Furbanks (The Stereotypers) Limited - Period Ending 2019-05-31

Furbanks (The Stereotypers) Limited - Period Ending 2019-05-31


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Registration number: 00852403

Furbanks (The Stereotypers) Limited

Information for Filing with The Registrar

31 May 2019

 

Furbanks (The Stereotypers) Limited

(Registration number: 00852403)

Balance Sheet

31 May 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

12,204

15,351

Current assets

 

Stocks

5,808

5,629

Debtors

5

39,494

38,634

Cash at bank and in hand

 

6,273

9,017

 

51,575

53,280

Creditors: Amounts falling due within one year

6

(34,310)

(30,403)

NET CURRENT ASSETS

 

17,265

22,877

TOTAL ASSETS LESS CURRENT LIABILITIES

 

29,469

38,228

Creditors: Amounts falling due after more than one year

6

(5,016)

(7,634)

Provision for liabilities

(2,000)

(2,500)

 

22,453

28,094

Capital and reserves

 

Called up share capital

4,600

4,600

Profit and loss account

17,853

23,494

TOTAL EQUITY

 

22,453

28,094

For the financial year ending 31 May 2019 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.

Approved and authorised by the Board on 27 January 2020 and signed on its behalf by:




P.L. Armstrong

Company secretary and director

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2019

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Beza Street
Hunslet
Leeds
LS10 2BG

These financial statements were authorised for issue by the Board on 27 January 2020.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises corporation and deferred tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 years straight line basis

Fixtures and fittings

10 years straight line basis

Motor vehicles

4 years straight line basis

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2019

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2018 - 2).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2018

14,364

87,811

10,474

112,649

Additions

-

318

-

318

At 31 May 2019

14,364

88,129

10,474

112,967

Depreciation

At 1 June 2018

12,489

84,373

436

97,298

Charge for the year

294

552

2,619

3,465

At 31 May 2019

12,783

84,925

3,055

100,763

Carrying amount

At 31 May 2019

1,581

3,204

7,419

12,204

At 31 May 2018

1,875

3,438

10,038

15,351

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2019

5

Debtors

2019
£

2018
£

Trade debtors

39,494

38,634

39,494

38,634

6

Creditors

2019
£

2018
£

Due within one year

 

Loans and borrowings

2,617

2,617

Trade creditors

 

11,503

13,011

Amounts due to related parties

210

765

Corporation tax

 

12,100

8,172

Other taxes and social security

 

3,969

1,897

Other creditors

 

3,911

3,941

 

34,310

30,403

2019
£

2018
£

Due after one year

 

Loans and borrowings

5,016

7,634

7

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary shares of £1 each

4,600

4,600

4,600

4,600