

159,481

91,363

CREDITORS

Amounts falling due within one year

181,064

119,460

NET CURRENT LIABILITIES

(21,583

)

(28,097

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,209

13,459

PROVISIONS FOR LIABILITIES

5,646

7,193

NET ASSETS

10,563

6,266

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

9,563

5,266

SHAREHOLDERS' FUNDS

10,563

6,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Balance Sheet for the year ended 30 June 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 14 March 2018 and were signed on its behalf by:

Mr C M Tanner - Director

1.	STATUTORY INFORMATION

Barbican Kitchen Limited is 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 30 June 2017 are the first financial statements that comply with Financial

Reporting Standard 102 Section 1A "Small Entities". The date of transition is 1 July 2016.

The transition to Financial Reporting Standard 102 Section 1A "Small Entities" has not resulted in changes to any of the

accounting policies in place. There is no impact on opening equity or profit for the comparative period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover includes revenue earned from the sale of goods and the rendering of services.

Tangible fixed assets

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

Short leasehold

-

5% on reducing balance

Improvements to property

-

5% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

Straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset

is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is

reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been

recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past

reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a

fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the

transaction that resulted in the tax expense (income).

Hire purchase and leasing commitments

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the

arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases

Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance

leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value

of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the

statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and

reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the

remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and

the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under

operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is

probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be

estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at

the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is

recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in

profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and

which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable for

the period of absence.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in

which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

101,519

Additions

2,777

At 30 June 2017

104,296

DEPRECIATION

At 1 July 2016

59,963

Charge for year

6,541

At 30 June 2017

66,504

NET BOOK VALUE

At 30 June 2017

37,792

At 30 June 2016

41,556