Birdham Stores Limited 31/05/2018 iXBRL
Birdham Stores Limited 31/05/2018 iXBRL
Statement of consent to prepare abridged financial statements
Company registration number:
05060686
Unaudited filleted abridged financial statements
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Directors and other information
Directors |
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Secretary |
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Company number |
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Registered office |
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Statement of financial position
31 May 2018
2018 | 2017 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 10 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital | 11 |
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Other reserve |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 March 2019
, and are signed on behalf of the board by:
Director
Company registration number:
05060686
Statement of changes in equity
Year ended 31 May 2018
Called up share capital | Other reserve | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 1 June 2016 |
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Profit for the year |
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Total comprehensive income for the year | - | - |
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Dividends paid and payable |
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Total investments by and distributions to owners | - | - |
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At 31 May 2017 and 1 June 2017 |
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Profit for the year |
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Total comprehensive income for the year | - | - |
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Dividends paid and payable |
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Total investments by and distributions to owners | - | - |
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At 31 May 2018 |
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Notes to the financial statements
Year ended 31 May 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 Main Road, Birdham, Chichester, West Sussex, PO20 7HU.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
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
Goodwill
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:
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
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 | - |
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Fittings fixtures and equipment | - |
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Motor vehicles | - |
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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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Stocks
Provisions
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2017:
9
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5.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 June 2017 and 31 May 2018 |
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Amortisation | |||
At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount | |||
At 31 May 2018 |
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At 31 May 2017 |
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6.
Tangible assets
Freehold property | Plant and machinery | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 June 2017 |
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Additions | - | 6,098 | 6,098 | |
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At 31 May 2018 |
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Depreciation | ||||
At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount | ||||
At 31 May 2018 | - |
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At 31 May 2017 |
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7.
Investments
Other investments other than loans | Total | ||
£ | £ | ||
Cost | |||
At 1 June 2017 and 31 May 2018 |
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Impairment | |||
At 1 June 2017 and 31 May 2018 | - | - | |
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Carrying amount | |||
At 31 May 2018 |
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At 31 May 2017 |
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8.
Debtors
2018 | 2017 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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9.
Creditors: amounts falling due within one year
2018 | 2017 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors | - |
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_______ | _______ | |||
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_______ | _______ | |||
10.
Creditors: amounts falling due after more than one year
2018 | 2017 | |||
£ | £ | |||
Secured bank loans |
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_______ | _______ | |||
The bank loan is secured by a fixed and floating charge over the company's assets.
11.
Called up share capital
Issued, called up and fully paid
2018 | 2017 | ||||||||
No | £ | No | £ | ||||||
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126 | 126 | 126 | 126 | |||||
_______ | _______ | _______ | _______ | ||||||
12.
Directors advances, credits and guarantees
At the end of the year, the company owed £39,228 (2017 - £37,098) to
Depen Chudasama
who is a director of the company.
13.
Related party transactions
In accordance to a lease dated 27th May 2004, the company paid annual rent of £45,000 (2017 - £45,000) to
Depen Chudasama
who owns the freehold premises.
14.
Controlling party
During the year the company was controlled by
Depen Chudasama
who is a director and shareholder of the company.