back to FRANK BRIGGS (BURNERS) LIMITED detail Frank Briggs (Burners) Limited - Filleted accounts
Registered number
01239356
Frank Briggs (Burners) Limited
Unaudited Filleted Accounts
30 June 2017
Frank Briggs (Burners) Limited
Registered number: 01239356
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 18,779 25,139
Current assets
Stocks 9,640 9,323
Debtors 3 303,174 291,715
Cash at bank and in hand 195,843 166,508
508,657 467,546
Creditors: amounts falling due within one year 4 (203,064) (179,046)
Net current assets 305,593 288,500
Total assets less current liabilities 324,372 313,639
Creditors: amounts falling due after more than one year 5 - (2,667)
Provisions for liabilities (3,273) (4,439)
Net assets 321,099 306,533
Capital and reserves
Called up share capital 100 100
Profit and loss account 320,999 306,433
Shareholders' funds 321,099 306,533
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G K Peach
Director
Approved by the board on 29 March 2018
Frank Briggs (Burners) Limited
Notes to the Accounts
for the year ended 30 June 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2016 42,910 38,156 81,066
Additions 1,273 - 1,273
Disposals (4,178) - (4,178)
At 30 June 2017 40,005 38,156 78,161
Depreciation
At 1 July 2016 36,615 19,312 55,927
Charge for the year 1,702 4,711 6,413
On disposals (2,958) - (2,958)
At 30 June 2017 35,359 24,023 59,382
Net book value
At 30 June 2017 4,646 14,133 18,779
At 30 June 2016 6,295 18,844 25,139
3 Debtors 2017 2016
£ £
Trade debtors 213,964 192,768
Amount owed by Briggs Burners (Holdings) Limited 80,000 80,000
Other debtors 9,210 18,947
303,174 291,715
4 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 2,667 5,333
Factoring account 2,121 2,337
Trade creditors 149,301 117,521
Taxation and social security costs 45,900 50,856
Other creditors 3,075 2,999
203,064 179,046
5 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts - 2,667
6 Related party transactions
During the year rent of £11,400 was paid by the company for use of a property owned by a director, Mrs J M Peach.
7 Controlling party
The ultimate controlling party is Briggs Burners (Holdings) Limited. Mr G K Peach, a director of the company, has a controlling interest in Briggs Burners (Holdings) Limited.
8 Other information
Frank Briggs (Burners) Limited is a private company limited by shares and incorporated in England. Its registered office is:
179 Bradford Road
Cleckheaton
West Yorkshire
BD19 3TT
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