Bourne Flooring (East Sussex) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06492984 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2019

FOR

BOURNE FLOORING (EAST SUSSEX) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R A Cardno

Mrs S Cardno

Mr A K Price

Ms B Price

REGISTERED OFFICE:

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

REGISTERED NUMBER:

06492984 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

FIXED ASSETS

Tangible assets

5

24,893

33,168

CURRENT ASSETS

Debtors

6

112,577

95,629

Cash at bank and in hand

230,030

249,596

342,607

345,225

CREDITORS

Amounts falling due within one year

7

227,753

189,451

NET CURRENT ASSETS

114,854

155,774

TOTAL ASSETS LESS CURRENT LIABILITIES

139,747

188,942

PROVISIONS FOR LIABILITIES

8

2,376

346

NET ASSETS

137,371

188,596

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

137,270

188,495

SHAREHOLDERS' FUNDS

137,371

188,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors on 25 November 2019 and were signed on its behalf by:

Mr R A Cardno - Director

1.	STATUTORY INFORMATION

Bourne Flooring (East Sussex) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

All fixed assets are initially recorded at cost.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the

recognition of financial assets and liabilities, like trade and other accounts receivable and

payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including

loans and other accounts receivable and payable, are initially measured at the present value

of the future cash flows and subsequently measured at amortised cost using the effective

interest method. Debt instruments that are payable or receivable within one year, typically

trade payables or receivables, are measured, initially and subsequently, at the undiscounted

transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the

payment of a trade debt deferred beyond normal business terms or financed at a rate of

interest that is not a market rate, the financial asset or liability is measured, initially, at the

present value of the future cash flow discounted at a market rate of interest for a similar debt

instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the

difference between an asset's carrying amount and the present value of the estimated cash

flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as

the difference between an asset's carrying amount and best estimate of the recoverable

amount, which is an approximation of the amount that the Company would receive for the

asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are

equivalent to a similar debt instrument, those financial instruments are classed as financial

liabilities. Financial liabilities are presented as such in the balance sheet and measured as

detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of

a financial liability then this is classed as an equity instrument. Dividends and distributions

relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability

using the effective interest method so that the amount charged is at a constant rate on the

carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and

Loss account, 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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2018

and 28 February 2019

73,873

1,098

74,971

DEPRECIATION

At 1 March 2018

41,040

763

41,803

Charge for year

8,208

67

8,275

At 28 February 2019

49,248

830

50,078

NET BOOK VALUE

At 28 February 2019

24,625

268

24,893

At 28 February 2018

32,833

335

33,168

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

93,520

86,032

Other debtors

18,553

8,744

Prepayments and accrued income

504

853

112,577

95,629

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

850

Trade creditors

-

275

Corporation tax

95,514

101,682

VAT

37,285

31,494

Directors' current accounts

86,806

49,312

Accruals and deferred income

8,148

5,838

227,753

189,451

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

2,376

346

Deferred

tax

£

Balance at 1 March 2018

346

Provided during year

2,030

Balance at 28 February 2019

2,376

9.	RELATED PARTY DISCLOSURES

Included in other creditors are interest free loans to the value of £86,806 (2018 - £49,312)

due to the directors of the company.