Bunbury Agency Limited Filleted accounts for Companies House (small and micro)

BUNBURY AGENCY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04975774

Bunbury Agency Limited

Filleted Unaudited Financial Statements

31 March 2020

Bunbury Agency Limited

Financial Statements

Year ended 31st March 2020

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Bunbury Agency Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Bunbury Agency Limited

Year ended 31st March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bunbury Agency Limited for the year ended 31st March 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Bunbury Agency Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Bunbury Agency Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bunbury Agency Limited and its director for our work or for this report.

It is your duty to ensure that Bunbury Agency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bunbury Agency Limited. You consider that Bunbury Agency Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bunbury Agency Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

UHY HACKER YOUNG Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

23 December 2020

Bunbury Agency Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

FIXED ASSETS

Tangible assets	5		7,648	8,844

CURRENT ASSETS

Debtors	6	66,130	58,250
Cash at bank and in hand		3,660	37
		---------	---------
		69,790	58,287

CREDITORS: amounts falling due within one year	7	38,249		34,703
		---------		---------
NET CURRENT ASSETS			31,541	23,584
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			39,189	32,428

PROVISIONS

Taxation including deferred tax	1,453	1,680
	---------	---------
NET ASSETS	37,736	30,748
	---------	---------

Bunbury Agency Limited

Statement of Financial Position (continued)

31 March 2020

	2020		2019
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	37,636	30,648
	---------	---------
SHAREHOLDERS FUNDS	37,736	30,748
	---------	---------

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 Section 1A of 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 31st March 2020 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 .

These financial statements were approved by the board of directors and authorised for issue on 23 December 2020 , and are signed on behalf of the board by:

Mrs S Green
Director

Company registration number: 04975774

Bunbury Agency Limited

Notes to the Financial Statements

Year ended 31st March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Johns Chambers, Love Street, Chester, CH1 1QN.

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	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance
Computer equipment	-	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.

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 as a finance cost in profit or loss in the period it arises.

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. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1st April 2019	3,736	9,087	15,558	28,381
Additions	–	–	499	499
	--------	--------	---------	---------
At 31st March 2020	3,736	9,087	16,057	28,880
	--------	--------	---------	---------
Depreciation
At 1st April 2019	1,564	5,989	11,984	19,537
Charge for the year	326	465	904	1,695
	--------	--------	---------	---------
At 31st March 2020	1,890	6,454	12,888	21,232
	--------	--------	---------	---------
Carrying amount
At 31st March 2020	1,846	2,633	3,169	7,648
	--------	--------	---------	---------
At 31st March 2019	2,172	3,098	3,574	8,844
	--------	--------	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	12,959	19,800
Other debtors	53,171	38,450
	---------	---------
	66,130	58,250
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	–	867
Trade creditors	1,602	2,665
Corporation tax	11,953	9,321
Social security and other taxes	17,548	16,876
Other creditors	7,146	4,974
	---------	---------
	38,249	34,703
	---------	---------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs S Green	35,629	70,305	( 54,020)	51,914
	---------	---------	---------	---------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs S Green	27,316	46,333	( 38,020)	35,629
	---------	---------	---------	---------

9. Related party transactions

The director's loan is overdrawn as at 31st March 2020 in respect to Mrs S Green , in the sum of £51,914 (2019: £35,629). The balance was cleared within nine months of the year end. Interest is charged on this loan at 2.5%. The company was under the control of Mrs S Green throughout the current period. Mrs S Green is a director and majority shareholder. Dividends were paid to Mrs S Green during the financial year in the sum of £41,000 (2019: £37,500) and to Ms M Green during the financial year in the sum of £2,000 (2019: £0) There were no other transactions with related parties were undertaken such as are required to be disclosed under FRSSE.