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Company Registration No. 00214111 (England and Wales)
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
COMPANY INFORMATION
Directors
Mr R Spooner
Mr J E Spooner
Company number
00214111
Registered office
27 Bagnall Street
Ocker Hill
Tipton
West Midlands
DY4 0EQ
Accountants
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Bankers
Lloyds Bank plc
28 Market Place
Great Bridge
Tipton
West Midlands
DY4 7EJ
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
165,027
172,983
Investments
4
-
1,250
165,027
174,233
Current assets
Stocks
139,848
138,020
Debtors
5
99,240
115,990
Cash at bank and in hand
120,989
58,504
360,077
312,514
Creditors: amounts falling due within one year
6
(241,548)
(173,202)
Net current assets
118,529
139,312
Total assets less current liabilities
283,556
313,545
Creditors: amounts falling due after more than one year
7
-
(4,955)
Provisions for liabilities
(2,900)
(4,249)
Net assets
280,656
304,341
Capital and reserves
Called up share capital
8
3,100
3,100
Revaluation reserve
9
83,600
83,600
Profit and loss reserves
193,956
217,641
Total equity
280,656
304,341

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2018 and are signed on its behalf by:
Mr R Spooner
Director
Company Registration No. 00214111
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Staffordshire Builders Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Bagnall Street, Ocker Hill, Tipton, West Midlands, DY4 0EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The freehold property continues to be stated at its book value which is part valuation and part subsequent cost.  The valuation has not been updated since 1992.

No depreciation is provided in respect of freehold buildings as it is the company's policy to maintain its property in good condition to prolong the useful life.  Maintenance is regularly undertaken and charged to the profit and loss.
Land and buildings Freehold
Nil
Plant and machinery
8 years straight line
Fixtures, fittings & equipment
8 years straight line.
Motor vehicles
5 years straight line.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with the rules of the scheme.
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 9).

STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
146,489
191,339
337,828
Additions
-
300
300
At 31 March 2018
146,489
191,639
338,128
Depreciation and impairment
At 1 April 2017
-
164,845
164,845
Depreciation charged in the year
-
8,256
8,256
At 31 March 2018
-
173,101
173,101
Carrying amount
At 31 March 2018
146,489
18,538
165,027
At 31 March 2017
146,489
26,494
172,983
4
Fixed asset investments
2018
2017
£
£
Investments
-
1,250

 

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017
1,250
Disposals
(1,250)
At 31 March 2018
-
Carrying amount
At 31 March 2018
-
At 31 March 2017
1,250
STAFFORDSHIRE BUILDERS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
76,494
102,047
Other debtors
22,746
13,943
99,240
115,990
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
223,240
143,979
Corporation tax
1,752
4,535
Other taxation and social security
4,262
15,003
Other creditors
12,294
9,685
241,548
173,202
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
4,955

Within other creditors are obligations under finance leases of £Nil (2016 - £4,955) which are secured on the assets to which they relate.

8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,100 Ordinary shares of £1 each
3,100
3,100
3,100
3,100
9
Revaluation reserve
2018
2017
£
£
At beginning and end of year
83,600
83,600
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