Burnham Workspace Limited - Period Ending 2018-04-30

Burnham Workspace Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2018

Registration number: 08985133

Burnham Workspace Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Burnham Workspace Limited

Balance Sheet

30 April 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	29,382	29,746
Current assets
Stocks	5	-	6,000
Debtors	6	67,366	62,283
Cash at bank and in hand		27,877	1,519
		95,243	69,802
Creditors: Amounts falling due within one year	7	(100,569)	(77,955)
Net current liabilities		(5,326)	(8,153)
Total assets less current liabilities		24,056	21,593
Creditors: Amounts falling due after more than one year	7	(11,666)	(14,523)
Net assets		12,390	7,070
Capital and reserves
Called up share capital		100	100
Profit and loss account		12,290	6,970
Total equity		12,390	7,070

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Burnham Workspace Limited

Balance Sheet

30 April 2018

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 July 2018 and signed on its behalf by:
 

......................................... J L Burnham Director

Company Registration Number: 08985133

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Burnham Workspace Limited

Notes to the Financial Statements

Year Ended 30 April 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
59 Gwynne Road
Poole
Dorset
BH12 2AR

These financial statements were authorised for issue by the Board on 5 July 2018.

2	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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Fixtures & fittings	25% reducing balance basis
Office equipment	3 year straight line basis

Page 3

Burnham Workspace Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 4

Burnham Workspace Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 5

Burnham Workspace Limited

Notes to the Financial Statements

Year Ended 30 April 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2017	28,598	4,323	32,921
Additions	-	1,388	1,388
At 30 April 2018	28,598	5,711	34,309
Depreciation
At 1 May 2017	-	3,175	3,175
Charge for the year	-	1,752	1,752
At 30 April 2018	-	4,927	4,927
Carrying amount
At 30 April 2018	28,598	784	29,382
At 30 April 2017	28,598	1,148	29,746

Included within the net book value of land and buildings above is £28,598 (2017 - £28,598) in respect of freehold land and buildings.
 

5

Stocks

	2018 £	2017 £
Work in progress	-	6,000

6

Debtors

	2018  £	2017  £
Trade debtors	64,526	57,259
Other debtors	281	4,266
Prepayments	2,559	758
	67,366	62,283

Page 6

Burnham Workspace Limited

Notes to the Financial Statements

Year Ended 30 April 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	8	2,857	2,857
Trade creditors		71,946	66,510
Corporation tax		2,873	-
Social security and other taxes		3,654	3,093
Other creditors		12,648	2,000
Accrued expenses		6,591	3,495
		100,569	77,955
Due after one year
Loans and borrowings	8	11,666	14,523

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	11,666	14,523

8	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	11,666	14,523

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	2,857	2,857

Page 7