BEECRAFT CLASSICS FURNITURE LTD Company accounts

BEECRAFT CLASSICS FURNITURE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05551613

BEECRAFT CLASSICS FURNITURE LTD

Unaudited Financial Statements

30 September 2017

BEECRAFT CLASSICS FURNITURE LTD

Financial Statements

Year ended 30 September 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

BEECRAFT CLASSICS FURNITURE LTD

Director's Report

Year ended 30 September 2017

The director presents his report and the unaudited financial statements of the company for the year ended 30 September 2017 .

Director

The director who served the company during the year was as follows:

Mr B Hazan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 December 2018 and signed on behalf of the board by:

Mr B Hazan
Director

Registered office:

Hallswelle House

1 Hallswelle Road

London

NW11 0DH

BEECRAFT CLASSICS FURNITURE LTD

Statement of Income and Retained Earnings

Year ended 30 September 2017

	2017	2016
Note	£	£
Turnover	2,202	82,039

Cost of sales	2,131	69,777
	-------	--------
Gross profit	71	12,262

Distribution costs	6,311	( 24,319)
Administrative expenses	3,547	( 103)
Other operating income	8,250	–
	-------	--------
Operating (loss)/profit	( 1,537)	36,684

Interest payable and similar expenses		924	–
		-------	--------
(Loss)/profit before taxation	5	( 2,461)	36,684

Tax on (loss)/profit	–	( 342)
	-------	--------
(Loss)/profit for the financial year and total comprehensive income	( 2,461)	37,026
	-------	--------

Retained losses at the start of the year	( 53,870)	( 90,896)
	--------	--------
Retained losses at the end of the year	( 56,331)	( 53,870)
	--------	--------

All the activities of the company are from continuing operations.

BEECRAFT CLASSICS FURNITURE LTD

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		3,519	4,176

Current assets

Stocks		–	1,450
Debtors	7	15,577	14,368
Cash at bank and in hand		37	724
		--------	--------
		15,614	16,542

Creditors: amounts falling due within one year	8	75,364		74,488
		--------		--------
Net current liabilities			59,750	57,946
			--------	--------
Total assets less current liabilities			( 56,231)	( 53,770)
			--------	--------
Net liabilities			( 56,231)	( 53,770)
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 56,331)	( 53,870)
	--------	--------
Shareholders deficit	( 56,231)	( 53,770)
	--------	--------

These financial statements have been prepared 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'.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:

Mr B Hazan
Director

Company registration number: 05551613

BEECRAFT CLASSICS FURNITURE LTD

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Land and buildings	-	2% straight line
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

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 stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	657	6,481
	----	-------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 October 2016 and 30 September 2017	9,438	7,885	3,285	20,608
	-------	-------	-------	--------
Depreciation
At 1 October 2016	6,938	6,702	2,792	16,432
Charge for the year	189	295	173	657
	-------	-------	-------	--------
At 30 September 2017	7,127	6,997	2,965	17,089
	-------	-------	-------	--------
Carrying amount
At 30 September 2017	2,311	888	320	3,519
	-------	-------	-------	--------
At 30 September 2016	2,500	1,183	493	4,176
	-------	-------	-------	--------

7. Debtors

	2017	2016
	£	£
Other debtors	15,577	14,368
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	24,753	26,660
Trade creditors	35,271	37,219
Social security and other taxes	6,320	2,289
Other creditors	9,020	8,320
	--------	--------
	75,364	74,488
	--------	--------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.