Company Registration No. 04213922 (England and Wales)
BAG 2 SCHOOL LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
BAG 2 SCHOOL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BAG 2 SCHOOL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2013
31 December 2013
- 1 -
2013
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
325,860
329,480
Current assets
Stocks
21,954
94,345
Debtors
920,911
765,158
Cash at bank and in hand
46,552
20,291
989,417
879,794
Creditors: amounts falling due within one year
3
(1,753,861)
(1,378,316)
Net current liabilities
(764,444)
(498,522)
Total assets less current liabilities
(438,584)
(169,042)
Creditors: amounts falling due after more than one year
4
(104,623)
(132,222)
(543,207)
(301,264)
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
(543,307)
(301,364)
Shareholders' funds
(543,207)
(301,264)
BAG 2 SCHOOL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2013
31 December 2013
- 2 -
For the financial year ended 31 December 2013 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 September 2014
M S J Fitch-Peyton
Director
Company Registration No. 04213922
BAG 2 SCHOOL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The directors have considered the expected cash flow requirements of the business for the next 12 months, and anticipate that it should be able to continue operating within its existing cash reserves. The directors are reviewing alternative sources of finance, and are confident that additional facilities can be secured if necessary to meet the company's working capital requirements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the business being unable to continue as a going concern.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
NIL
Computer equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
BAG 2 SCHOOL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2013 & at 31 December 2013
522,591
Depreciation
At 1 January 2013
193,111
Charge for the year
3,620
At 31 December 2013
196,731
Net book value
At 31 December 2013
325,860
At 31 December 2012
329,480
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £27,040 (2012 - £26,227).
4
Creditors: amounts falling due after more than one year
2013
2012
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
-
26,227
The aggregate amount of creditors for which security has been given amounted to £104,623 (2012 - £132,222).
5
Share capital
2013
2012
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
BAG 2 SCHOOL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 5 -
6
Related party relationships and transactions
Loans to directors M S J Fitch-Peyton had an interest free loan from the company during the year. Advances to M S J Fitch-Peyton in the year amounted to £Nil, with amounts repaid totalling £7,450. The loan was £16,304 (2012: £23,754) at the year end and is repayable on demand. The maximum amount of the loan during the year was £23,754.
M S J Fitch-Peyton had an interest free loan from the company during the year. Advances to M S J Fitch-Peyton in the year amounted to £Nil, with amounts repaid totalling £7,450. The loan was £16,304 (2012: £23,754) at the year end and is repayable on demand. The maximum amount of the loan during the year was £23,754.