Fenwood Bowen Limited - Period Ending 2017-10-31
Fenwood Bowen Limited - Period Ending 2017-10-31
Registration number:
Fenwood Bowen Limited
for the Year Ended 31 October 2017
Chartered Accountants
1 & 2 Hillbrow House
Linden Drive
Liss
Hampshire
GU33 7RJ
Fenwood Bowen Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Fenwood Bowen Limited
Company Information
Directors |
Mr Simon David Bowen Mrs Alison Lindsay Bowen |
Company secretary |
Mrs Alison Lindsay Bowen |
Registered office |
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Accountants |
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Page 1 |
Fenwood Bowen Limited
(Registration number: 00475453)
Balance Sheet as at 31 October 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Intangible 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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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
Fenwood Bowen Limited
(Registration number: 00475453)
Balance Sheet as at 31 October 2017
For the financial year ending 31 October 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
.........................................
Company secretary and director
Page 3 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 November 2016 and have had an effect on the financial statements:
First year adoption of FRS 102 Section 1A
These financial statements for the year ended 31 October 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 November 2015.
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 14 below.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 4 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Tax
The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold improvements |
10% on cost |
Plant and machinery |
10% on cost |
Loose tools |
10% on cost |
Motor vehicles |
20% on cost |
Intangible assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.
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 inventories 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.
Page 5 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company operates defined contribution schemes for the benefit of its employees.
Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss account when they are due.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2016 |
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At 31 October 2017 |
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Amortisation |
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At 1 November 2016 |
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Amortisation charge |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
- |
- |
At 31 October 2016 |
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Tangible assets |
Long leasehold land and buildings |
Loose Tools |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2016 |
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Additions |
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- |
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- |
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Disposals |
- |
- |
- |
( |
( |
At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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- |
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At 31 October 2016 |
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- |
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Page 7 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Stocks |
2017 |
2016 |
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Work in progress |
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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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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
(As restated) |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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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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- |
Page 8 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Finance lease liabilities |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Contributions paid to money purchase schemes |
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168,300 |
189,600 |
Parent and ultimate parent undertaking |
The company's immediate parent is
Page 9 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Transition to FRS 102 |
Consequently an additional accrual of £2,903 at 1 November 2015 has been made to reflect this. The provision at 31 October 2016 had decreased to £2,222 and the decrease in provision of £681 has been credited to profit and loss in the year ended 31 October 2016.
Balance Sheet at 1 November 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
66,033 |
- |
- |
66,033 |
Tangible assets |
89,384 |
- |
- |
89,384 |
155,417 |
- |
- |
155,417 |
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Current assets |
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Stocks |
121,556 |
- |
- |
121,556 |
Debtors |
298,715 |
- |
- |
298,715 |
Cash at bank and in hand |
114,794 |
- |
- |
114,794 |
535,065 |
- |
- |
535,065 |
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Creditors: Amounts falling due within one year |
(442,741) |
- |
(2,903) |
(445,644) |
Net current assets/(liabilities) |
92,324 |
- |
(2,903) |
89,421 |
Total assets less current liabilities |
247,741 |
- |
(2,903) |
244,838 |
Creditors: Amounts falling due after more than one year |
(6,978) |
- |
- |
(6,978) |
Provisions for liabilities |
(8,650) |
- |
- |
(8,650) |
Net assets/(liabilities) |
232,113 |
- |
(2,903) |
229,210 |
Capital and reserves |
||||
Called up share capital |
(795) |
- |
- |
(795) |
Capital redemption reserve |
(205) |
- |
- |
(205) |
Profit and loss account |
(231,113) |
- |
2,903 |
(228,210) |
Total equity |
(232,113) |
- |
2,903 |
(229,210) |
Page 10 |
Fenwood Bowen Limited
Notes to the Financial Statements for the Year Ended 31 October 2017
Balance Sheet at 31 October 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Intangible assets |
33,018 |
- |
- |
33,018 |
Tangible assets |
90,152 |
- |
- |
90,152 |
123,170 |
- |
- |
123,170 |
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Current assets |
||||
Stocks |
133,500 |
- |
- |
133,500 |
Debtors |
291,405 |
- |
- |
291,405 |
Cash at bank and in hand |
80,734 |
- |
- |
80,734 |
505,639 |
- |
- |
505,639 |
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Creditors: Amounts falling due within one year |
(424,312) |
- |
(2,222) |
(426,534) |
Net current assets/(liabilities) |
81,327 |
- |
(2,222) |
79,105 |
Total assets less current liabilities |
204,497 |
- |
(2,222) |
202,275 |
Provisions for liabilities |
(11,189) |
- |
- |
(11,189) |
Net assets/(liabilities) |
193,308 |
- |
(2,222) |
191,086 |
Capital and reserves |
||||
Called up share capital |
(795) |
- |
- |
(795) |
Capital redemption reserve |
(205) |
- |
- |
(205) |
Profit and loss account |
(192,308) |
- |
2,222 |
(190,086) |
Total equity |
(193,308) |
- |
2,222 |
(191,086) |
Page 11 |