Building Surveyors Limited 31/07/2017 iXBRL

Building Surveyors Limited 31/07/2017 iXBRL

BUILDING SURVEYORS LIMITED - Company Information

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31/07/2017 2017-07-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2016-08-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 04643420 2016-08-01 2017-07-31 04643420 2017-07-31 04643420 2016-07-31 04643420 2015-08-01 2016-07-31 04643420 2016-07-31 04643420 2015-07-31 04643420 core:FurnitureFittingsToolsEquipment 2016-08-01 2017-07-31 04643420 bus:Director1 2016-08-01 2017-07-31 04643420 bus:Director2 2016-08-01 2017-07-31 04643420 core:FurnitureFittingsToolsEquipment 2016-07-31 04643420 core:FurnitureFittingsToolsEquipment 2017-07-31 04643420 core:RetainedEarningsAccumulatedLosses 2015-08-01 2016-07-31 04643420 core:RetainedEarningsAccumulatedLosses 2016-08-01 2017-07-31 04643420 core:WithinOneYear 2017-07-31 04643420 core:WithinOneYear 2016-07-31 04643420 core:ShareCapital 2017-07-31 04643420 core:ShareCapital 2016-07-31 04643420 core:RetainedEarningsAccumulatedLosses 2017-07-31 04643420 core:RetainedEarningsAccumulatedLosses 2016-07-31 04643420 core:ShareCapital 2015-07-31 04643420 core:RetainedEarningsAccumulatedLosses 2015-07-31 04643420 core:FurnitureFittingsToolsEquipment 2016-07-31 04643420 bus:Director1 2016-07-31 04643420 bus:Director1 2017-07-31 04643420 bus:Director2 2016-07-31 04643420 bus:Director2 2017-07-31 04643420 bus:Director1 2015-07-31 04643420 bus:Director1 2016-07-31 04643420 bus:Director2 2015-07-31 04643420 bus:Director2 2016-07-31 04643420 bus:SmallEntities 2016-08-01 2017-07-31 04643420 bus:AuditExempt-NoAccountantsReport 2016-08-01 2017-07-31 04643420 bus:FullAccounts 2016-08-01 2017-07-31 04643420 bus:SmallCompaniesRegimeForAccounts 2016-08-01 2017-07-31 04643420 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 04643420 1 2016-08-01 2017-07-31
Company registration number: 04643420
Building Surveyors Limited
Unaudited filleted financial statements
31 July 2017
Building Surveyors Limited
Statement of financial position
31 July 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 15,977 19,971
_______ _______
15,977 19,971
Current assets
Debtors 6 302,937 129,601
Cash at bank and in hand 64,267 80,475
_______ _______
367,204 210,076
Creditors: amounts falling due
within one year 7 ( 148,753) ( 125,887)
_______ _______
Net current assets 218,451 84,189
_______ _______
Total assets less current liabilities 234,428 104,160
Provisions for liabilities ( 2,412) ( 2,735)
_______ _______
Net assets 232,016 101,425
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 231,916 101,325
_______ _______
Shareholders funds 232,016 101,425
_______ _______
For the year ending 31 July 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2018 , and are signed on behalf of the board by:
John C Jude
Director
Company registration number: 04643420
Building Surveyors Limited
Statement of changes in equity
Year ended 31 July 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2015 100 55,695 55,795
Profit for the year 141,574 141,574
_______ _______ _______
Total comprehensive income for the year - 141,574 141,574
Dividends paid and payable ( 95,944) ( 95,944)
_______ _______ _______
Total investments by and distributions to owners - ( 95,944) ( 95,944)
_______ _______ _______
At 31 July 2016 and 1 August 2016 100 94,970 95,070
Profit for the year 225,239 225,239
_______ _______ _______
Total comprehensive income for the year - 225,239 225,239
Dividends paid and payable ( 88,293) ( 88,293)
_______ _______ _______
Total investments by and distributions to owners - ( 88,293) ( 88,293)
_______ _______ _______
At 31 July 2017 100 231,916 232,016
_______ _______ _______
Building Surveyors Limited
Notes to the financial statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1 - Walker Davison House, High Street, Newburn, Newcastle upin Tyne, NE15 8LN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 certain financial assets and liabilities and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 11 (2016: - ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2016 and 31 July 2017 30,577 30,577
_______ _______
Depreciation
At 1 August 2016 10,606 10,606
Charge for the year 3,994 3,994
_______ _______
At 31 July 2017 14,600 14,600
_______ _______
Carrying amount
At 31 July 2017 15,977 15,977
_______ _______
At 31 July 2016 19,971 19,971
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 300,199 127,231
Other debtors 2,738 2,370
_______ _______
302,937 129,601
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 66,208 68,964
Corporation tax 2,792 25,385
Social security and other taxes 69,744 30,404
Other creditors 10,009 1,134
_______ _______
148,753 125,887
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
John C Jude 2,370 368 2,738
Peter A Jude ( 619) ( 366) ( 985)
_______ _______ _______
1,751 2 1,753
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
John C Jude 2,370 - 2,370
Peter A Jude ( 619) - ( 619)
_______ _______ _______
1,751 - 1,751
_______ _______ _______
9. Controlling party
For the whole of the period under review the company was under the joint control of John & Peter Jude, directors and shareholders of the company.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.