Filberts Bees Ltd - Period Ending 2018-03-31
Filberts Bees Ltd - Period Ending 2018-03-31
Registration number:
for the Year Ended
Chartered Accountants
Filberts Bees Ltd
trading as Filberts of Dorset
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Filberts Bees Ltd
trading as Filberts of Dorset
Company Information
Directors |
Ms Philada R Rogers Mr Mark Rogers |
Company secretary |
Mrs K Hobbs |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Filberts Bees Ltd
trading as Filberts of Dorset
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Filberts Bees Ltd for the year ended 31 March 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Filberts Bees Ltd, as a body, in accordance with the terms of our engagement letter dated 9 October 2015. Our work has been undertaken solely to prepare for your approval the accounts of Filberts Bees Ltd and state those matters that we have agreed to state to the Board of Directors of Filberts Bees Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Filberts Bees Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Filberts Bees Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Filberts Bees Ltd. You consider that Filberts Bees Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Filberts Bees Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Filberts Bees Ltd
trading as Filberts of Dorset
(Registration number: 04546095)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
|||
£ |
£ |
£ |
£ |
||
Fixed assets |
|||||
Intangible assets |
|
|
|||
Tangible assets |
|
|
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current liabilities |
( |
( |
|||
Net liabilities |
( |
( |
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Profit and loss account |
( |
( |
|||
Total equity |
( |
( |
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
|
Filberts Bees Ltd
trading as Filberts of Dorset
Notes to the Financial Statements
for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis as the directors will continue to support the company to ensure it can meet it's debts as they fall due and confirm non repayment of their loans within the twelve month period from the date of signing the accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Not depreciated |
Production and field equipment (incl hives) |
15% reducing balance |
Office equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Filberts Bees Ltd
trading as Filberts of Dorset
Notes to the Financial Statements
for the Year Ended 31 March 2018
Asset class |
Amortisation method and rate |
Trademark logo |
3 years straight line |
Website |
3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Filberts Bees Ltd
trading as Filberts of Dorset
Notes to the Financial Statements
for the Year Ended 31 March 2018
Intangible assets |
Trademarks, patents and licenses |
Website |
Total |
|
Cost or valuation |
|||
At 1 April 2017 |
|
|
|
At 31 March 2018 |
|
|
|
Amortisation |
|||
At 1 April 2017 |
|
|
|
Amortisation charge |
- |
|
|
At 31 March 2018 |
|
|
|
Carrying amount |
|||
At 31 March 2018 |
- |
|
|
At 31 March 2017 |
- |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Tangible assets |
Land and buildings |
Production and field equipment |
Office equipment |
Total |
|
Cost or valuation |
||||
At 1 April 2017 |
|
|
|
|
At 31 March 2018 |
|
|
|
|
Depreciation |
||||
At 1 April 2017 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 March 2018 |
- |
|
|
|
Carrying amount |
||||
At 31 March 2018 |
|
|
|
|
At 31 March 2017 |
|
|
|
|
Included within the net book value of land and buildings above is £8,616 (2017 - £8,616) in respect of freehold land and buildings.
Filberts Bees Ltd
trading as Filberts of Dorset
Notes to the Financial Statements
for the Year Ended 31 March 2018
Debtors |
2018 |
2017 |
|
Trade debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Ms Philada R Rogers |
||||
Loans owing to the director |
(60,418) |
|
( |
( |
Mr Mark Rogers |
||||
Loans owing to the director |
(7,030) |
- |
( |
( |