Budge Brands Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05406817 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

BUDGE BRANDS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B Dhariwal

SECRETARY:

REGISTERED OFFICE:

78 Wharfdale Road

Tyseley

Birmingham

B11 2DE

REGISTERED NUMBER:

05406817 (England and Wales)

ACCOUNTANTS:

Hayers Chartered Certified Accountants

121 Livery Street

Birmingham

West Midlands

B3 1RS

FIXED ASSETS

Tangible assets

4

54,125

64,446

CURRENT ASSETS

Debtors

5

933,708

1,727,209

Cash at bank and in hand

6,375

9,265

940,083

1,736,474

CREDITORS

Amounts falling due within one year

6

664,968

1,146,776

NET CURRENT ASSETS

275,115

589,698

TOTAL ASSETS LESS CURRENT LIABILITIES

329,240

654,144

PROVISIONS FOR LIABILITIES

9,843

14,161

NET ASSETS

319,397

639,983

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

319,393

639,979

SHAREHOLDERS' FUNDS

319,397

639,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 31 October 2018 and were signed by:

B Dhariwal - Director

1.	STATUTORY INFORMATION

Budge Brands Ltd 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.

Plant and machinery etc

-

33% on cost and 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.

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 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

202,663

Additions

8,290

At 31 March 2018

210,953

DEPRECIATION

At 1 April 2017

138,217

Charge for year

18,611

At 31 March 2018

156,828

NET BOOK VALUE

At 31 March 2018

54,125

At 31 March 2017

64,446

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

51,387

463,648

Other debtors

882,321

1,263,561

933,708

1,727,209

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

33,164

369,825

Trade creditors

13,814

34,488

Taxation and social security

41,080

179,061

Other creditors

576,910

563,402

664,968

1,146,776

7.	RELATED PARTY DISCLOSURES

Other debtors include an amount of £130,755 (2017: £96,112) and £751,566 (2017: £1,160,309) owing from

"Approved Products Ltd" and "Hollandwest Ltd" respectively both companies are in common ownership and

control. Other creditors include a balance of £538,987 (2017: £289,050) payable to Premier Estates Wine

Limited, a company in common ownership and control.