Budget Windscreens (Bedford) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03204284 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

BUDGET WINDSCREENS (BEDFORD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S F Church

L F Church

REGISTERED OFFICE:

Unit 6

Ford View Industrial Park

New Road

Rainham

Essex

RM13 8ET

REGISTERED NUMBER:

03204284 (England and Wales)

ACCOUNTANTS:

Lipson & Co

3rd Floor

210 South Street

Romford

Essex

RM1 1TG

FIXED ASSETS

Tangible assets

4

650

866

CURRENT ASSETS

Debtors

5

15,480

9,948

Cash at bank and in hand

60

2,122

15,540

12,070

CREDITORS

Amounts falling due within one year

6

71,628

73,960

NET CURRENT LIABILITIES

(56,088

)

(61,890

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(55,438

)

(61,024

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(55,440

)

(61,026

)

SHAREHOLDERS' FUNDS

(55,438

)

(61,024

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors on 12 November 2018 and were signed on its behalf by:

S F Church - Director

1.	STATUTORY INFORMATION

Budget Windscreens (Bedford) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

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.

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 profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2017

and 31 December 2017

13,062

DEPRECIATION

At 1 January 2017

12,196

Charge for year

216

At 31 December 2017

12,412

NET BOOK VALUE

At 31 December 2017

650

At 31 December 2016

866

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Motor

vehicles

£

COST

At 1 January 2017

and 31 December 2017

6,768

DEPRECIATION

At 1 January 2017

5,915

Charge for year

213

At 31 December 2017

6,128

NET BOOK VALUE

At 31 December 2017

640

At 31 December 2016

853

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,828

9,948

Directors' current accounts

7,652

-

15,480

9,948

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

11,478

12,132

Other loans

26,028

-

Trade creditors

21,372

49,978

Social security and other taxes

4,354

458

VAT

7,709

6,939

Directors' current accounts

-

3,803

Accrued expenses

687

650

71,628

73,960

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and

31 December 2016:

2017

2016

£

£

S F Church

Balance outstanding at start of year

(3,803

)

1,880

Amounts advanced

11,455

-

Amounts repaid

-

(5,683

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,652

(3,803

)

The interest free loan was repaid on 2 April 2018.

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by S F Church, a director and shareholder in the company.