Britannia Services (UK) Limited Company Accounts

BRITANNIA SERVICES (UK) 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 2016-05-01 Sage Accounts Production Advanced 2017 Update 4 - FRS xbrli:pure xbrli:shares iso4217:GBP 02825738 2016-05-01 2017-04-30 02825738 2017-04-30 02825738 2016-04-30 02825738 2015-05-01 2016-04-30 02825738 2016-04-30 02825738 core:FurnitureFittings 2016-05-01 2017-04-30 02825738 core:MotorVehicles 2016-05-01 2017-04-30 02825738 bus:Director1 2016-05-01 2017-04-30 02825738 bus:Director3 2016-05-01 2017-04-30 02825738 core:FurnitureFittings 2016-04-30 02825738 core:MotorVehicles 2016-04-30 02825738 core:FurnitureFittings 2017-04-30 02825738 core:MotorVehicles 2017-04-30 02825738 core:WithinOneYear 2017-04-30 02825738 core:WithinOneYear 2016-04-30 02825738 core:ShareCapital 2017-04-30 02825738 core:ShareCapital 2016-04-30 02825738 core:SharePremium 2017-04-30 02825738 core:SharePremium 2016-04-30 02825738 core:RetainedEarningsAccumulatedLosses 2017-04-30 02825738 core:RetainedEarningsAccumulatedLosses 2016-04-30 02825738 core:FurnitureFittings 2016-04-30 02825738 core:MotorVehicles 2016-04-30 02825738 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2017-04-30 02825738 bus:Director1 2017-04-30 02825738 bus:Director1 2016-04-30 02825738 bus:Director1 2015-05-01 2016-04-30 02825738 bus:FRS102 2016-05-01 2017-04-30 02825738 bus:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 02825738 bus:FullAccounts 2016-05-01 2017-04-30 02825738 bus:SmallCompaniesRegimeForAccounts 2016-05-01 2017-04-30 02825738 bus:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30

COMPANY REGISTRATION NUMBER: 02825738

Britannia Services (UK) Limited

Filleted Unaudited Financial Statements

30 April 2017

Britannia Services (UK) Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Britannia Services (UK) Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		47,084	703

Current assets

Stocks		5,000	5,000
Debtors	6	409,867	449,893
Cash at bank and in hand		438,239	513,274
		---------	---------
		853,106	968,167

Creditors: amounts falling due within one year	7	232,026		334,713
		---------		---------
Net current assets			621,080	633,454
			---------	---------
Total assets less current liabilities			668,164	634,157
			---------	---------
Net assets			668,164	634,157
			---------	---------

Britannia Services (UK) Limited

Statement of Financial Position (continued)

30 April 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2,005	2,005
Share premium account	21,080	21,080
Profit and loss account	645,079	611,072
	---------	---------
Shareholders funds	668,164	634,157
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 11 January 2018 , and are signed on behalf of the board by:

Mr K V Harris	Mr D Shaw
Director	Director

Company registration number: 02825738

Britannia Services (UK) Limited

Notes to the Financial Statements

Year ended 30 April 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 Britannia House, 45 Britannia Way, Lichfield, Staffordshire, WS14 9UY.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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:

Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 9 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 May 2016	2,819	9,824	12,643
Additions	–	59,465	59,465
Disposals	–	( 9,824)	( 9,824)
	-------	--------	--------
At 30 April 2017	2,819	59,465	62,284
	-------	--------	--------
Depreciation
At 1 May 2016	2,614	9,326	11,940
Charge for the year	51	12,535	12,586
Disposals	–	( 9,326)	( 9,326)
	-------	--------	--------
At 30 April 2017	2,665	12,535	15,200
	-------	--------	--------
Carrying amount
At 30 April 2017	154	46,930	47,084
	-------	--------	--------
At 30 April 2016	205	498	703
	-------	--------	--------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 30 April 2017	4,465
	-------
At 30 April 2016	–
	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	389,192	449,893
Amounts owed by group undertakings and undertakings in which the company has a participating interest	20,675	–
	---------	---------
	409,867	449,893
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	88,143	97,387
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	12,029
Corporation tax	27,639	94,122
Social security and other taxes	21,165	111,267
Other creditors	95,079	19,908
	---------	---------
	232,026	334,713
	---------	---------

8. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr K V Harris	–	( 2,482)	( 2,482)
	----	-------	-------

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr K V Harris	–	( 2,482)	( 2,482)
	----	-------	-------

9. Related party transactions

The company was under the control of Mr David Shaw throughout the current and previous year. Mr Shaw is the managing director of the.company.and also the majority shareholder in Britannia Services Group Limited. Britannia Services Group Limited owns 76% of the company's ordinary share capital. During the year the company paid £70,600 management fees to Britannia Services Group Limited (2016 - £20,000).

10. Controlling party

Britannia Services Group Ltd is the ultimate parent company.

11. Transition to FRS 102

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

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