Burns Sheehan Limited 30/11/2018 iXBRL

Burns Sheehan Limited 30/11/2018 iXBRL

BURNS SHEEHAN LIMITED - Company Information

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30/11/2018 2018-11-30 false false false false false false false false false false true false false true false false false false false true true false No description of principal activities is disclosed 2017-12-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 05070421 2017-12-01 2018-11-30 05070421 2018-11-30 05070421 2017-11-30 05070421 2016-12-01 2017-11-30 05070421 2017-11-30 05070421 core:PlantMachinery 2017-12-01 2018-11-30 05070421 core:FurnitureFittingsToolsEquipment 2017-12-01 2018-11-30 05070421 bus:Director1 2017-12-01 2018-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2017-11-30 05070421 core:FurnitureFittingsToolsEquipment 2017-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2018-11-30 05070421 core:FurnitureFittingsToolsEquipment 2018-11-30 05070421 core:WithinOneYear 2018-11-30 05070421 core:WithinOneYear 2017-11-30 05070421 core:ShareCapital 2018-11-30 05070421 core:ShareCapital 2017-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2018-11-30 05070421 core:RetainedEarningsAccumulatedLosses 2017-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2017-12-01 2018-11-30 05070421 core:LandBuildings core:ShortLeaseholdAssets 2017-11-30 05070421 core:FurnitureFittingsToolsEquipment 2017-11-30 05070421 bus:Director1 2017-11-30 05070421 bus:Director1 2018-11-30 05070421 bus:Director1 2016-11-30 05070421 bus:Director1 2017-11-30 05070421 bus:Director1 2016-12-01 2017-11-30 05070421 bus:SmallEntities 2017-12-01 2018-11-30 05070421 bus:AuditExempt-NoAccountantsReport 2017-12-01 2018-11-30 05070421 bus:FullAccounts 2017-12-01 2018-11-30 05070421 bus:SmallCompaniesRegimeForAccounts 2017-12-01 2018-11-30 05070421 bus:PrivateLimitedCompanyLtd 2017-12-01 2018-11-30 05070421 core:LandBuildings core:LongLeaseholdAssets 2017-12-01 2018-11-30
Company registration number: 05070421
Burns Sheehan Limited
Unaudited filleted financial statements
30 November 2018
Burns Sheehan Limited
Contents
Statement of financial position
Notes to the financial statements
Burns Sheehan Limited
Statement of financial position
30 November 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 178,633 188,823
_______ _______
178,633 188,823
Current assets
Debtors 6 2,921,565 2,534,783
Cash at bank and in hand 1,000,827 731,239
_______ _______
3,922,392 3,266,022
Creditors: amounts falling due
within one year 7 ( 3,062,299) ( 2,778,925)
_______ _______
Net current assets 860,093 487,097
_______ _______
Total assets less current liabilities 1,038,726 675,920
Provisions for liabilities ( 33,940) ( 35,876)
_______ _______
Net assets 1,004,786 640,044
_______ _______
Capital and reserves
Called up share capital 75,699 75,699
Profit and loss account 929,087 564,345
_______ _______
Shareholders funds 1,004,786 640,044
_______ _______
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 February 2019 , and are signed on behalf of the board by:
Mr Sean Michael Burns
Director
Company registration number: 05070421
Burns Sheehan Limited
Notes to the financial statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brick House, 150A Station Road, Woburn Sands, Milton Keynes, MK17 8SG.
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 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.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % 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 .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 38 (2017: 37 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2017 24,085 260,773 284,858
Additions - 32,251 32,251
_______ _______ _______
At 30 November 2018 24,085 293,024 317,109
_______ _______ _______
Depreciation
At 1 December 2017 5,820 90,215 96,035
Charge for the year 2,408 40,033 42,441
_______ _______ _______
At 30 November 2018 8,228 130,248 138,476
_______ _______ _______
Carrying amount
At 30 November 2018 15,857 162,776 178,633
_______ _______ _______
At 30 November 2017 18,265 170,558 188,823
_______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 2,004,395 1,570,673
Other debtors 917,170 964,110
_______ _______
2,921,565 2,534,783
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 607,250 341,379
Corporation tax 213,487 176,278
Social security and other taxes 231,073 259,069
Other creditors 2,010,489 2,002,199
_______ _______
3,062,299 2,778,925
_______ _______
Included in other creditors is £1,142,810 (2017 - £1,190,830) due to Lloyds TSB Commercial Finance in respect of debt factoring. Lloyds TSB Commercial Finance and Lloyds TSB Bank PLC both hold fixed and floating charges over the assets of the company in respect of debt factoring and bank borrowings respectively.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Sean Michael Burns 20,708 20,000 ( 20,708) 20,000
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Sean Michael Burns 47,748 310,000 ( 337,040) 20,708
_______ _______ _______ _______
The loan bears interest at 3% and is repayable on demand.