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Registration number: 06886207

Bodnant Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2018

 

Bodnant Joinery Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Bodnant Joinery Limited

(Registration number: 06886207)
Balance Sheet as at 5 April 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

189,640

201,021

Current assets

 

Stocks

5

15,006

12,569

Debtors

6

18,413

40,043

Cash at bank and in hand

 

720

11

 

34,139

52,623

Creditors: Amounts falling due within one year

7

(195,053)

(215,366)

Net current liabilities

 

(160,914)

(162,743)

Total assets less current liabilities

 

28,726

38,278

Creditors: Amounts falling due after more than one year

7

(29,836)

(40,578)

Net liabilities

 

(1,110)

(2,300)

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

(1,112)

(2,302)

Total equity

 

(1,110)

(2,300)

For the financial year ending 5 April 2018 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 accounts for the year in question in accordance with section 476; and

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.

 

Bodnant Joinery Limited

(Registration number: 06886207)
Balance Sheet as at 5 April 2018

Approved and authorised by the Board on 23 November 2018 and signed on its behalf by:
 

.........................................

The Hon Michael McLaren
Company secretary and director

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

1

General information

The company is a private company limited by share capital, incorporated in Wales & England.

The address of its registered office is:
Bodnant Estate Office
Tal y Cafn
Eglwysbach
Colwyn Bay
LL28 5RE

These financial statements were authorised for issue by the Board on 23 November 2018.

2

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. These financial statements are the first financial statements to comply with FRS102 Section 1A for small entities.

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.

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.

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

25 years straight line

Plant and Machinery

10% reducing balance

Motor Vehicles

20% straight line

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

Fixtures & Fittings

10% reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2017 - 7).

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2017

193,072

7,233

76,595

276,900

Additions

1,337

3

885

2,225

Disposals

-

-

(271)

(271)

At 5 April 2018

194,409

7,236

77,209

278,854

Depreciation

At 6 April 2017

44,937

2,117

28,824

75,878

Charge for the year

7,756

537

5,043

13,336

At 5 April 2018

52,693

2,654

33,867

89,214

Carrying amount

At 5 April 2018

141,716

4,582

43,342

189,640

At 5 April 2017

148,135

5,116

47,770

201,021

Included within the net book value of land and buildings above is £141,716 (2017 - £148,136) in respect of short leasehold land and buildings.
 

5

Stocks

2018
£

2017
£

Finished goods and goods for resale

15,006

12,569

6

Debtors

2018
£

2017
£

Trade debtors

17,848

30,931

Prepayments

563

880

Other debtors

2

8,232

18,413

40,043

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

19,681

14,340

Trade creditors

 

8,313

11,784

Taxation and social security

 

16,059

20,005

Accruals and deferred income

 

1,000

950

Other creditors

 

150,000

168,287

 

195,053

215,366

The bank loans and overdrafts are secured by a legal charge over the fixed assets of the company.

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

29,836

40,578

The bank loans and overdrafts are secured by a legal charge over the fixed assets of the company.

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £ 1 each

2

2

2

2

         
 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

9

Related party transactions

The Hon Michael McLaren QC has provided a personal guarantee to a maximum value of £128,000.

Included with creditors falling due within one year is a directors current account balance of £150,000 (2017 £168,287). In the current and preceding year no interest was charged on this balance. The balance is unsecured and repayable on demand.