Read Brothers Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02295004 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

READ BROTHERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Read

M J Read

J M Read

Mrs A E Read

Mrs I J 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

4

634,290

554,123

Investments

5

90,000

90,000

724,290

644,123

CURRENT ASSETS

Stocks

349,693

279,808

Debtors

6

826,301

788,930

Cash at bank and in hand

458,396

427,048

1,634,390

1,495,786

CREDITORS

Amounts falling due within one year

7

1,164,636

1,125,542

NET CURRENT ASSETS

469,754

370,244

TOTAL ASSETS LESS CURRENT LIABILITIES

1,194,044

1,014,367

CREDITORS

Amounts falling due after more than one year

8

(8,889

)

(35,556

)

PROVISIONS FOR LIABILITIES

(49,675

)

(31,793

)

NET ASSETS

1,135,480

947,018

CAPITAL AND RESERVES

Called up share capital

92,500

92,500

Capital redemption reserve

57,500

57,500

Retained earnings

985,480

797,018

SHAREHOLDERS' FUNDS

1,135,480

947,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 June 2018 and were signed on its behalf by:

B J Read - Director

1.	STATUTORY INFORMATION

Read Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

396,546

635,427

1,031,973

Additions

4,492

136,340

140,832

Disposals

-

(14,900

)

(14,900

)

At 30 September 2017

401,038

756,867

1,157,905

DEPRECIATION

At 1 October 2016

35,607

442,243

477,850

Charge for year

2,356

43,409

45,765

At 30 September 2017

37,963

485,652

523,615

NET BOOK VALUE

At 30 September 2017

363,075

271,215

634,290

At 30 September 2016

360,939

193,184

554,123

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Investments

90,000

135,000

Disposal

-

(45,000

)

90,000

90,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

679,368

637,603

Other debtors

146,933

151,327

826,301

788,930

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

3,282

Trade creditors

715,910

611,666

Taxation and social security

172,547

212,855

Other creditors

276,179

297,739

1,164,636

1,125,542

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

8,889

35,556

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

-

62,222

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

Other loans are secured by a legal charge over assets of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, included within debtors due within one year are loans to the director B J Read £54,775 (2016:

£35,176).

At the year end, included within creditors due within one year are loans from the director M J Read £91 (2016:

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

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company are the directors acting in concert.