Peter Brace Ltd - Period Ending 2017-12-31
Peter Brace Ltd - Period Ending 2017-12-31
Registration number:
Peter Brace Ltd
for the
Year Ended 31 December 2017
Peter Brace Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Peter Brace Ltd
Company Information
Directors |
Mrs J K Cann Mrs V L Newman-Brace C M Brace S P Brace |
Company secretary |
Mrs V L Newman-Brace |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peter Brace Ltd
for the 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 accounts of Peter Brace Ltd for the year ended 31 December 2017 as set out on pages 3 to 13 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Peter Brace Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peter Brace Ltd and state those matters that we have agreed to state to the Board of Directors of Peter Brace Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Brace Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Peter Brace Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peter Brace Ltd. You consider that Peter Brace Ltd 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 accounts of Peter Brace Ltd. 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 accounts.
......................................
Chartered Accountants
Weston-super-Mare
Somerset
BS23 1NF
Date:.............................
Page 2 |
Peter Brace Ltd
(Registration number: 05665656)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Peter Brace Ltd
(Registration number: 05665656)
Balance Sheet as at 31 December 2017
For the financial 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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 4 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Tarnock Garage
Bristol Road
Tarnock
Axbridge
North Somerset
BS26 2SL
UK
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Page 5 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
2 |
Accounting policies (continued) |
Tax
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 is recognised in respect of 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 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 the deferred tax liabilities or other taxable profits.
Tangible assets
Fixed assets are stated at cost price less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Straight line over lease period |
Other plant, property and equipment |
15% on reducing balance |
Furniture, fittings and equipment |
15% on reducing balance and straight line over 3 years. |
Motor vehicles |
25% on reducing balance |
Page 6 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost on first in, first out basis and net realisable value, after making due allowance for obsolete and slow moving stock.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 7 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 8 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
2 |
Accounting policies (continued) |
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
- |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
- |
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At 31 December 2016 |
- |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 10 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2017 |
2016 |
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Not later than one year |
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Later than one year and not later than five years |
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Page 11 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2017 |
At 1 January 2017 |
Advances to director |
Repayments |
At 31 December 2017 |
S P Brace |
||||
Director's loan account |
(39,031) |
|
( |
( |
(39,031) |
2,952 |
(2,208) |
(38,287) |
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C M Brace |
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Director's loan account |
(35,284) |
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( |
( |
(35,284) |
71,352 |
(70,208) |
(34,140) |
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Mrs V L Newman-Brace |
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Director's loan account |
(37,163) |
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( |
( |
(37,163) |
20,952 |
(208) |
(16,419) |
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Page 12 |
Peter Brace Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
11 |
Related party transactions (continued) |
Mrs J K Cann |
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Director's loan account |
(43,231) |
|
( |
( |
(43,231) |
952 |
(208) |
(42,487) |
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2016 |
At 1 January 2016 |
Advances to director |
Repayments |
At 31 December 2016 |
S P Brace |
||||
Director's loan account |
(38,723) |
|
( |
( |
(38,723) |
2,500 |
(2,808) |
(39,031) |
|
C M Brace |
||||
Director's loan account |
(37,813) |
|
( |
( |
(37,813) |
3,440 |
(911) |
(35,284) |
|
Mrs V L Newman-Brace |
||||
Director's loan account |
(36,955) |
- |
( |
( |
(36,955) |
- |
(208) |
(37,163) |
|
Mrs J K Cann |
||||
Director's loan account |
(43,023) |
- |
( |
( |
(43,023) |
- |
(208) |
(43,231) |
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Page 13 |