Brackstone Building Contractors Limited 30/04/2018 iXBRL

Brackstone Building Contractors Limited 30/04/2018 iXBRL

BRACKSTONE BUILDING CONTRACTORS LIMITED - Company Information

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Company registration number: 02033602
Brackstone Building Contractors Limited
Unaudited filleted financial statements
30 April 2018
Brackstone Building Contractors Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Brackstone Building Contractors Limited
Directors and other information
Directors Mr M Brackstone
Mr M Mortimer
Secretary Mrs H Brackstone
Company number 02033602
Registered office The Barn
Mill Farm
Great Cheverell
Devizes
SN10 5UP
Accountants Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Brackstone Building Contractors Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Brackstone Building Contractors Limited
Year ended 30 April 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brackstone Building Contractors Limited for the year ended 30 April 2018 which comprise the statement of financial position and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Brackstone Building Contractors Limited
Statement of financial position
30 April 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 70,905 50,920
_______ _______
70,905 50,920
Current assets
Stocks 130,000 78,720
Debtors 7 5,827 2,978
Cash at bank and in hand 176,607 144,154
_______ _______
312,434 225,852
Creditors: amounts falling due
within one year 8 ( 218,252) ( 175,852)
_______ _______
Net current assets 94,182 50,000
_______ _______
Total assets less current liabilities 165,087 100,920
Creditors: amounts falling due
after more than one year 9 ( 17,759) ( 11,072)
Provisions for liabilities ( 12,286) ( 8,573)
_______ _______
Net assets 135,042 81,275
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 134,942 81,175
_______ _______
Shareholders funds 135,042 81,275
_______ _______
For the year ending 30 April 2018 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2018 , and are signed on behalf of the board by:
Mr M Brackstone
Director
Company registration number: 02033602
Brackstone Building Contractors Limited
Notes to the financial statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, Mill Farm, Great Cheverell, Devizes, SN10 5UP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for building work provided through the use of subcontactors supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Full amount written off in 2012, being the year of purchase
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Improvements to Property - 5 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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 in finance costs 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 (2017: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2017 and 30 April 2018 3,000 3,000
_______ _______
Amortisation
At 1 May 2017 and 30 April 2018 3,000 3,000
_______ _______
Carrying amount
At 30 April 2018 - -
_______ _______
At 30 April 2017 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 May 2017 18,137 18,614 14,978 100,221 4,360 156,310
Additions - 1,220 - 42,105 283 43,608
Disposals - - - ( 28,797) - ( 28,797)
_______ _______ _______ _______ _______ _______
At 30 April 2018 18,137 19,834 14,978 113,529 4,643 171,121
_______ _______ _______ _______ _______ _______
Depreciation
At 1 May 2017 18,137 10,707 13,180 59,080 4,285 105,389
Charge for the year - 1,292 270 10,755 38 12,355
Disposals - - - ( 17,528) - ( 17,528)
_______ _______ _______ _______ _______ _______
At 30 April 2018 18,137 11,999 13,450 52,307 4,323 100,216
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 April 2018 - 7,835 1,528 61,222 320 70,905
_______ _______ _______ _______ _______ _______
At 30 April 2017 - 7,907 1,798 41,141 75 50,921
_______ _______ _______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 1,337 66
Other debtors 4,490 2,912
_______ _______
5,827 2,978
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 89,500 82,760
Social security and other taxes 81,620 56,721
Other creditors 47,132 36,371
_______ _______
218,252 175,852
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 17,759 11,072
_______ _______