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Registration number: 06886207

Bodnant Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2017

 

Bodnant Joinery Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Bodnant Joinery Limited

(Registration number: 06886207)
Balance Sheet as at 5 April 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

201,021

207,856

Current assets

 

Stocks

5

12,569

15,621

Debtors

6

40,043

34,682

Cash at bank and in hand

 

11

59

 

52,623

50,362

Creditors: Amounts falling due within one year

7

(215,366)

(208,913)

Net current liabilities

 

(162,743)

(158,551)

Total assets less current liabilities

 

38,278

49,305

Creditors: Amounts falling due after more than one year

7

(40,578)

(52,268)

Net liabilities

 

(2,300)

(2,963)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(2,302)

(2,965)

Total equity

 

(2,300)

(2,963)

For the financial year ending 5 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 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 2017

Approved and authorised by the Board on 15 December 2017 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 2017

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 15 December 2017.

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 2017

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 (2016 - 8).

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 6 April 2016

189,142

7,233

3,000

74,554

Additions

3,930

-

-

5,040

Disposals

-

-

(3,000)

(3,000)

At 5 April 2017

193,072

7,233

-

76,594

Depreciation

At 6 April 2016

37,280

1,549

2,700

24,544

Charge for the year

7,657

568

-

5,509

Eliminated on disposal

-

-

(2,700)

(1,229)

At 5 April 2017

44,937

2,117

-

28,824

Carrying amount

At 5 April 2017

148,135

5,116

-

47,770

At 5 April 2016

151,862

5,684

300

50,010

Total
£

Cost or valuation

At 6 April 2016

273,929

Additions

8,970

Disposals

(6,000)

At 5 April 2017

276,899

Depreciation

At 6 April 2016

66,073

Charge for the year

13,734

Eliminated on disposal

(3,929)

At 5 April 2017

75,878

Carrying amount

At 5 April 2017

201,021

At 5 April 2016

207,856

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Included within the net book value of land and buildings above is £148,136 (2016 - £151,862) in respect of short leasehold land and buildings.
 

5

Stocks

2017
£

2016
£

Work in progress

-

13,121

Finished goods and goods for resale

12,569

2,500

12,569

15,621

6

Debtors

Note

2017
£

2016
£

Trade debtors

 

30,931

32,946

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

-

1,219

Prepayments

 

880

515

Other debtors

 

8,232

2

 

40,043

34,682

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

14,340

23,841

Trade creditors

 

11,784

14,512

Taxation and social security

 

20,005

18,110

Accruals and deferred income

 

950

2,450

Other creditors

 

168,287

150,000

 

215,366

208,913

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

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

40,578

52,268

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

 

2017

2016

 

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 2017

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 £168,287 (2016 £150,000). In the current and preceding year no interest was charged on this balance. The balance is unsecured and repayable on demand.

10

Transition to FRS 102

The transition date to FRS102 was 6 April 2015.
On transition to FRS102 the company elected to use performance method to account for deferred capital grants instead of the accruals method. The company directors voluntarily decided to prepare the accounts using FRS102 1A over FRS 105 to utilise the change in accounting treatment for deferred capital grants.

Balance Sheet at 6 April 2015
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

213,493

-

-

213,493

Current assets

Stocks

11,755

-

-

11,755

Debtors

29,025

-

-

29,025

Cash at bank and in hand

5,415

-

-

5,415

46,195

-

-

46,195

Creditors: Amounts falling due within one year

(205,516)

-

-

(205,516)

Net current liabilities

(159,321)

-

-

(159,321)

Total assets less current liabilities

54,172

-

-

54,172

Creditors: Amounts falling due after more than one year

(126,366)

-

63,000

(63,366)

Net (liabilities)/assets

(72,194)

-

63,000

(9,194)

Capital and reserves

Called up share capital

2

-

-

2

Profit and loss account

(72,196)

-

63,000

(9,196)

Total equity

(72,194)

-

63,000

(9,194)

 

Bodnant Joinery Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Balance Sheet at 5 April 2016
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

207,856

-

-

207,856

Current assets

Stocks

15,621

-

-

15,621

Debtors

34,682

-

-

34,682

Cash at bank and in hand

59

-

-

59

50,362

-

-

50,362

Creditors: Amounts falling due within one year

(208,913)

-

-

(208,913)

Net current liabilities

(158,551)

-

-

(158,551)

Total assets less current liabilities

49,305

-

-

49,305

Creditors: Amounts falling due after more than one year

(112,268)

-

60,000

(52,268)

Net (liabilities)/assets

(62,963)

-

60,000

(2,963)

Capital and reserves

Called up share capital

2

-

-

2

Profit and loss account

(62,965)

-

60,000

(2,965)

Total equity

(62,963)

-

60,000

(2,963)