REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
BOWMER-BOND NARROW FABRICS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
BOWMER-BOND NARROW FABRICS LIMITED |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
BOWMER-BOND NARROW FABRICS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2018 |
The directors present their strategic report for the year ended 30 June 2018. |
REVIEW OF BUSINESS |
The results of the company for the year and financial position of the company are as shown in the annexed financial |
statements. |
For the year ended 30th June 2018, the company achieved a profit before tax of £823,180 on turnover that increased by |
5.6% on the previous year. |
Although the company continues to retain a strong focus on managing efficiency and cost control, the rising cost of raw |
materials has impacted margins. As a result, the company achieved overall gross profitability of 43.3%, some 2% down |
on the previous year. Next year remains challenging, however the business KPI's are continually monitored by the |
directors and changes are implemented where deemed appropriate in order to minimise the effects of any risks and |
uncertainties in retaining market share and maintaining margins to cover overheads. |
During the period the company continued to reinvest in the research and development of new and innovative products |
and processes to gain a competitive advantage in existing and new markets. |
Overall, the directors are very satisfied with the performance for the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competitive pressure is a continuing risk which requires the company to produce high quality and affordable products to |
its loyal customers. |
In light of the uncertainty from the ongoing UK-EU exit negotiations, the directors acknowledge the difficulty of making |
clear planning assumptions based on 'deal' or 'no-deal' EU exit scenarios. Given that the company's revenue from trading |
with other EEA countries for the year was 47% of total turnover, the directors will seek to maintain the company's |
competitiveness in Europe, and indeed improve its market share. |
The company is exposed to fluctuations of both the US Dollar and Euro currencies and seeks to mitigate potential losses |
that may be incurred. The directors expect the current global economic uncertainties to continue for some time and will |
continue to seek to mitigate the risks that arise while identifying and exploring opportunities |
FUTURE DEVELOPMENTS |
The directors continue to maintain and adapt the strategies that have been developed to grow the business and to look for |
new innovative products and services to further complement the existing portfolio of high quality webbing products. |
ON BEHALF OF THE BOARD: |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2018 |
The directors present their report with the financial statements of the company for the year ended 30 June 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and distribution of narrow |
fabrics. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2018. |
RESEARCH AND DEVELOPMENT |
During the period the company continued to reinvest in the research and development of new and innovative products |
and processes to gain a competitive advantage in existing and new markets. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2017 to the date of this report. |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision |
for the benefit of the directors is in force. |
DISCLOSURE IN THE STRATEGIC REPORT |
As required by Section 414C(11) Companies Act 2006, this statement confirms that certain items that are required to be |
disclosed in the directors report are set out in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2018 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
AUDITORS |
The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOWMER-BOND NARROW FABRICS LIMITED |
Opinion |
We have audited the financial statements of Bowmer-Bond Narrow Fabrics Limited (the 'company') for the year ended |
30 June 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BOWMER-BOND NARROW FABRICS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,428,355 | 3,313,433 |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
825,060 | 916,164 |
Interest payable and similar expenses | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
BALANCE SHEET |
30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on by: |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2018 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2016 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2017 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2018 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 5,600 | - |
Amount withdrawn by directors | (3,000 | ) | (19,587 | ) |
Movement with group companies | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
816,574 |
Cash and cash equivalents at end of year | 2 | 1,876,341 | 1,572,199 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2018 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Increase in provisions | - | (30,000 | ) |
Expenditure - dilapidation provision | (58,706 | ) | (14,902 | ) |
Loan write off | - | 200,000 |
Finance costs | 1,880 | 4,704 |
Finance income | (2,151 | ) | (916 | ) |
924,113 | 1,196,097 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Year ended 30 June 2018 |
30.6.18 | 1.7.17 |
£ | £ |
Cash and cash equivalents | 1,876,341 | 1,572,199 |
Year ended 30 June 2017 |
30.6.17 | 1.7.16 |
£ | £ |
Cash and cash equivalents | 1,572,199 | 816,574 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
1. | COMPANY INFORMATION |
Bowmer Bond Narrow Fabrics Limited is a Limited Company incorporated in England and Wales. Its registered |
office and principal place of business is: Hanging Bridge Mills, Ashbourne, Derbyshire, DE6 2EA |
2. | STATUTORY INFORMATION |
Bowmer-Bond Narrow Fabrics Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The figures in the financial statements are rounded to the nearest £. |
3. | STATEMENT OF COMPLIANCE |
4. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that that |
company has adequate resources to continue in operational existence for the foreseeable future. The company |
therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover and revenue recognition |
Turnover represents amounts invoiced to customers in respect of the sale of goods, exclusive of value added tax. |
Revenues are recognised when the goods have been despatched to customers. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks of raw materials and finished goods are valued at the lower of cost and net realisable value, after making |
due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
4. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are stated at cost less amounts written off. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
5. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2018 | 2017 |
£ | £ |
United Kingdom | 4,366,988 | 4,256,038 |
Europe | 4,637,901 | 4,288,267 |
Rest of the world | 811,352 | 753,100 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
6. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2018 | 2017 |
Production and sales | 81 | 84 |
Office and management | 11 | 10 |
2018 | 2017 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2018 | 2017 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Loss on disposal of fixed assets |
Operating leases - plant and machinery |
Operating leases - other |
Research and development costs |
Pension costs |
Foreign exchange differences | ( |
) |
Auditors remuneration for the year amounts to £11,000 (2017: £11,000) This is now charged to the company's |
parent undertaking. |
During the year, the company's ultimate parent undertaking, Bowmer Bond (Holdings) Limited raised |
management charges amounting to £480,000 (2017: £480,000) which included amounts for providing the |
services of Mr Horsnall, Mr Whitehouse and Mr Allender as directors of the company. |
8. | EXCEPTIONAL ITEMS |
2018 | 2017 |
£ | £ |
Exceptional items - loan write off | - | (200,000 | ) |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank loan interest |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2017 - 20%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2018 | 2017 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2017 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Enhanced tax relief on Research and Development expenditure | ( |
) | ( |
) |
Effect of changes to main and marginal tax rates during the year | - | 6,156 |
Claim to Group losses | ( |
) | ( |
) |
Tax payable under S455 CTA 2010 | 398 | 5,122 |
Deferred tax release | (9,263 | ) | (3,325 | ) |
Total tax charge | 70,135 | 162,888 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2017 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
The total carrying value of tangible fixed assets are pledged as security for the groups bank borrowings. |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 30 June 2018 |
DEPRECIATION |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
13. | STOCKS |
2018 | 2017 |
£ | £ |
Finished goods |
Raw materials |
The total carrying value of stock is pledged as security for the groups bank borrowings. |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 16,987 | 19,587 |
VAT |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | - | 4,647 |
Other creditors |
Accrued expenses |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The company's significant leasing arrangements relate to property leases. |
17. | SECURED DEBTS |
Any bank borrowings are secured by a fixed charge over the groups freehold property at Hanging Bridge Mills |
and a floating charge over the all the property and undertaking of the company, dated 21 July 2015. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
18. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 56,311 | 65,574 |
Other provisions | 415,294 | 474,000 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 July 2017 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2018 |
Other provisions relates to dilapidation provision's arising under property leases. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 513,750 | 513,750 |
20. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2017 | 5,910,119 |
Profit for the year | - |
At 30 June 2018 | 6,663,164 |
21. | PENSION COMMITMENTS |
During the year, the company has contributed to the personal pension schemes of certain employees. |
The assets of the schemes are held separately from those of the company in independently administered funds. |
The contributions payable for the year amounted to £38,106 (2017 : £39,938), whilst outstanding contributions |
amounted to £Nil (2017 : £Nil) |
22. | ULTIMATE PARENT COMPANY |
The company's immediate parent undertaking is BB Ashbourne Limited, and its ultimate parent undertaking is |
Bowmer Bond (Holdings) Limited. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
23. | OTHER FINANCIAL COMMITMENTS |
The company is party to a cross guarantee, whereby it is a guarantor of any indebtedness of the group to the |
groups bankers. |
At the year end, the group does not have an overall indebtedness to the bank. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2018 and |
30 June 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The advances are interest free and there is no fixed repayment date. The amounts are included within other |
debtors. |
25. | RELATED PARTY DISCLOSURES |
The remuneration of key management personnel amounts to £373,935 |
FRS102 Section 33.1A exempts the company from disclosing transactions with entities that are 100% owned |
within the group. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr P Horsnall. |