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A. Burns Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

A. Burns Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

A. Burns Limited

(Registration number: 04141273)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	48,431	27,402
Current assets
Stocks	5	14,504	16,115
Debtors	6	338,946	127,122
Cash at bank and in hand		209,073	339,172
		562,523	482,409
Creditors: Amounts falling due within one year	7	(69,668)	(56,942)
Net current assets		492,855	425,467
Total assets less current liabilities		541,286	452,869
Provisions for liabilities		(9,320)	(5,034)
Net assets		531,966	447,835
Capital and reserves
Called up share capital		100	100
Profit and loss account		531,866	447,735
Total equity		531,966	447,835

For the financial year ending 31 January 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.

Approved and authorised by the Board on 23 September 2017 and signed on its behalf by:
 

A Burns

Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

A. Burns Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

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

The address of its registered office is:
c/o Hallidays
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire SK4 2HD

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.

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.

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
Motor Vehicles	25% Reducing Balance
Plant and Machinery	25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 2

A. Burns Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2016 - 10).

Page 3

A. Burns Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

4	Tangible assets

	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	54,042	42,784	96,826
Additions	29,091	-	29,091
At 31 January 2017	83,133	42,784	125,917
Depreciation
At 1 February 2016	37,726	31,698	69,424
Charge for the year	5,291	2,771	8,062
At 31 January 2017	43,017	34,469	77,486
Carrying amount
At 31 January 2017	40,116	8,315	48,431
At 31 January 2016	16,316	11,086	27,402

5

Stocks

	2017 £	2016 £
Other inventories	14,504	16,115

6

Debtors

	2017 £	2016 £
Trade debtors	62,743	87,784
Other debtors	276,203	39,338
Total current trade and other debtors	338,946	127,122

Page 4

A. Burns Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		16,065	14,877
Other creditors		53,603	42,065
		69,668	56,942