false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 - FRS 15,666 6,815 22,481 2,873 2,941 5,814 16,667 12,793 xbrli:pure xbrli:shares iso4217:GBP 08459824 2017-04-01 2018-03-31 08459824 2018-03-31 08459824 2017-03-31 08459824 2016-04-01 2017-03-31 08459824 2017-03-31 08459824 core:FurnitureFittings 2017-04-01 2018-03-31 08459824 bus:Director1 2017-04-01 2018-03-31 08459824 bus:Director2 2017-04-01 2018-03-31 08459824 core:FurnitureFittings 2017-03-31 08459824 core:FurnitureFittings 2018-03-31 08459824 core:WithinOneYear 2018-03-31 08459824 core:WithinOneYear 2017-03-31 08459824 core:ShareCapital 2018-03-31 08459824 core:ShareCapital 2017-03-31 08459824 core:RetainedEarningsAccumulatedLosses 2018-03-31 08459824 core:RetainedEarningsAccumulatedLosses 2017-03-31 08459824 core:FurnitureFittings 2017-03-31 08459824 bus:SmallEntities 2017-04-01 2018-03-31 08459824 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 08459824 bus:FullAccounts 2017-04-01 2018-03-31 08459824 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 08459824 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31
COMPANY REGISTRATION NUMBER: 08459824
Bussell Parts Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2018
Bussell Parts Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
16,667
12,793
Current assets
Stocks
171,594
168,230
Debtors
6
151,138
12,242
Cash at bank and in hand
50,176
63,272
---------
---------
372,908
243,744
Creditors: amounts falling due within one year
7
162,052
170,798
---------
---------
Net current assets
210,856
72,946
---------
--------
Total assets less current liabilities
227,523
85,739
---------
--------
Net assets
227,523
85,739
---------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
226,523
84,739
---------
--------
Shareholders funds
227,523
85,739
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bussell Parts Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 11 October 2018 , and are signed on behalf of the board by:
Mr A Bussell
Mr J Bussell
Director
Director
Company registration number: 08459824
Bussell Parts Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge House, 14 Bridge Street, Taunton, Somerset, TA1 1UB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 5 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2017
15,666
15,666
Additions
6,815
6,815
--------
--------
At 31 March 2018
22,481
22,481
--------
--------
Depreciation
At 1 April 2017
2,873
2,873
Charge for the year
2,941
2,941
--------
--------
At 31 March 2018
5,814
5,814
--------
--------
Carrying amount
At 31 March 2018
16,667
16,667
--------
--------
At 31 March 2017
12,793
12,793
--------
--------
6. Debtors
2018
2017
£
£
Trade debtors
149,827
12,242
Other debtors
1,311
---------
--------
151,138
12,242
---------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
35,182
40,200
Corporation tax
34,695
7,993
Social security and other taxes
30
Other creditors
92,175
122,575
---------
---------
162,052
170,798
---------
---------
8. Directors' advances, credits and guarantees
During the year loans were provided to the company by the directors Mr A M Bussell and Mr J S Bussell. The balances at the beginning of the year were £121,475 and at the end of the year amounted to £86,475. No interest was payable on the loans during the year.
9. Related party transactions
The company was under the control of Mr A M Bussell and Mr J S Bussell throughout the current period. Mr A M Bussell and Mr J S Bussell are the managing directors and majority shareholders. No transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.