C F Banks Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00723442 (England and Wales)

C F BANKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr T S Banks

Mrs E A Banks

REGISTERED OFFICE:

14 London Road

Newark

Nottinghamshire

NG24 1TW

REGISTERED NUMBER:

00723442 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Intangible assets

4

21,982

29,309

Property, plant and equipment

5

579,176

461,555

Investments

6

334

334

601,492

491,198

CURRENT ASSETS

Inventories

111,222

101,798

Debtors

7

650,919

661,097

Cash at bank

107,258

103,696

869,399

866,591

CREDITORS

Amounts falling due within one year

8

235,496

239,044

NET CURRENT ASSETS

633,903

627,547

TOTAL ASSETS LESS CURRENT LIABILITIES

1,235,395

1,118,745

PROVISIONS FOR LIABILITIES

3,007

4,202

NET ASSETS

1,232,388

1,114,543

CAPITAL AND RESERVES

Called up share capital

12,500

12,500

Retained earnings

1,219,888

1,102,043

SHAREHOLDERS' FUNDS

1,232,388

1,114,543

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.

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 16 March 2018 and were signed on its behalf by:

Mr T S Banks - Director

Mrs E A Banks - Director

1.	STATUTORY INFORMATION

C F Banks 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.

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 financial statements for the year ended 30 June 2017 are the first financial statements of C F Banks Limited prepared in accordance

with FRS 102. Adjustments required on transition are set out in the notes to the financial statements.

Revenue

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a

straight line basis over the period to 31 December 2019 when the scheme ends.

Property, plant and equipment

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

Land and buildings

-

2% on cost and not provided

Plant and machinery etc

-

20% on reducing balance

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, 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 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.

Basic payment

The basic payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

and 30 June 2017

36,636

AMORTISATION

At 1 July 2016

7,327

Charge for year

7,327

At 30 June 2017

14,654

NET BOOK VALUE

At 30 June 2017

21,982

At 30 June 2016

29,309

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2016

520,055

68,481

588,536

Additions

124,790

1,098

125,888

At 30 June 2017

644,845

69,579

714,424

DEPRECIATION

At 1 July 2016

79,512

47,469

126,981

Charge for year

3,845

4,422

8,267

At 30 June 2017

83,357

51,891

135,248

NET BOOK VALUE

At 30 June 2017

561,488

17,688

579,176

At 30 June 2016

440,543

21,012

461,555

Included in cost of land and buildings is freehold land of £ 452,568 (2016 - £ 327,778 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

334

NET BOOK VALUE

At 30 June 2017

334

At 30 June 2016

334

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

46,562

47,021

Other debtors

604,357

614,076

650,919

661,097

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade creditors

76,063

75,026

Taxation and social security

35,396

28,748

Other creditors

124,037

135,270

235,496

239,044

9.	FIRST TIME ADOPTION

Under previous UK GAAP the company was not required to recognise the basic payment entitlements as an intangible asset. Under FRS

102, an asset of £36,636 was recognised on transition with a corresponding balance in deferred income. The amortisation charge in the

year to 30 June 2016 was £7,327 with the same amount released from deferred income.