Black Widow Exhausts Limited Filleted accounts for Companies House (small and micro)

BLACK WIDOW EXHAUSTS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-12-01 Sage Accounts Production Advanced 2018 - FRS 23,913 9,471 4,784 14,255 9,658 14,442 xbrli:pure xbrli:shares iso4217:GBP 05615813 2018-12-01 2019-11-30 05615813 2019-11-30 05615813 2018-11-30 05615813 2017-12-01 2018-11-30 05615813 2018-11-30 05615813 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-12-01 2019-11-30 05615813 core:PlantMachinery 2018-12-01 2019-11-30 05615813 core:FurnitureFittings 2018-12-01 2019-11-30 05615813 core:MotorVehicles 2018-12-01 2019-11-30 05615813 bus:Director1 2018-12-01 2019-11-30 05615813 bus:Director2 2018-12-01 2019-11-30 05615813 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-11-30 05615813 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-11-30 05615813 core:PlantMachinery 2018-11-30 05615813 core:FurnitureFittings 2018-11-30 05615813 core:MotorVehicles 2018-11-30 05615813 core:PlantMachinery 2019-11-30 05615813 core:FurnitureFittings 2019-11-30 05615813 core:MotorVehicles 2019-11-30 05615813 core:WithinOneYear 2019-11-30 05615813 core:WithinOneYear 2018-11-30 05615813 core:AfterOneYear 2018-11-30 05615813 core:ShareCapital 2019-11-30 05615813 core:ShareCapital 2018-11-30 05615813 core:RetainedEarningsAccumulatedLosses 2019-11-30 05615813 core:RetainedEarningsAccumulatedLosses 2018-11-30 05615813 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-11-30 05615813 core:PlantMachinery 2018-11-30 05615813 core:FurnitureFittings 2018-11-30 05615813 core:MotorVehicles 2018-11-30 05615813 bus:SmallEntities 2018-12-01 2019-11-30 05615813 bus:AuditExemptWithAccountantsReport 2018-12-01 2019-11-30 05615813 bus:FullAccounts 2018-12-01 2019-11-30 05615813 bus:SmallCompaniesRegimeForAccounts 2018-12-01 2019-11-30 05615813 bus:PrivateLimitedCompanyLtd 2018-12-01 2019-11-30 05615813 core:OfficeEquipment 2018-11-30 05615813 core:OfficeEquipment 2018-12-01 2019-11-30 05615813 core:OfficeEquipment 2019-11-30

COMPANY REGISTRATION NUMBER: 05615813

Black Widow Exhausts Limited

Filleted Unaudited Financial Statements

30 November 2019

Black Widow Exhausts Limited

Statement of Financial Position

30 November 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	9,658	14,442
Tangible assets	6	164,657	96,242
		---------	---------
		174,315	110,684

Current assets

Stocks		1,258,340	819,953
Debtors	7	254,519	246,770
Cash at bank and in hand		367,533	570,104
		------------	------------
		1,880,392	1,636,827

Creditors: amounts falling due within one year	8	194,481		243,593
		------------		------------
Net current assets			1,685,911	1,393,234
			------------	------------
Total assets less current liabilities			1,860,226	1,503,918

Creditors: amounts falling due after more than one year	9		–	542

Provisions

Taxation including deferred tax	23,943	16,185
	------------	------------
Net assets	1,836,283	1,487,191
	------------	------------

Black Widow Exhausts Limited

Statement of Financial Position (continued)

30 November 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,836,281	1,487,189
	------------	------------
Shareholders funds	1,836,283	1,487,191
	------------	------------

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.

For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 8 April 2020 , and are signed on behalf of the board by:

Mr L J Morrow	Mr R G Morrow
Director	Director

Company registration number: 05615813

Black Widow Exhausts Limited

Notes to the Financial Statements

Year ended 30 November 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Deferred taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website development	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

Equipment	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	Varying rates

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

A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 7 ).

5. Intangible assets

	Website development
	£
Cost
At 1 December 2018 and 30 November 2019	23,913
	--------
Amortisation
At 1 December 2018	9,471
Charge for the year	4,784
	--------
At 30 November 2019	14,255
	--------
Carrying amount
At 30 November 2019	9,658
	--------
At 30 November 2018	14,442
	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 December 2018	53,756	52,909	52,670	8,247	167,582
Additions	6,452	410	78,170	36,129	121,161
Disposals	–	–	( 48,500)	–	( 48,500)
	--------	--------	--------	--------	---------
At 30 November 2019	60,208	53,319	82,340	44,376	240,243
	--------	--------	--------	--------	---------
Depreciation
At 1 December 2018	22,269	19,493	25,288	4,290	71,340
Charge for the year	8,583	8,433	10,799	1,306	29,121
Disposals	–	–	( 24,875)	–	( 24,875)
	--------	--------	--------	--------	---------
At 30 November 2019	30,852	27,926	11,212	5,596	75,586
	--------	--------	--------	--------	---------
Carrying amount
At 30 November 2019	29,356	25,393	71,128	38,780	164,657
	--------	--------	--------	--------	---------
At 30 November 2018	31,487	33,416	27,382	3,957	96,242
	--------	--------	--------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	5,873	2,545
Other debtors	248,646	244,225
	---------	---------
	254,519	246,770
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	18,164	8,808
Corporation tax	153,224	177,234
Social security and other taxes	–	23,998
Other creditors	23,093	33,553
	---------	---------
	194,481	243,593
	---------	---------

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

	2019	2018
	£	£
Other creditors	–	542
	----	----

10. Other financial commitments

Total financial commitments that are not included in the balance sheet amount to £54,250.