Brendan Fleming Limited 31/08/2018 iXBRL

Brendan Fleming Limited 31/08/2018 iXBRL

BRENDAN FLEMING LIMITED - Company Information

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Company registration number: 08453309
Brendan Fleming Limited
Unaudited filleted financial statements
31 August 2018
Brendan Fleming Limited
Contents
Statement of financial position
Notes to the financial statements
Brendan Fleming Limited
Statement of financial position
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 800,000 850,000
Tangible assets 6 37,350 51,727
_______ _______
837,350 901,727
Current assets
Debtors 7 580,430 581,651
Cash at bank and in hand 292,118 178,014
_______ _______
872,548 759,665
Creditors: amounts falling due
within one year 8 ( 606,856) ( 693,794)
_______ _______
Net current assets 265,692 65,871
_________ _______
Total assets less current liabilities 1,103,042 967,598
Provisions for liabilities - deferred tax ( 3,400) -
_________ _______
Net assets 1,099,642 967,598
_________ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account 1,099,641 967,597
_________ _______
Shareholder funds 1,099,642 967,598
_________ _______
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 19 November 2018 , and are signed on behalf of the board by:
Mr Brendan J Fleming
Director
Company registration number: 08453309
Brendan Fleming Limited
Notes to the financial statements
Year ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the business is 165 Newhall Street, Birmingham, B3 1SW.
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 basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 5 % straight line
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.
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:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
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 34 (2017: 34 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2017 and 31 August 2018 1,000,000 1,000,000
_________ _________
Amortisation
At 1 September 2017 150,000 150,000
Charge for the year 50,000 50,000
_______ _______
At 31 August 2018 200,000 200,000
_______ _______
Carrying amount
At 31 August 2018 800,000 800,000
_______ _______
At 31 August 2017 850,000 850,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2017 45,121 29,041 34,196 108,358
Additions - - 8,130 8,130
Disposals - - ( 6,000) ( 6,000)
_______ _______ _______ _______
At 31 August 2018 45,121 29,041 36,326 110,488
_______ _______ _______ _______
Depreciation
At 1 September 2017 22,269 8,712 25,650 56,631
Charge for the year 9,024 2,904 9,079 21,007
Disposals - - ( 4,500) ( 4,500)
_______ _______ _______ _______
At 31 August 2018 31,293 11,616 30,229 73,138
_______ _______ _______ _______
Carrying amount
At 31 August 2018 13,828 17,425 6,097 37,350
_______ _______ _______ _______
At 31 August 2017 22,852 20,329 8,546 51,727
_______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 545,893 552,155
Prepayments and accrued income 7,260 7,214
Other debtors 27,277 22,282
_______ _______
580,430 581,651
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 4,573 6,411
Accruals and deferred income 28,201 23,302
Corporation tax 48,151 45,701
Social security and other taxes 74,026 75,854
Director loan accounts 450,052 542,526
Other creditors 1,853 -
_______ _______
606,856 693,794
_______ _______
9. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______