Registered number
07805209
Four Barrels Limited
Filleted Accounts
31 March 2018
Four Barrels Limited
Registered number: 07805209
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 16,472 20,590
Current assets
Stocks 8,500 12,034
Debtors 4 30,053 34,999
Cash at bank and in hand 2,000 -
40,553 47,033
Creditors: amounts falling due within one year 5 (54,304) (66,907)
Net current liabilities (13,751) (19,874)
Net assets 2,721 716
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,719 714
Shareholders' funds 2,721 716
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.
Mr Neil Ainsworth
Director
Approved by the board on 21 September 2018
Four Barrels Limited
Notes to the Accounts
for the year ended 31 March 2018
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 & machinery 20% reducing balance
Van 20% 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc Van Total
£ £ £
Cost
At 1 April 2017 31,133 12,914 44,047
At 31 March 2018 31,133 12,914 44,047
Depreciation
At 1 April 2017 17,155 6,302 23,457
Charge for the year 2,796 1,322 4,118
At 31 March 2018 19,951 7,624 27,575
Net book value
At 31 March 2018 11,182 5,290 16,472
At 31 March 2017 13,978 6,612 20,590
4 Debtors 2018 2017
£ £
Trade debtors 4,111 4,709
Other debtors 25,942 30,290
30,053 34,999
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 2,411 3,636
Obligations under finance lease and hire purchase contracts - 875
Trade creditors 35,563 37,216
Taxation and social security costs 14,576 18,209
Other creditors 1,754 6,971
54,304 66,907
6 Related party transactions
During the year the director Mr Neil Ainsworth received salary of £8,164 (2017 £8,060) and dividends of £10,000 (2017 £18,000). The director Mrs Claire Ainsworth received salary of £8,164 (2017 £8,060) and dividends of £10,000 (2017 £18,000)
7 Controlling party
Ms Claire Ainsworth resigned as a director on 15th September 2017. The controlling party is therefore Mr Neil Ainsworth by virtue of his directorship and shareholding.
8 Other information
Four Barrels Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Gables
Market Square
Princes Risborough
Buckinghamshire
HP27 0AN
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