Sweetnam & Bradley Limited - Period Ending 2018-06-30
Sweetnam & Bradley Limited - Period Ending 2018-06-30
Registration number:
for the Year Ended
Pages for filing with Registrar
Sweetnam & Bradley Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sweetnam & Bradley Limited
Company Information
Directors |
C G H Olejnik N F Johnson R T Wiltshire |
Registered office |
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Registered number |
06519223 |
Accountants |
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Sweetnam & Bradley Limited
(Registration number: 06519223)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Sweetnam & Bradley Limited
(Registration number: 06519223)
Balance Sheet as at 30 June 2018
For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
Approved and authorised for issue by the
.........................................
C G H Olejnik
Director
.........................................
N F Johnson
Director
Page 3 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Revenue consists of the sale of fabricated sheet metal products.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
Tax
The tax expense for the period represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
15% on reducing balance |
Furniture & fixtures |
15% on reducing balance |
Motor vehicles |
25% on reducing balance |
Office equipment |
25% on reducing balance |
Page 5 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
7 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Page 7 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Deferred tax
Deferred tax assets and liabilities
2018 |
Liability |
Accelerated tax depreciation |
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2017 |
Liability |
Accelerated tax depreciation |
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Intangible fixed assets |
Goodwill |
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Cost |
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At 1 July 2017 |
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At 30 June 2018 |
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Amortisation |
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At 1 July 2017 |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
- |
At 30 June 2017 |
- |
Page 8 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible fixed assets |
Office equipment |
Motor vehicles |
Furniture & fixtures |
Plant & machinery |
Total |
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Cost |
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At 1 July 2017 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
( |
At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
( |
At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Stocks |
2018 |
2017 |
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Raw materials |
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Work in progress |
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Finished goods and goods for resale |
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Page 9 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Debtors: amounts falling due within one year |
2018 |
2017 |
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Trade debtors |
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Other debtors |
2,085 |
1,648 |
Prepayments |
77,728 |
78,182 |
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Creditors: amounts falling due within one year |
Note |
2018 |
2017 |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
92,544 |
35,421 |
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Social security and other taxes |
21,057 |
28,123 |
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VAT |
77,102 |
71,003 |
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Other creditors |
9,530 |
7,575 |
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Credit card account |
1,635 |
725 |
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Accruals |
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Due after one year |
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Hire purchase contracts |
- |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Page 10 |
Sweetnam & Bradley Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Hire purchase contracts |
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2018 |
2017 |
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Non-current loans and borrowings |
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Hire purchase contracts |
- |
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Hire purchase contracts
Hire purchase liabilities are secured againsts the assets to which they relate.
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Operating lease commitments |
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Page 11 |