Bristol Guild of Applied Art Limited
Registered number: 00836089
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 946,767 958,118
Current assets
Stocks 98,215 120,097
Debtors 4 1,684 684
Cash at bank and in hand 195,958 175,749
295,857 296,530
Creditors: amounts falling due within one year 5 (175,116) (141,876)
Net current assets 120,741 154,654
Total assets less current liabilities 1,067,508 1,112,772
Creditors: amounts falling due after more than one year 6 (521,127) (563,773)
Net assets 546,381 548,999
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 526,381 528,999
Shareholders' funds 546,381 548,999
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 M J Cannings
Director
Approved by the board on 29 June 2022
Bristol Guild of Applied Art Limited
Notes to the Accounts
for the year ended 31 January 2022
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.
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:
Freehold buildings over 100 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 2022 2021
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2021 1,003,413 170,822 1,174,235
Disposals - - -
At 31 January 2022 1,003,413 170,822 1,174,235
Depreciation
At 1 February 2021 46,612 169,505 216,117
Charge for the year 10,034 1,317 11,351
On disposals - - -
At 31 January 2022 56,646 170,822 227,468
Net book value
At 31 January 2022 946,767 - 946,767
At 31 January 2021 956,801 1,317 958,118
4 Debtors 2022 2021
£ £
Other debtors 1,684 684
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 53,047 42,399
Trade creditors 35,515 15,350
Corporation tax - 3,186
Other taxes and social security costs 40,888 36,670
Other creditors 45,666 44,271
175,116 141,876
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 473,027 515,673
Other creditors 48,100 48,100
521,127 563,773
7 Other information
Bristol Guild of Applied Art Limited is a private company limited by shares and incorporated in England. Its registered office is:
68-70 Park St
Bristol
BS1 5JY
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