Bossick Enterprises Ltd Company accounts

BOSSICK ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03280752

Bossick Enterprises Ltd

Unaudited Financial Statements

31 October 2017

Bossick Enterprises Ltd

Financial Statements

Year ended 31 October 2017

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Bossick Enterprises Ltd

Directors' Report

Year ended 31 October 2017

The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2017 .

Directors

The directors who served the company during the year were as follows:

Mr H Bossick
Mr P Bossick

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 3 July 2018 and signed on behalf of the board by:

Mr H Bossick

Director

Registered office:

c/o Phillips Management Ltd

14 Church Street

Lockington

Leicestershire

DE74 2RH

Bossick Enterprises Ltd

Statement of Income and Retained Earnings

Year ended 31 October 2017

	2017	2016
Note	£	£
Turnover	759,290	737,395

Cost of sales	188,102	185,321
	---------	---------
Gross profit	571,188	552,074

Administrative expenses	461,108	439,769
	---------	---------
Operating profit	110,080	112,305

Other interest receivable and similar income		129	901
Interest payable and similar expenses		21,036	12,454
		---------	---------
Profit before taxation	5	89,173	100,752

Tax on profit	15,484	17,939
	--------	---------
Profit for the financial year and total comprehensive income	73,689	82,813
	--------	---------

Retained earnings at the start of the year	325,960	243,147
	---------	---------
Retained earnings at the end of the year	399,649	325,960
	---------	---------

All the activities of the company are from continuing operations.

Bossick Enterprises Ltd

Statement of Financial Position

31 October 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	6	465,133	478,836

Current assets

Stocks		8,571	9,763
Debtors	7	723,577	91,563
Cash at bank and in hand		22,252	253,456
		---------	---------
		754,400	354,782

Creditors: amounts falling due within one year	8	176,057	169,736
		---------	---------
Net current assets		578,343	185,046
		------------	---------
Total assets less current liabilities		1,043,476	663,882

Creditors: amounts falling due after more than one year	9	643,722	337,817
		------------	---------
Net assets		399,754	326,065
		------------	---------

Capital and reserves

Called up share capital	105	105
Profit and loss account	399,649	325,960
	---------	---------
Shareholders funds	399,754	326,065
	---------	---------

These financial statements have been prepared 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'.

For the 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:

- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Bossick Enterprises Ltd

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 3 July 2018 , and are signed on behalf of the board by:

Mr H Bossick

Director

Company registration number: 03280752

Bossick Enterprises Ltd

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Phillips Management Ltd, 14 Church Street, Lockington, Leicestershire, DE74 2RH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Long leasehold property	-	2% straight line
Fixtures and fittings	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2016: 10 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	17,124	18,382
	--------	--------

6. Tangible assets

	Long leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 November 2016	277,937	320,883	598,820
Additions	–	3,420	3,420
	---------	---------	---------
At 31 October 2017	277,937	324,303	602,240
	---------	---------	---------
Depreciation
At 1 November 2016	27,824	92,159	119,983
Charge for the year	5,559	11,565	17,124
	---------	---------	---------
At 31 October 2017	33,383	103,724	137,107
	---------	---------	---------
Carrying amount
At 31 October 2017	244,554	220,579	465,133
	---------	---------	---------
At 31 October 2016	250,113	228,724	478,837
	---------	---------	---------

7. Debtors

	2017	2016
	£	£
Other debtors	723,577	91,563
	---------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	35,571	52,795
Corporation tax	15,484	17,939
Social security and other taxes	27,983	23,133
Other creditors	97,019	75,869
	---------	---------
	176,057	169,736
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	401,877	54,595
Other creditors	241,845	283,222
	---------	---------
	643,722	337,817
	---------	---------