Balaam Brothers Limited - Limited company accounts 11.4
Balaam Brothers Limited - Limited company accounts 11.4
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 March 2014 |
| for |
| Balaam Brothers Limited |
| Balaam Brothers Limited (Registered number: 07725390) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2014 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Balaam Brothers Limited |
| Company Information |
| for the Year Ended 31 March 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Balaam Brothers Limited (Registered number: 07725390) |
| Report of the Directors |
| for the Year Ended 31 March 2014 |
| The directors present their report with the financial statements of the company for the year ended |
| 31 March 2014. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2013 to the date of this |
| report. |
| POLITICAL AND CHARITABLE DONATIONS AND EXPENDITURE |
| During the year, the company made the following charitable donations: |
| £1,500 - Parker Golf Charity |
| £4,000 - Tiger Golf Charity |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Balaam Brothers Limited (Registered number: 07725390) |
| Profit and Loss Account |
| for the Year Ended 31 March 2014 |
| 2014 | 2013 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 2 |
| Interest receivable and similar income |
| 159,281 | 69,656 |
| Interest payable and similar charges |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
| Tax on profit on ordinary activities | 3 |
| PROFIT FOR THE FINANCIAL YEAR |
| Balaam Brothers Limited (Registered number: 07725390) |
| Balance Sheet |
| 31 March 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Profit and loss account | 13 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| Balaam Brothers Limited (Registered number: 07725390) |
| Balance Sheet - continued |
| 31 March 2014 |
| The financial statements were approved by the Board of Directors on behalf by: |
| Balaam Brothers Limited (Registered number: 07725390) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Goodwill |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant |
| period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| 2. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2014 | 2013 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Goodwill amortisation |
| Directors' remuneration and other benefits etc |
| Balaam Brothers Limited (Registered number: 07725390) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2014 |
| 3. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit on ordinary activities for the year was as follows: |
| 2014 | 2013 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit on ordinary activities |
| 4. | DIVIDENDS |
| 2014 | 2013 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 48,000 | 34,000 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2013 |
| and 31 March 2014 |
| AMORTISATION |
| At 1 April 2013 |
| Charge for year |
| At 31 March 2014 |
| NET BOOK VALUE |
| At 31 March 2014 |
| At 31 March 2013 |
| Balaam Brothers Limited (Registered number: 07725390) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2014 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2013 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2014 |
| DEPRECIATION |
| At 1 April 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2014 |
| NET BOOK VALUE |
| At 31 March 2014 |
| At 31 March 2013 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2013 |
| Additions |
| At 31 March 2014 |
| DEPRECIATION |
| At 1 April 2013 |
| Charge for year |
| At 31 March 2014 |
| NET BOOK VALUE |
| At 31 March 2014 |
| At 31 March 2013 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2014 | 2013 |
| £ | £ |
| Trade debtors | 293,966 | 259,679 |
| Sundry Debtors and Prepayments | 37,009 | 13,940 |
| Tax | 17,472 | - |
| Balaam Brothers Limited (Registered number: 07725390) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2014 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2014 | 2013 |
| £ | £ |
| FD Balaam Loan | 66,667 | 79,706 |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Sundry Creditors and Accruals | 24,715 | 5,695 |
| Directors' current accounts | 131,713 | 125,419 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2014 | 2013 |
| £ | £ |
| Hire purchase contracts |
| 10. | OPERATING LEASE COMMITMENTS |
| The following operating lease payments are committed to be paid within one year: |
| 2014 | 2013 |
| £ | £ |
| Expiring: |
| Within one year |
| Between one and five years |
| 11. | PROVISIONS FOR LIABILITIES |
| 2014 | 2013 |
| £ | £ |
| Deferred tax |
| Deferred |
| tax |
| £ |
| Provided during year |
| Balance at 31 March 2014 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| Balaam Brothers Limited (Registered number: 07725390) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2014 |
| 13. | RESERVES |
| Profit |
| and loss |
| account |
| £ |
| At 1 April 2013 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2014 |
| 14. | RELATED PARTY DISCLOSURES |
| The company has a related party relationship with one of the directors DJ Balaam. As at the year end |
| this director had a loan account with the company and the owed was £131,713 (2013 £125,419). |
| During the year dividends of £24,000 were paid to both the directors, Mr and Mrs Balaam making a |
| total payment of £48,000. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The company was controlled throughout the current year and previous period by its directors D.J. |
| Balaam and Mrs J. Balaam who own 100% of the issued share capital. |