Bricrest Homes Limited - Limited company accounts 18.1.1

REGISTERED NUMBER: 03547279 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Period 1st May 2016 to 30th September 2017

for

Bricrest Homes Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mrs E Taaffe

M Taaffe

SECRETARY:

WM Business Services Limited

REGISTERED OFFICE:

2nd Floor Dagnall House

Lower Dagnall Street

St Albans

Hertfordshire

AL3 4PA

REGISTERED NUMBER:

03547279 (England and Wales)

ACCOUNTANTS:

Wilton Mutlow & Co Limited

Accountants and Tax Advisors

2nd Floor Dagnall House

Lower Dagnall Street

St Albans

Hertfordshire

AL3 4PA

The directors present their report with the financial statements of the company for the period 1st May 2016 to 30th September 2017.

DIRECTORS

Mrs E Taaffe has held office during the whole of the period from 1st May 2016 to the date of this report.

Other changes in directors holding office are as follows:

M Taaffe - appointed 18th April 2017

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

WM Business Services Limited - Secretary

12th June 2018

TURNOVER

1,824,308

441,011

Cost of sales

1,250,186

407,394

GROSS PROFIT

574,122

33,617

Administrative expenses

232,110

93,023

342,012

(59,406

)

Other operating income

83,286

37,045

OPERATING PROFIT/(LOSS)

4

425,298

(22,361

)

Interest receivable and similar income

11

14

425,309

(22,347

)

Interest payable and similar expenses

23,260

17,515

PROFIT/(LOSS) BEFORE TAXATION

402,049

(39,862

)

Tax on profit/(loss)

81,133

(1,320

)

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

320,916

(38,542

)

FIXED ASSETS

Tangible assets

5

8,688

11,621

CURRENT ASSETS

Stocks

371,305

1,144,164

Debtors

6

30,093

80,914

Cash at bank

422,877

79,342

824,275

1,304,420

CREDITORS

Amounts falling due within one year

7

284,546

427,514

NET CURRENT ASSETS

539,729

876,906

TOTAL ASSETS LESS CURRENT LIABILITIES

548,417

888,527

CREDITORS

Amounts falling due after more than one year

8

(228,374

)

(886,050

)

PROVISIONS FOR LIABILITIES

(1,650

)

-

NET ASSETS

318,393

2,477

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

318,391

2,475

318,393

2,477

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30th 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 12th June 2018 and were signed on its behalf by:

M Taaffe - Director

1.	STATUTORY INFORMATION

Bricrest Homes 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.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Stock includes interest in two properties at a cost of £348,743. The directors consider that the value of the

properties at 30th September 2017 is £680,000.

Taxation

Taxation for the period 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 period 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.

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 period was 2 .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

Period

1.5.16

to

Year ended

30.9.17

30.4.16

£

£

Depreciation - owned assets

5,221

3,897

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st May 2016

32,563

Additions

2,429

Disposals

(500

)

At 30th September 2017

34,492

DEPRECIATION

At 1st May 2016

20,942

Charge for period

5,221

Eliminated on disposal

(359

)

At 30th September 2017

25,804

NET BOOK VALUE

At 30th September 2017

8,688

At 30th April 2016

11,621

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

5,386

66,899

Other debtors

24,707

14,015

30,093

80,914

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

14,500

14,500

Trade creditors

1,065

89,811

Taxation and social security

79,914

3,626

Other creditors

189,067

319,577

284,546

427,514

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

228,374

886,050

9.	RELATED PARTY DISCLOSURES

During the period, total dividends of £5,000 were paid to the directors .