Shortland Bowen Instruments Limited - Period Ending 2017-11-30

Registration number: 00968297

Shortland Bowen Instruments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Shortland Bowen Instruments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Shortland Bowen Instruments Limited

Company Information

Director	Mr Barrie Howell Bowen

Registered office

2/4 Ash Lane Rustington Littlehampton West Sussex BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP 2/4 Ash Lane Rustington West Sussex BN16 3BZ

Page 1

Shortland Bowen Instruments Limited

(Registration number: 00968297)
Balance Sheet as at 30 November 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	3	63,491	68,365
Current assets
Debtors	4	425	274
Cash at bank and in hand		1,154	1,119
		1,579	1,393
Creditors: Amounts falling due within one year	5	(107,811)	(107,959)
Net current liabilities		(106,232)	(106,566)
Total assets less current liabilities		(42,741)	(38,201)
Creditors: Amounts falling due after more than one year	5	(75,000)	(75,000)
Net liabilities		(117,741)	(113,201)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(117,841)	(113,301)
Total equity		(117,741)	(113,201)

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Shortland Bowen Instruments Limited

(Registration number: 00968297)
Balance Sheet as at 30 November 2017

Approved and authorised by the director on 24 August 2018
 

.........................................

Mr Barrie Howell Bowen
Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

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

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 24 August 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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
Plant and machinery	8% reducing balance
Office equipment	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 5

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

2	Accounting policies (continued)

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 6

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2016	5,177	90,467	95,644
Additions	1,495	-	1,495
Disposals	(4,352)	-	(4,352)
At 30 November 2017	2,320	90,467	92,787
Depreciation
At 1 December 2016	3,987	23,292	27,279
Charge for the year	670	5,374	6,044
Eliminated on disposal	(4,027)	-	(4,027)
At 30 November 2017	630	28,666	29,296
Carrying amount
At 30 November 2017	1,690	61,801	63,491
At 30 November 2016	1,190	67,175	68,365

4

Debtors

	2017 £	2016 £
Other debtors	425	274
	425	274

Page 7

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

5

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	106,139	106,300
Trade creditors		912	899
Accrued expenses		760	760
		107,811	107,959
Due after one year
Loans and borrowings	7	75,000	75,000
		75,000	75,000

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	7	75,000	75,000
		75,000	75,000

6	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 8

Shortland Bowen Instruments Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

7	Loans and borrowings

	2017  £	2016  £
Non-current loans and borrowings
Redeemable preference shares	75,000	75,000
	75,000	75,000

	2017  £	2016  £
Current loans and borrowings
Other borrowings	106,139	106,300
	106,139	106,300

8	Transition to FRS 102

This is the first year that the company has presented its results under FRS102. The last financial statements prepared under previous UK GAAP were for the year ended 30 November 2016. The date of transition to FRS102 was 1 December 2015.

FRS102 requires companies to recognise deferred tax assets in respect of corporation tax losses carried forward where it is probable these will be utilised. Although the company has substantial corporation tax losses carried forward, it is highly unlikely these will ever be utilised and as such the company has not recognised a deferred tax asset on transition.

There were no other adjustments required under FRS102.

Page 9