BPC Ventilation Limited Filleted accounts for Companies House (small and micro)

BPC VENTILATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI606148

BPC Ventilation Limited

Filleted Unaudited Financial Statements

31 March 2019

BPC Ventilation Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

BPC Ventilation Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		107,176	38,315

Current assets

Stocks		191,000	52,250
Debtors	6	37,679	18,697
Cash at bank and in hand		129,255	62,318
		---------	---------
		357,934	133,265

Creditors: amounts falling due within one year	7	241,229		57,792
		---------		---------
Net current assets			116,705	75,473
			---------	---------
Total assets less current liabilities			223,881	113,788

Creditors: amounts falling due after more than one year	8	86,448	44,204
		---------	---------
Net assets		137,433	69,584
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	137,432	69,583
	---------	--------
Shareholders funds	137,433	69,584
	---------	--------

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 income and retained earnings has not been delivered.

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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BPC Ventilation Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:

Mrs H Burns
Director

Company registration number: NI606148

BPC Ventilation 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 Northern Ireland. The address of the registered office is 8 Redlands Road, Larne, Co Antrim, BT40 1AX.

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.

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 & machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

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.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2018: 29 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2018	12,917	–	47,000	59,917
Additions	–	8,688	84,350	93,038
	--------	-------	---------	---------
At 31 March 2019	12,917	8,688	131,350	152,955
	--------	-------	---------	---------
Depreciation
At 1 April 2018	9,852	–	11,750	21,602
Charge for the year	766	683	22,728	24,177
	--------	-------	---------	---------
At 31 March 2019	10,618	683	34,478	45,779
	--------	-------	---------	---------
Carrying amount
At 31 March 2019	2,299	8,005	96,872	107,176
	--------	-------	---------	---------
At 31 March 2018	3,065	–	35,250	38,315
	--------	-------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2019	–	94,296	94,296
	----	--------	--------
At 31 March 2018	3,065	35,250	38,315
	-------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	32,865	18,054
Other debtors	4,814	643
	--------	--------
	37,679	18,697
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	4,700	4,700
Trade creditors	190,896	11,742
Corporation tax	4,432	9,952
Social security and other taxes	17,575	8,384
Other creditors	23,626	23,014
	---------	--------
	241,229	57,792
	---------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	6,679	14,606
Other creditors	79,769	29,598
	--------	--------
	86,448	44,204
	--------	--------

9. Director's advances, credits and guarantees

There have been no directors' advances, credits or guarantees during the year.

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.