Brooklyn Trading Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02747438 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

Brooklyn Trading Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs R Klyne

Mr Z Klyne

SECRETARY:

Mrs R Klyne

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

Greater Manchester

M3 2PJ

BUSINESS ADDRESS:

Cornbrook, 2 Brindley Road

Old Trafford

Manchester

M16 9HQ

REGISTERED NUMBER:

02747438 (England and Wales)

SENIOR STATUTORY AUDITOR:

Adam Caplan BSc (Hons) ACA

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Tangible assets

4

77,758

86,113

CURRENT ASSETS

Stocks

399,674

522,396

Debtors

5

233,445

226,348

Cash at bank and in hand

15,446

30,512

648,565

779,256

CREDITORS

Amounts falling due within one year

6

163,228

225,591

NET CURRENT ASSETS

485,337

553,665

TOTAL ASSETS LESS CURRENT LIABILITIES

563,095

639,778

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

562,995

639,678

SHAREHOLDERS' FUNDS

563,095

639,778

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 September 2019 and were signed on its behalf by:

Mr Z Klyne - Director

1.	STATUTORY INFORMATION

Brooklyn Trading Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates

are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the

period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a

significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both

external and internal sources of information such as market conditions and experience of recoverability. There

have been no indicators of impairments identified during the current financial year.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a

number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and

maintenance programmes are taken into account. Residual value assessments consider issues such as future

market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charges to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The company's financial statements for the year ended 31 December 2018 have been prepared on a going

concern basis, as after making appropriate enquiries, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2017 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2018

72,020

45,798

83,771

201,589

Additions

4,672

-

18,889

23,561

Disposals

-

(10,999

)

-

(10,999

)

At 31 December 2018

76,692

34,799

102,660

214,151

DEPRECIATION

At 1 January 2018

38,465

29,807

47,204

115,476

Charge for year

8,693

3,273

17,050

29,016

Eliminated on disposal

-

(8,099

)

-

(8,099

)

At 31 December 2018

47,158

24,981

64,254

136,393

NET BOOK VALUE

At 31 December 2018

29,534

9,818

38,406

77,758

At 31 December 2017

33,555

15,991

36,567

86,113

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

165,726

169,006

Other debtors

67,719

57,342

233,445

226,348

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

88,174

40,140

Amounts owed to group undertakings

13,000

100,000

Taxation and social security

25,138

43,020

Other creditors

36,916

42,431

163,228

225,591

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Caplan BSc (Hons) ACA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE PARENT UNDERTAKING

The company's parent undertaking at the balance sheet date was Klyne & Klyne (Holdings) Limited, a company

incorporated and registered in England and Wales. Copies of the financial statements of Klyne & Klyne

(Holdings) Limited can be obtained from the registered office of that company which is the same as this

company and the address can be found on the Company Information page.