Britania Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02255021 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

Britania Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

R J Kendrick

SECRETARY:

Mrs S Rixon

REGISTERED OFFICE:

Braye House

Egypt Lane

Farnham Common

Buckinghamshire

SL2 3LF

REGISTERED NUMBER:

02255021 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

FIXED ASSETS

Tangible assets

4

25,468

27,028

Investments

5

4,472,698

4,336,205

Investment property

6

288,564

292,467

4,786,730

4,655,700

CURRENT ASSETS

Stocks

2,000

110,944

Debtors

7

1,903,880

1,208,730

Cash at bank and in hand

149,583

572,828

2,055,463

1,892,502

CREDITORS

Amounts falling due within one year

8

262,455

112,051

NET CURRENT ASSETS

1,793,008

1,780,451

TOTAL ASSETS LESS CURRENT LIABILITIES

6,579,738

6,436,151

CREDITORS

Amounts falling due after more than one year

9

4,399,692

4,450,216

NET ASSETS

2,180,046

1,985,935

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

2,179,946

1,985,835

SHAREHOLDERS' FUNDS

2,180,046

1,985,935

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.

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

The financial statements were approved by the director on 31 July 2018 and were signed by:

R J Kendrick - Director

1.	STATUTORY INFORMATION

Britania Limited 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 net invoiced sales of invoiced goods and services, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and at varying rates on cost

Investment property

Investment property is shown at cost or most recent valuation. The aggregate surplus or deficit

arising from changes in the market value is transferred to the revaluation reserve. If any revaluation

loss is expected to be a permanent diminution of value this is transferred to the profit and loss

account.

In accordance with the requirements of the Companies Act 2006 depreciation has been charged on

the investment properties in order to give a true and fair view.

This is a departure from Section 1A 'Small Entities' of the Financial Reporting Standard 102 , which

states no depreciation is provided in respect of investment properties. The directors are unable to

quantify the effect of this departure on the Profit and Loss Account and the Balance Sheet.

Stocks

Represent assets purchased under sale and leaseback agreements. These assets are held at the

lower of cost and NRV over the remaining life of the lease after making allowances for obsolescence.

Taxation

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

Deferred tax is recognised in respect of all 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 that

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 deferred tax liabilities or other future

taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

70,911

Additions

2,672

Disposals

(2,152

)

At 31 October 2017

71,431

DEPRECIATION

At 1 November 2016

43,883

Charge for year

4,232

Eliminated on disposal

(2,152

)

At 31 October 2017

45,963

NET BOOK VALUE

At 31 October 2017

25,468

At 31 October 2016

27,028

5.	FIXED ASSET INVESTMENTS

31.10.17

31.10.16

£

£

Other investments not loans

4,287,916

3,917,235

Other loans

184,782

418,970

4,472,698

4,336,205

Additional information is as follows:

Other

investments

£

COST

At 1 November 2016

3,917,235

Additions

897,039

Disposals

(526,358

)

At 31 October 2017

4,287,916

NET BOOK VALUE

At 31 October 2017

4,287,916

At 31 October 2016

3,917,235

Other

loans

£

At 1 November 2016

418,970

New in year

11,013

Repayment in year

(245,201

)

At 31 October 2017

184,782

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

345,161

DEPRECIATION

At 1 November 2016

52,694

Charge for year

3,903

At 31 October 2017

56,597

NET BOOK VALUE

At 31 October 2017

288,564

At 31 October 2016

292,467

Included in fair value of investment property is freehold land of £ 150,000 (2016 - £ 150,000 ) which

is not depreciated.

The directors review the properties annually for impairment and believe the current market value to

exceed the initial cost.

All monies due or to become due from the company to the bank of Scotland on any account

whatsoever regarding 5 Romsey Drive, Farnham Common, Buckinghamshire T/N BM 62510.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

1,664,339

715,470

Other debtors

239,541

493,260

1,903,880

1,208,730

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

10

10

Trade creditors

22,646

26,164

Taxation and social security

1,473

1,334

Other creditors

238,326

84,543

262,455

112,051

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Other creditors

4,399,692

4,450,216

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 November 2016

1,985,835

Profit for the year

194,111

At 31 October 2017

2,179,946

12.	RELATED PARTY DISCLOSURES

During the year the company made the following charges to companies in which R J Kendrick, a

director and 80% shareholder in the company, was connected:

Financing, consultancy services receivable and sale of equipment:

£

Dramgate Limited

60,000

Smartcomm Limited

10,000

At the balance sheet date the company had the following balances with related parties:

Debtors:

£

Smartcomm Limited

54,282

Creditors:

£

Dramgate Limited

4,397,396

At the balance sheet date the company owed Mr R Kendrick £191,730 (2016: £56,015).

The company also paid salaries to family members of the director totalling £15,730 during the period

(2016: £15,236).

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by R J Kendrick.

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Director are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Britania Limited for the year ended 31 October 2017 which comprise

the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Britania Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Britania Limited and state those matters that we have agreed to state to the director of Britania Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Britania Limited and its director for our work or for this report.

It is your duty to ensure that Britania Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Britania Limited. You consider that Britania Limited 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 financial statements of Britania Limited. 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 financial statements.

Haines Watts

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

31 July 2018