E. Byng (Builders) Limited Filleted accounts for Companies House (small and micro)

E. Byng (Builders) Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 00675546
E. Byng (Builders) Limited
Filleted Unaudited Financial Statements
30 November 2018
E. Byng (Builders) Limited
Statement of Financial Position
30 November 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
4
266,500
266,500
Current assets
Debtors
5
105
Investments
6
68,852
68,852
Cash at bank and in hand
29,670
61,048
--------
---------
98,522
130,005
Creditors: amounts falling due within one year
7
116,710
133,240
---------
---------
Net current liabilities
18,188
3,235
---------
---------
Total assets less current liabilities
248,312
263,265
Provisions
19,394
19,394
---------
---------
Net assets
228,918
243,871
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
226,294
226,294
Profit and loss account
624
15,577
---------
---------
Shareholders funds
228,918
243,871
---------
---------
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.
For the year ending 30th 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 .
E. Byng (Builders) Limited
Statement of Financial Position (continued)
30 November 2018
These financial statements were approved by the board of directors and authorised for issue on 29 July 2019 , and are signed on behalf of the board by:
Mr G D Morgan
Director
Company registration number: 00675546
E. Byng (Builders) Limited
Notes to the Financial Statements
Year ended 30th 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 15 Woodman Road, Halesowen, West Midlands, B63 3EJ.
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.
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.
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.
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 as a finance cost 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 are 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.
4. Tangible assets
Freehold property
£
Cost
At 1st December 2017 and 30th November 2018
266,500
---------
Depreciation
At 1st December 2017 and 30th November 2018
---------
Carrying amount
At 30th November 2018
266,500
---------
At 30th November 2017
266,500
---------
5. Debtors
2018
2017
£
£
Trade debtors
100
Other debtors
5
----
----
105
----
----
6. Investments
2018
2017
£
£
Other investments
68,852
68,852
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
4,225
Other creditors
116,710
129,015
---------
---------
116,710
133,240
---------
---------
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
Balance outstanding
£
£
£
Mrs D Byng
( 43,616)
( 3,375)
( 46,991)
Mr E E Byng
( 83,712)
( 10,176)
( 93,888)
Mr G D Morgan
25,000
25,000
---------
--------
---------
( 127,328)
11,449
( 115,879)
---------
--------
---------
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs D Byng
( 43,616)
( 43,616)
Mr E E Byng
( 83,712)
( 83,712)
Mr G D Morgan
----
---------
---------
( 127,328)
( 127,328)
----
---------
---------