Company Registration No. 04213922 (England and Wales)
BAG 2 SCHOOL LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2012
BAG 2 SCHOOL LIMITED
CONTENTS
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.
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BAG 2 SCHOOL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2012
31 December 2012
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- 1 -
.
2012
2011
Notes
£
£
£
£
Fixed assets
Tangible assets
2
329,480
334,006
Current assets
Stocks
94,345
125,361
Debtors
765,158
656,903
Cash at bank and in hand
20,291
112,361
.
.
879,794
894,625
Creditors: amounts falling due within one year
3
(1,378,316)
(1,354,746)
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.
Net current liabilities
(498,522)
(460,121)
.
.
Total assets less current liabilities
(169,042)
(126,115)
Creditors: amounts falling due after more than one year
4
(132,222)
(159,028)
Provisions for liabilities
(1,792)
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.
(301,264)
(286,935)
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.
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
(301,364)
(287,035)
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.
Shareholders' funds
(301,264)
(286,935)
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.
BAG 2 SCHOOL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2012
31 December 2012
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- 2 -
For the financial year ended 31 December 2012 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their 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 16 September 2013
S Dangerfield
Director
Company Registration No. 04213922
BAG 2 SCHOOL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2012
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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
33% straight line and 25% reducing balance
Motor vehicles
25% reducing balance
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 2012
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2
Fixed assets
Tangible assets
£
Cost
At 1 January 2012
522,291
Additions
300
.
At 31 December 2012
522,591
.
Depreciation
At 1 January 2012
188,285
Charge for the year
4,826
.
At 31 December 2012
193,111
.
Net book value
At 31 December 2012
329,480
.
At 31 December 2011
334,006
.
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £26,227 (2011 - £25,650).
4
Creditors: amounts falling due after more than one year
2012
2011
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
26,227
56,429
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.
The aggregate amount of creditors for which security has been given amounted to £132,222 (2011 - £159,028).
5
Share capital
2012
2011
£
£
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 2012
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- 5 -
6
Related party relationships and transactions
Loans to directors
E Childs had an interest free loan from the company during the year. Advances to E Childs in the year amounted to £559, with amounts repaid totalling £nil. The loan was £6,740 at the year end and is repayable on demand. The maximum amount of the loan during the year was £6,740.
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 £350, with amounts repaid totalling £nil. The loan was £23,754 at the year end and is repayable on demand. The maximum amount of the loan during the year was £23,754.