Brundrett & Sons Limited Company Accounts

Brundrett & Sons Limited Company Accounts

BRUNDRETT & SONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00274972
Brundrett & Sons Limited
Filleted Unaudited Financial Statements
31 December 2017
Brundrett & Sons Limited
Financial Statements
Year ended 31 December 2017
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Statement of changes in equity
4
Notes to the financial statements
5
Brundrett & Sons Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Brundrett & Sons Limited
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brundrett & Sons Limited for the year ended 31 December 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Brundrett & Sons Limited in accordance with the terms of our engagement letter dated 20 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Brundrett & Sons Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brundrett & Sons Limited and its director for our work or for this report.
It is your duty to ensure that Brundrett & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brundrett & Sons Limited. You consider that Brundrett & Sons Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Brundrett & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DAVID EVANS & CO Chartered accountant
60 Pendre Avenue Prestatyn LL19 9SL
20 March 2018
Brundrett & Sons Limited
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
4
–
75,000
Current assets
Cash at bank and in hand
82,831
6,406
Creditors: amounts falling due within one year
5
605
–
--------
-------
Net current assets
82,226
6,406
--------
--------
Total assets less current liabilities
82,226
81,406
--------
--------
Net assets
82,226
81,406
--------
--------
Capital and reserves
Called up share capital
5,000
5,000
Revaluation reserve
–
71,838
Profit and loss account
77,226
4,568
--------
--------
Shareholders funds
82,226
81,406
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brundrett & Sons Limited
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 20 March 2018 , and are signed on behalf of the board by:
Dr G W Brundrett
Director
Company registration number: 00274972
Brundrett & Sons Limited
Statement of Changes in Equity
Year ended 31 December 2017
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 January 2016
5,000
71,838
5,206
82,044
Loss for the year
( 638)
( 638)
-------
--------
-------
--------
Total comprehensive income for the year
–
–
( 638)
( 638)
At 31 December 2016
5,000
71,838
4,568
81,406
Profit for the year
72,658
72,658
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
–
( 71,838)
–
( 71,838)
-------
--------
--------
--------
Total comprehensive income for the year
–
( 71,838)
72,658
820
-------
--------
--------
--------
At 31 December 2017
5,000
–
77,226
82,226
-------
--------
--------
--------
Brundrett & Sons Limited
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cooks Hill, Kingswood, Frodsham, WA6 6JT, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current tax payable. The company's liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date only if the benefits to the users of the financial statements outweigh the cost of obtaining a fair value. Any changes in fair value are recognised in profit or loss. Investment property is not depreciated.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Tangible assets
Freehold property
£
Cost
At 1 January 2017
75,000
Disposals
( 75,000)
--------
At 31 December 2017
–
--------
Depreciation
At 1 January 2017 and 31 December 2017
–
--------
Carrying amount
At 31 December 2017
–
--------
At 31 December 2016
75,000
--------
Included within the above is investment property as follows:
£
At 1 January 2017
75,000
Disposals
( 75,000)
--------
At 31 December 2017
–
--------
The investment property was revalued by independent valuers on 3 July 2013. No subsequent independent valuations were undertaken because the costs involved would have outweighed any benefits derived by the users of the financial statements.
5. Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
605
–
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----