Bodnant Joinery Limited 06886207 false 2018-04-06 2019-04-05 2019-04-05 The principal activity of the company is joinery services. Digita Accounts Production Advanced 6.24.8820.0 Software true 06886207 2018-04-06 2019-04-05 06886207 2019-04-05 06886207 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2019-04-05 06886207 core:CurrentFinancialInstruments 2019-04-05 06886207 core:CurrentFinancialInstruments core:WithinOneYear 2019-04-05 06886207 core:Non-currentFinancialInstruments core:AfterOneYear 2019-04-05 06886207 core:FurnitureFittingsToolsEquipment 2019-04-05 06886207 core:LandBuildings 2019-04-05 06886207 core:OtherPropertyPlantEquipment 2019-04-05 06886207 bus:SmallEntities 2018-04-06 2019-04-05 06886207 bus:AuditExemptWithAccountantsReport 2018-04-06 2019-04-05 06886207 bus:FullAccounts 2018-04-06 2019-04-05 06886207 bus:SmallCompaniesRegimeForAccounts 2018-04-06 2019-04-05 06886207 bus:RegisteredOffice 2018-04-06 2019-04-05 06886207 bus:CompanySecretaryDirector1 2018-04-06 2019-04-05 06886207 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2018-04-06 2019-04-05 06886207 bus:PrivateLimitedCompanyLtd 2018-04-06 2019-04-05 06886207 core:FurnitureFittings 2018-04-06 2019-04-05 06886207 core:FurnitureFittingsToolsEquipment 2018-04-06 2019-04-05 06886207 core:LandBuildings 2018-04-06 2019-04-05 06886207 core:MotorVehicles 2018-04-06 2019-04-05 06886207 core:OtherPropertyPlantEquipment 2018-04-06 2019-04-05 06886207 core:PlantMachinery 2018-04-06 2019-04-05 06886207 countries:AllCountries 2018-04-06 2019-04-05 06886207 2018-04-05 06886207 core:FurnitureFittingsToolsEquipment 2018-04-05 06886207 core:LandBuildings 2018-04-05 06886207 core:OtherPropertyPlantEquipment 2018-04-05 06886207 2017-04-06 2018-04-05 06886207 2018-04-05 06886207 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2018-04-05 06886207 core:CurrentFinancialInstruments 2018-04-05 06886207 core:CurrentFinancialInstruments core:WithinOneYear 2018-04-05 06886207 core:Non-currentFinancialInstruments core:AfterOneYear 2018-04-05 06886207 core:FurnitureFittingsToolsEquipment 2018-04-05 06886207 core:LandBuildings 2018-04-05 06886207 core:OtherPropertyPlantEquipment 2018-04-05 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06886207

Bodnant Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2019

 

Bodnant Joinery Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Bodnant Joinery Limited

(Registration number: 06886207)
Balance Sheet as at 5 April 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

177,216

189,640

Current assets

 

Stocks

5

15,255

15,006

Debtors

6

20,592

18,413

Cash at bank and in hand

 

9,758

720

 

45,605

34,139

Creditors: Amounts falling due within one year

7

(220,274)

(195,053)

Net current liabilities

 

(174,669)

(160,914)

Total assets less current liabilities

 

2,547

28,726

Creditors: Amounts falling due after more than one year

7

(16,823)

(29,836)

Net liabilities

 

(14,276)

(1,110)

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

(14,278)

(1,112)

Total equity

 

(14,276)

(1,110)

For the financial year ending 5 April 2019 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.

Approved and authorised by the Board on 17 December 2019 and signed on its behalf by:
 

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

The Hon Michael McLaren
Company secretary and director

 

Bodnant Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2019

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 17 December 2019.

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

 

Bodnant Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2019

Motor Vehicles

20% straight line

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 8 (2018 - 7).

 

Bodnant Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2019

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2018

194,409

7,236

77,209

278,854

Additions

-

-

161

161

At 5 April 2019

194,409

7,236

77,370

279,015

Depreciation

At 6 April 2018

52,693

2,654

33,867

89,214

Charge for the year

7,776

459

4,350

12,585

At 5 April 2019

60,469

3,113

38,217

101,799

Carrying amount

At 5 April 2019

133,940

4,123

39,153

177,216

At 5 April 2018

141,716

4,582

43,342

189,640

Included within the net book value of land and buildings above is £133,940 (2018 - £141,716) in respect of short leasehold land and buildings.
 

5

Stocks

2019
£

2018
£

Other inventories

15,255

15,006

6

Debtors

2019
£

2018
£

Trade debtors

19,907

17,848

Prepayments

683

563

Other debtors

2

2

20,592

18,413

 

Bodnant Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2019

7

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Loans and borrowings

13,120

19,681

Trade creditors

 

19,361

8,313

Taxation and social security

 

16,793

16,059

Accruals and deferred income

 

1,000

1,000

Other creditors

 

170,000

150,000

 

220,274

195,053

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

2019
£

2018
£

Due after one year

 

Loans and borrowings

16,823

29,836

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

 

2019

2018

 

No.

£

No.

£

Ordinary Shares of £ 1 each

2

2

2

2

         
 

Bodnant Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2019

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 £170,000 (2018 £150,000). In the current and preceding year no interest was charged on this balance. The balance is unsecured and repayable on demand.