Brookson (5388) Limited Company Accounts

BROOKSON (5388) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06066179

Brookson (5388) Limited

Unaudited Financial Statements

31 March 2017

HORNER, DOWNEY & COMPANY LIMITED

Chartered Accountants

10 Stadium Court

Stadium Road

Bromborough

Wirral

United Kingdom

CH62 3RP

Brookson (5388) Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Brookson (5388) Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	6		23		46

Current assets

Cash at bank and in hand	21,773		8,016

Creditors: amounts falling due within one year	7	14,742		7,615
		---------		--------
Net current assets			7,031		401
			--------		-----
Total assets less current liabilities			7,054		447
			--------		-----
Net assets			7,054		447
			--------		-----

Capital and reserves

Called up share capital	2	1
Profit and loss account	7,052	446
	--------	-----
Members funds	7,054	447
	--------	-----

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 31 March 2017 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Brookson (5388) Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 31 May 2017 , and are signed on behalf of the board by:

Mr Mulligan
Director

Company registration number: 06066179

Brookson (5388) Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	1	90	91

Profit for the year		29,556	29,556
	-----	---------	---------
Total comprehensive income for the year	–	29,556	29,556

Dividends paid and payable	–	( 29,200)	( 29,200)
	-----	---------	---------
Total investments by and distributions to owners	–	( 29,200)	( 29,200)

At 31 March 2016	1	446	447

Profit for the year		45,906	45,906
	-----	---------	---------
Total comprehensive income for the year	–	45,906	45,906

Issue of shares	1	–	1
Dividends paid and payable	–	( 39,300)	( 39,300)
	-----	---------	---------
Total investments by and distributions to owners	1	( 39,300)	( 39,299)

	-----	---------	---------
At 31 March 2017	2	7,052	7,054
	-----	---------	---------

Brookson (5388) Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Stadium Court, Stadium Road, Wirral, Merseyside, CH62 3RP, United Kingdom.

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 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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:

	Equipment	-	50% reducing balance

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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	23	47
	-----	-----

6. Tangible assets

	Equipment
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	1,361
	--------
Depreciation
At 1 April 2016	1,315
Charge for the year	23
	--------
At 31 March 2017	1,338
	--------
Carrying amount
At 31 March 2017	23
	--------
At 31 March 2016	46
	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	28	118
Corporation tax	11,521	7,400
Social security and other taxes	2,340	76
Director loan accounts	853	21
	---------	--------
	14,742	7,615
	---------	--------

8. Director's advances, credits and guarantees

There were no director's advances or guarantees during the year.

9. Related party transactions

The company was under the control of Mr. R. Mulligan throughout the current and previous year. Mr. R. Mulligan is the managing director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.