REGISTERED NUMBER: |
Financial Statements For The Year Ended 30 September 2017 |
for |
A. C. Badlan Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 30 September 2017 |
for |
A. C. Badlan Limited |
A. C. Badlan Limited (Registered number: 04545994) |
Contents of the Financial Statements |
For The Year Ended 30 September 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 9 |
A. C. Badlan Limited |
Company Information |
For The Year Ended 30 September 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
60 Lyde Green |
Halesowen |
West Midlands |
B63 2PQ |
A. C. Badlan Limited (Registered number: 04545994) |
Balance Sheet |
30 September 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
A. C. Badlan Limited (Registered number: 04545994) |
Balance Sheet - continued |
30 September 2017 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
A. C. Badlan Limited (Registered number: 04545994) |
Notes to the Financial Statements |
For The Year Ended 30 September 2017 |
1. | STATUTORY INFORMATION |
A. C. Badlan Limited is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future periods where the revision affects both current and future periods. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 October 2015. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when |
the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of |
completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot |
be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
A. C. Badlan Limited (Registered number: 04545994) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
Work in progress include the cost of direct materials and labour plus attributable overheads based on normal |
levels of activity. |
Net realisable value is based on estimated selling price less any further costs expected to be incurred for |
completion and sale. The impairment loss is recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
The apportionment between the finance charge and the reduction of the outstanding liability uses the effective |
interest method. |
The related obligations, net of future finance charges, are included in creditors. |
A. C. Badlan Limited (Registered number: 04545994) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate |
entity. Once the contributions have been paid, the company has no further payment obligations. |
Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held |
separately from the company in independently administered funds. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the Statement of comprehensive income |
in other administrative expenses. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand and deposits held at call with banks. |
Impairment |
Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in the statement of comprehensive income. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
Employee benefits |
When employees have rendered services to the company, short term employee benefits to which the employees |
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
A. C. Badlan Limited (Registered number: 04545994) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2016 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2017 |
DEPRECIATION |
At 1 October 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2017 |
NET BOOK VALUE |
At 30 September 2017 |
At 30 September 2016 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 October 2016 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (9,500 | ) |
At 30 September 2017 |
DEPRECIATION |
At 1 October 2016 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (5,492 | ) |
At 30 September 2017 |
NET BOOK VALUE |
At 30 September 2017 |
At 30 September 2016 |
A. C. Badlan Limited (Registered number: 04545994) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Pensions | 102 | - |
Directors' current accounts | 1,217 | 11,184 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 11,296 | 9,949 |
Bank borrowing is secured by a fixed and floating charge together with a personal guarantee given by the |
director. |
Hire purchase liabilities are secured on the asset to which the contract relates. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
A. C. Badlan Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to |
file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements |
and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of A. C. Badlan Limited for the year ended 30 September 2017 which comprise the Statement of |
Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of A. C. Badlan Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A. C. Badlan Limited and state those matters that we have agreed to state to the director of A. C. Badlan Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that A. C. Badlan 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 A. C. Badlan Limited. You consider that A. C. Badlan Limited 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 financial statements of A. C. Badlan Limited. 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 financial statements. |
60 Lyde Green |
Halesowen |
West Midlands |
B63 2PQ |