Brunskill Limited - Period Ending 2018-03-31

Brunskill Limited - Period Ending 2018-03-31


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Registration number: 09123761

Brunskill Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

 

Brunskill Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Brunskill Limited

Company Information

Director

Mr M Brunskill

Registered office

10th Floor
3 Hardman Street
Manchester
M3 3HF

Accountants

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

 

Brunskill Limited

(Registration number: 09123761)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

158,333

183,333

Tangible assets

5

42

167

 

158,375

183,500

Current assets

 

Debtors

6

90,500

108,277

Cash at bank and in hand

 

340,372

316,719

 

430,872

424,996

Creditors: Amounts falling due within one year

7

(219,658)

(158,488)

Net current assets

 

211,214

266,508

Total assets less current liabilities

 

369,589

450,008

Creditors: Amounts falling due after more than one year

7

(158,500)

(183,500)

Net assets

 

211,089

266,508

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

210,089

265,508

Total equity

 

211,089

266,508

 

Brunskill Limited

(Registration number: 09123761)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 by the director on 29 January 2019
 

.........................................

Mr M Brunskill
Director

 

Brunskill Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10th Floor
3 Hardman Street
Manchester
M3 3HF

These financial statements were authorised for issue by the director on 29 January 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current tax. 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 in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Brunskill Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity 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 entity 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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 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 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

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Brunskill Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

250,000

250,000

At 31 March 2018

250,000

250,000

Amortisation

At 1 April 2017

66,667

66,667

Amortisation charge

25,000

25,000

At 31 March 2018

91,667

91,667

Carrying amount

At 31 March 2018

158,333

158,333

At 31 March 2017

183,333

183,333

 

Brunskill Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

200

300

500

At 31 March 2018

200

300

500

Depreciation

At 1 April 2017

133

200

333

Charge for the year

50

75

125

At 31 March 2018

183

275

458

Carrying amount

At 31 March 2018

17

25

42

At 31 March 2017

67

100

167

6

Debtors

2018
£

2017
£

Trade debtors

90,500

106,652

Other debtors

-

1,625

90,500

108,277

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

4,106

340

Accruals and deferred income

1,600

1,500

Other creditors

213,952

156,648

219,658

158,488

Creditors: amounts falling due after more than one year

2018
£

2017
£

Due after one year

Other non-current financial liabilities

158,500

183,500

 

Brunskill Limited

Notes to the Financial Statements for the Year Ended 31 March 2018