Tony Birch Limited 31/03/2019 iXBRL

Tony Birch Limited 31/03/2019 iXBRL

TONY BIRCH LIMITED - Company Information

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Company registration number: 04674310
Tony Birch Limited
Unaudited filleted financial statements
31 March 2019
TONY BIRCH LIMITED
Contents
Statement of financial position
Notes to the financial statements
TONY BIRCH LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 71,211 58,872
_______ _______
71,211 58,872
Current assets
Stocks 400 400
Debtors 6 16,557 100
Cash at bank and in hand 233 4,835
_______ _______
17,190 5,335
Creditors: amounts falling due
within one year 7 ( 21,959) ( 25,515)
_______ _______
Net current liabilities ( 4,769) ( 20,180)
_______ _______
Total assets less current liabilities 66,442 38,692
Creditors: amounts falling due
after more than one year 8 ( 16,919) -
Provisions for liabilities ( 12,485) ( 9,827)
_______ _______
Net assets 37,038 28,865
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 9 37,037 28,864
_______ _______
Shareholders funds 37,038 28,865
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 16 December 2019 , and are signed on behalf of the board by:
Mr A D Birch
Director
Company registration number: 04674310
TONY BIRCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is bespoke joinery and furniture.
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 preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
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 - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Office equipment - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 1 April 2018 - 109,980 7,379 - 5,234 122,593
Additions 5,841 868 - 22,910 - 29,619
Disposals - ( 3,434) - - ( 145) ( 3,579)
_______ _______ _______ _______ _______ _______
At 31 March 2019 5,841 107,414 7,379 22,910 5,089 148,633
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2018 - 53,685 6,008 - 4,028 63,721
Charge for the year 1,168 8,346 206 5,727 298 15,745
Disposals - ( 1,910) - - ( 134) ( 2,044)
_______ _______ _______ _______ _______ _______
At 31 March 2019 1,168 60,121 6,214 5,727 4,192 77,422
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2019 4,673 47,293 1,165 17,183 897 71,211
_______ _______ _______ _______ _______ _______
At 31 March 2018 - 56,295 1,371 - 1,206 58,872
_______ _______ _______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 9,530 -
Other debtors 7,027 100
_______ _______
16,557 100
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 8,203 1,591
Accruals and deferred income 4,171 4,681
Social security and other taxes 776 1,686
Other creditors 8,809 17,557
_______ _______
21,959 25,515
_______ _______
Included within other creditors are obligations under finance leases amounting to £4,834 (2018: £Nil) which are secured against the asset to which they relate.
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 16,919 -
_______ _______
Included within other creditors are obligations under finance leases amounting to £16,919 (2018: £Nil) which are secured against the asset to which they relate.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .
10. Other financial commitments
As at 31 March 2019 the company had operating lease commitments totalling £42,750 (2018: £2,250).
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 April 2018 Loans to / (from) the director Amounts repaid Balance at 31 March 2019
£ £ £ £
( 13,113) ( 27,897) 46,734 5,724
_______ _______ _______ _______
Loans to / (from) director at 1 April 2017 Loans to / (from) the director Amounts repaid Balance at 31 March 2018
£ £ £ £
( 33,609) ( 13,200) 33,696 ( 13,113)
_______ _______ _______ _______