COMPANY REGISTRATION NO. 07977078 (England and Wales)
BRAD BARRITT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
BRAD BARRITT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BRAD BARRITT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
5,001
Investments
4
-
25,500
-
30,501
Current assets
Debtors
5
16,229
12,200
Cash at bank and in hand
-
12,100
16,229
24,300
Creditors: amounts falling due within one year
6
-
(28,521)
Net current assets/(liabilities)
16,229
(4,221)
Total assets less current liabilities
16,229
26,280
Provisions for liabilities
-
(950)
Net assets
16,229
25,330
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
16,029
25,130
Total equity
16,229
25,330
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2018
Mr B M Barritt
Director
Company Registration No. 07977078
BRAD BARRITT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 2 -
1
Accounting policies
Company information
Brad Barritt Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, South Wales, NP20 2DW.
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. The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period is shorter than one year due to the company ceasing to trade. Therefore the comparative amounts presented in these financial statements are not entirely comparable.
1.3
Turnover
Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.
Revenue is from promotional activities, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment
25% on cost
1.5
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BRAD BARRITT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2018 - 1).
BRAD BARRITT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2018
11,390
Disposals
(11,390)
At 31 October 2018
-
Depreciation and impairment
At 1 April 2018
6,389
Depreciation charged in the period
1,482
Eliminated in respect of disposals
(7,871)
At 31 October 2018
-
Carrying amount
At 31 October 2018
-
At 31 March 2018
5,001
4
Fixed asset investments
2018
2018
£
£
Investments
-
25,500
5
Debtors
2018
2018
Amounts falling due within one year:
£
£
Trade debtors
-
3,200
Other debtors
16,229
9,000
16,229
12,200
BRAD BARRITT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 5 -
6
Creditors: amounts falling due within one year
2018
2018
£
£
Corporation tax
-
1,088
Other creditors
-
27,433
-
28,521
7
Called up share capital
2018
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
BRAD BARRITT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 6 -
8
Directors' transactions
During the year the director received dividends totalling £2,000 (2018: £5,000).
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
26,333
20,911
(63,473)
(16,229)
26,333
20,911
(63,473)
(16,229)