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Company registration number: 05202247
Bingley Engineering Limited
Trading as Bingley Engineering Limited
Unaudited filleted financial statements
31 August 2017
Bingley Engineering Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Bingley Engineering Limited
Directors and other information
Director Mr Darren Bingley
Company number 05202247
Registered office 58 Crag Bank Road
Crag Bank
Carnforth
Lancs
LA5 9JH
Business address 58 Crag Bank Road
Crag Bank
Carnforth
Lancs
LA5 9JH
Accountant Murray & Co
2 Gillison Close
Melling
Carnforth
Lancs
LA6 2RD
Bankers Bank of Scotland
600 Gorgie Road
Edinburgh
EH11 3XP
Bingley Engineering Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Bingley Engineering Limited
Year ended 31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Bingley Engineering Limited for the year ended 31 August 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Bingley Engineering Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Bingley Engineering Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Bingley Engineering Limited and its director as a body for my work or for this report.
It is your duty to ensure that Bingley Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bingley Engineering Limited. You consider that Bingley Engineering Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Bingley Engineering Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Murray & Co
Chartered Certified Accountants
2 Gillison Close
Melling
Carnforth
Lancs
LA6 2RD
31 March 2018
Bingley Engineering Limited
Statement of financial position
31 August 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 8,630 6,992
_______ _______
8,630 6,992
Current assets
Stocks 10,129 19,482
Debtors 6 3,319 4,241
Cash at bank and in hand 10,927 15,782
_______ _______
24,375 39,505
Creditors: amounts falling due
within one year 7 ( 18,792) ( 42,229)
_______ _______
Net current assets/(liabilities) 5,583 ( 2,724)
_______ _______
Total assets less current liabilities 14,213 4,268
Provisions for liabilities ( 1,640) ( 1,399)
_______ _______
Net assets 12,573 2,869
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 12,572 2,868
_______ _______
Shareholder funds 12,573 2,869
_______ _______
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2018 , and are signed on behalf of the board by:
Mr Darren Bingley
Director
Company registration number: 05202247
Bingley Engineering Limited
Statement of changes in equity
Year ended 31 August 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2015 1 9,764 9,765
Profit for the year 6,104 6,104
_______ _______ _______
Total comprehensive income for the year - 6,104 6,104
Dividends paid and payable ( 13,000) ( 13,000)
_______ _______ _______
Total investments by and distributions to owners - ( 13,000) ( 13,000)
_______ _______ _______
At 31 August 2016 and 1 September 2016 1 2,868 2,869
Profit for the year 9,704 9,704
_______ _______ _______
Total comprehensive income for the year - 9,704 9,704
_______ _______ _______
At 31 August 2017 1 12,572 12,573
_______ _______ _______
Bingley Engineering Limited
Notes to the financial statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 58 Crag Bank Road, Crag Bank, Carnforth, Lancs, LA5 9JH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 30 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2016 7,766 1,500 6,650 15,916
Additions 3,759 - - 3,759
_______ _______ _______ _______
At 31 August 2017 11,525 1,500 6,650 19,675
_______ _______ _______ _______
Depreciation
At 1 September 2016 5,820 1,441 1,663 8,924
Charge for the year 856 18 1,247 2,121
_______ _______ _______ _______
At 31 August 2017 6,676 1,459 2,910 11,045
_______ _______ _______ _______
Carrying amount
At 31 August 2017 4,849 41 3,740 8,630
_______ _______ _______ _______
At 31 August 2016 1,946 59 4,987 6,992
_______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 3,319 4,241
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 896 1,182
Corporation tax 2,023 602
Social security and other taxes 1,306 1,573
Other creditors 14,567 38,872
_______ _______
18,792 42,229
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Darren Bingley ( 38,452) ( 780) 25,085 ( 14,147)
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Darren Bingley ( 25,288) ( 13,164) - ( 38,452)
_______ _______ _______ _______
9. Controlling party
The ultimate controlling interest is Mr D A Bingley , by virtue of his majority shareholding in the company.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.