Burrows Lea Forge Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07403619 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

BURROWS LEA FORGE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Bates

REGISTERED OFFICE:

Burrows Lea Forge

Burrows Lea Farm

Hook Lane

Shere

Surrey

GU5 9QQ

REGISTERED NUMBER:

07403619 (England and Wales)

FIXED ASSETS

Tangible assets

3

9,836

14,052

CURRENT ASSETS

Stocks

7,750

7,900

Debtors

15,509

18,165

23,259

26,065

CREDITORS

Amounts falling due within one year

32,883

32,781

NET CURRENT LIABILITIES

(9,624

)

(6,716

)

TOTAL ASSETS LESS CURRENT LIABILITIES

212

7,336

CREDITORS

Amounts falling due after more than one year

-

7,291

NET ASSETS

212

45

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

211

44

SHAREHOLDERS' FUNDS

212

45

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 16 July 2018 and were signed by:

N Bates - Director

1.	STATUTORY INFORMATION

Burrows Lea Forge Ltd 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

Turnover represents sales of blacksmith and sculptural ironwork goods, excluding value added tax, sold to customers

during the year.

Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable

to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 25% on reducing balance

Motor vehicles - 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of

purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Financial instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities.

Financial instruments are recognised at amortised cost, except for investments in shares which are measured at fair value.

At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are

recognised in profit or loss.

Taxation

Taxation for the year comprises current 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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or

past reporting periods.

Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not

reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or future taxable profits.

Current tax assets and liabilities are not discounted and are 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.

Hire purchase and leasing commitments

Assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other

tangible fixed assets. Payments are apportioned between the finance charge and the capital amount and the related

obligations, net of future finance charges, are included in creditors.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

39,559

Disposals

(3,699

)

At 31 October 2017

35,860

DEPRECIATION

At 1 November 2016

25,507

Charge for year

3,513

Eliminated on disposal

(2,996

)

At 31 October 2017

26,024

NET BOOK VALUE

At 31 October 2017

9,836

At 31 October 2016

14,052

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 November 2016

and 31 October 2017

20,000

DEPRECIATION

At 1 November 2016

13,672

Charge for year

1,582

At 31 October 2017

15,254

NET BOOK VALUE

At 31 October 2017

4,746

At 31 October 2016

6,328

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31 October 2017, the director owed the company £4,055 (2016 - £1,436). There is no interest due on the loan and it

is repayable on demand.

5.	TRANSITION TO FRS 102

This is the first year that the company has presented its results in accordance with the provisions of Section 1A of Financial

Reporting Standard 102. The last financial statements under previous UK GAAP were for the year ended 31 October 2016

and the date of transition to FRS 102 Section 1A was 1 November 2015.

As a result of the change to new UK GAAP, we are required to prepare a reconciliation of the profit for the financial year

ended 31 October 2016 and the total equity as at 1 November 2015 and 31 October 2016 between UK GAAP as previously

reported and under FRS 102 Section 1A, in these financial statements.

Presentation of the results for the comparative year in accordance with Section 1A of FRS 102 has not resulted in any

change to the results compared to those presented under previous UK GAAP. Therefore it has not been necessary to present

a reconciliation of movements in equity in these accounts.