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COMPANY REGISTRATION NUMBER: 05020053
A BEATTIE (KESWICK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2017
A BEATTIE (KESWICK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A BEATTIE (KESWICK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2017
2017
2016
Note
£
£
£
£
Fixed assets
Intangible assets
5
5,250
6,000
Tangible assets
6
4,660
6,682
--------
----------
9,910
12,682
Current assets
Cash at bank and in hand
992
215
Creditors: amounts falling due within one year
7
10,679
12,693
----------
----------
Net current liabilities
9,687
12,478
--------
----------
Total assets less current liabilities
223
204
-----
-----
Capital and reserves
Called up share capital
100
100
Profit and loss account
123
104
-----
-----
Members funds
223
204
-----
-----
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A BEATTIE (KESWICK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 12 December 2017 , and are signed on behalf of the board by:
Mr A Beattie
Director
Company registration number: 05020053
A BEATTIE (KESWICK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Unit 3 Lakeland Business Park, Cockermouth, Cumbria, CA 13 0QT.
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 the 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & machinery
-
25% straight line
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
15,000
----------
Amortisation
At 1 April 2016
9,000
Charge for the year
750
----------
At 31 March 2017
9,750
----------
Carrying amount
At 31 March 2017
5,250
----------
At 31 March 2016
6,000
----------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2016
9,255
6,900
16,155
Additions
440
440
--------
--------
----------
At 31 March 2017
9,695
6,900
16,595
--------
--------
----------
Depreciation
At 1 April 2016
5,352
4,121
9,473
Charge for the year
1,906
556
2,462
--------
--------
----------
At 31 March 2017
7,258
4,677
11,935
--------
--------
----------
Carrying amount
At 31 March 2017
2,437
2,223
4,660
--------
--------
----------
At 31 March 2016
3,903
2,779
6,682
--------
--------
----------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
611
600
Corporation tax
1,636
2,530
Other creditors
8,432
9,563
----------
----------
10,679
12,693
----------
----------
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.