Chris Bullock Joinery Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06204421 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH JUNE 2017

FOR

CHRIS BULLOCK JOINERY LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Director:

C Bullock

Secretary:

D Bullock

Registered office:

3 Foxwood Court

Rotherwas Industrial Estate

Hereford

HR2 6NU

Registered number:

06204421 (England and Wales)

Fixed assets

Intangible assets

4

-

9,000

Tangible assets

5

115,790

90,264

115,790

99,264

Current assets

Stocks

8,200

8,700

Debtors

6

67,583

88,353

Cash at bank

137,999

139,941

213,782

236,994

Creditors

Amounts falling due within one year

7

62,830

84,814

Net current assets

150,952

152,180

Total assets less current liabilities

266,742

251,444

Creditors

Amounts falling due after more than one year

8

(150,000

)

(150,000

)

Provisions for liabilities

10

(24,600

)

(19,200

)

Net assets

92,142

82,244

Capital and reserves

Called up share capital

11

1,000

1,000

Retained earnings

12

91,142

81,244

Shareholders' funds

92,142

82,244

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 27th March 2018 and were signed by:

C Bullock - Director

1.	Statutory information

Chris Bullock Joinery 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.

Turnover

The turnover, all of which arises in the UK, consists of invoiced sales net of returns, trade

discounts and value added tax.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates, on the straight line method, in order to write off

each asset over its estimated useful life;

Leasehold improvements

15%

Plant & equipment

15%

Motor vehicles

25%

Stocks & work in progress

Stock has been valued at the lower of cost and net realisable value. Work in progress has been

valued as a percentage of the full contract value according to the level of completion. At the year

end the work in progress value is treated as turnover in the profit and loss account and included

within debtors in the balance sheet.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the

company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are

measured at transaction price less any impairment. Loans receivable are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are recognised

in profit or loss, except that investments in equity instruments that are not publicly traded and

whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after initial recognition of the financial asset, the estimated future cash flows

have been affected. If an asset is impaired, the impairment loss is the difference between the

carrying amount and the present value of the estimated cash flows discounted at the assets original

effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or if some significant risks and rewards of ownership are retained but control

of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated

third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the company after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price.

Other financial liabilities, including bank loans and preference shares that are classified as debt, are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic

financial instruments. Derivatives are initially recognised at fair value on the date a derivative

contract is entered into and are subsequently re-measured at their fair value. Changes in the fair

value of derivatives are recognised in profit or loss in finance costs or finance income as

appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

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 balance sheet date.

Deferred tax

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

at the balance sheet 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.

Hire purchase

Assets held under hire purchase contracts are capitalised as tangible fixed assets and depreciated

over the useful lives of the assets. The capital elements of future obligations are recorded as

liabilities, while the interest elements are charged to the profit and loss account over the period of

the contracts on a straight line basis.

Pension costs

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

separately from those of the company in an independently administered fund. Contributions

payable to the company's pension scheme are charged to the profit and loss account in the period in

which they arise.

Operating leases

The cost of operating leases is charged to the profit and loss account on a straight line basis over

the lease term.

3.	Employees and directors

The average number of employees during the year was 7 (2016 - 7 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st July 2016

and 30th June 2017

90,000

Amortisation

At 1st July 2016

81,000

Charge for year

9,000

At 30th June 2017

90,000

Net book value

At 30th June 2017

-

At 30th June 2016

9,000

5.	Tangible fixed assets

Leasehold

Plant &

improvements

equipment

Totals

£

£

£

Cost

At 1st July 2016

10,103

317,336

327,439

Additions

-

61,700

61,700

At 30th June 2017

10,103

379,036

389,139

Depreciation

At 1st July 2016

7,575

229,600

237,175

Charge for year

1,515

34,659

36,174

At 30th June 2017

9,090

264,259

273,349

Net book value

At 30th June 2017

1,013

114,777

115,790

At 30th June 2016

2,528

87,736

90,264

The net book value of tangible fixed assets includes £ 20,141 (2016 - £ 5,173 ) in respect of assets

held under hire purchase contracts.

6.

Debtors: amounts falling due within one year

30.6.17

30.6.16

£

£

Trade debtors

56,225

74,090

Other debtors & prepayments

1,358

2,263

Work in progress

10,000

12,000

67,583

88,353

7.

Creditors: amounts falling due within one year

30.6.17

30.6.16

£

£

Hire purchase contracts (see note 9)

3,333

3,867

Trade creditors

18,972

40,190

Corporation tax

1,000

9,425

Social security & other tax

18,955

16,502

Other creditors

9,798

7,849

Director's loan account

10,772

6,981

62,830

84,814

8.

Creditors: amounts falling due after more than one year

30.6.17

30.6.16

£

£

Director's loan account

150,000

150,000

9.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.6.17

30.6.16

£

£

Net obligations repayable:

Within one year

3,333

3,867

Non-cancellable

operating leases

30.6.17

30.6.16

£

£

Within one year

22,000

7,133

Between one and five years

36,667

-

58,667

7,133

10.	Provisions for liabilities

30.6.17

30.6.16

£

£

Deferred tax

24,600

19,200

Deferred tax

£

Balance at 1st July 2016

19,200

Charge for the year

5,400

Balance at 30th June 2017

24,600

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.17

30.6.16

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

12.

Reserves

Retained

earnings

£

At 1st July 2016

81,244

Profit for the year

14,898

Dividends

(5,000

)

At 30th June 2017

91,142

13.	Contingent liabilities

There were no contingent liabilities at 30th June 2017.

14.	Related party transactions

During the year, the director of the company used a current account with the company to record

amounts due to him and amounts drawn by him. The balance owed by the company at the end of

the year was £160,772, (2016: £156,981).

Dividends of £5,000 were paid to the Director during the year (2016: £27,000).

Interest of £8,039 was charged by the director during the year at the rate of 5% (2016: £7,849).

15.	Ultimate controlling party

The controlling party is C Bullock.

16.	First year adoption

The company prepared its first financial statements that comply with FRS102 Section 1A for the

year ended 30th June 2017. The company's date of transition to FRS102 section 1A is 1st

July 2015. The transition has resulted in no changes to accounting policies.