Read Brothers Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02295004 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

READ BROTHERS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S A Read

B J Read

M J Read

J M Read

SECRETARY:

B J Read

REGISTERED OFFICE:

Burnet Road

Sweetbriar Road Industrial Estate

Norwich

Norfolk

NR3 2BS

REGISTERED NUMBER:

02295004 (England and Wales)

ACCOUNTANTS:

Quinneys

Chartered Accountants

Saxon House

Hellesdon Park Road

Norwich

Norfolk

NR6 5DR

BANKERS:

Barclays Bank Plc

3 St James Court

Whitefriars

Norwich

Norfolk

NR3 1RJ

FIXED ASSETS

Tangible assets

2

554,123

563,722

Investments

3

90,000

135,000

644,123

698,722

CURRENT ASSETS

Stocks

279,808

234,920

Debtors

788,930

661,435

Cash at bank and in hand

427,048

427,888

1,495,786

1,324,243

CREDITORS

Amounts falling due within one year

4

1,125,542

1,097,793

NET CURRENT ASSETS

370,244

226,450

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,014,367

925,172

CREDITORS

Amounts falling due after more than one
year

4

(35,556

)

(62,223

)

PROVISIONS FOR LIABILITIES

(31,793

)

(36,908

)

NET ASSETS

947,018

826,041

CAPITAL AND RESERVES

Called up share capital

5

92,500

Capital redemption reserve

57,500

Profit and loss account

797,018

676,041

SHAREHOLDERS' FUNDS

947,018

826,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 June 2017 and were signed on its behalf by:

B J Read - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Straight line over 93 years

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

No depreciation has been provided on freehold buildings in accordance with Financial Reporting Standard 15 as

both the charge and the accumulated balance of depreciation would be immaterial.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

1,000,599

Additions

31,374

At 30 September 2016

1,031,973

DEPRECIATION

At 1 October 2015

436,877

Charge for year

40,973

At 30 September 2016

477,850

NET BOOK VALUE

At 30 September 2016

554,123

At 30 September 2015

563,722

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2016

2015

£

Investments

135,000

95,000

Addition

-

40,000

Disposal

(45,000

)

-

90,000

135,000

4.

CREDITORS

Creditors include an amount of £ 62,222 (2015 - £ 88,889 ) for which security has been given.

Obligations under hire purchase agreements are secured on the assets acquired.

5.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

92,500

Ordinary

£1

92,500

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, included within debtors due within one year are loans to the directors S A Read £32,567 (2015:

£43,282 included within creditors), B J Read £35,176 (2015: £24,138 included within creditors). The director S

A Read repaid his loan shortly after the year end.

At the year end, included within creditors due within one year are loans from the director M J Read £91 (2015:

£91). These loans are unsecured, interest free and repayable on demand.