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Company registration number: 02001227
B & S Supplies (Lancs) Limited
Unaudited filleted financial statements
30 April 2023
B & S Supplies (Lancs) Limited
Contents
Director and other information
Accountants report
Statement of financial position
Notes to the financial statements
B & S Supplies (Lancs) Limited
Directors and other information
Director Richard Stevenson
Secretary Kathleen Brown
Company number 02001227
Registered office 14 Bridge Street
Garstang
PR3 1YB
Business address 14 Bridge Street
Garstang
PR3 1YB
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers National Westminster Bank Plc.
24 Deansgate
Bolton
BL1 1BN
Santander UK Plc
Bridle Road
Bootle
L30 4GB
B & S Supplies (Lancs) Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of B & S Supplies (Lancs) Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B & S Supplies (Lancs) Limited for the year ended 30 April 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of B & S Supplies (Lancs) Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of B & S Supplies (Lancs) Limited and state those matters that we have agreed to state to him, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & S Supplies (Lancs) Limited and its director for our work or for this report.
It is your duty to ensure that B & S Supplies (Lancs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B & S Supplies (Lancs) Limited. You consider that B & S Supplies (Lancs) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of B & S Supplies (Lancs) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
10 November 2023
B & S Supplies (Lancs) Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 265,085 254,404
_______ _______
265,085 254,404
Current assets
Stocks 51,093 48,218
Debtors 9 684 781
Cash at bank and in hand 56,003 59,352
_______ _______
107,780 108,351
Creditors: amounts falling due
within one year 10 ( 67,251) ( 84,871)
_______ _______
Net current assets 40,529 23,480
_______ _______
Total assets less current liabilities 305,614 277,884
Creditors: amounts falling due
after more than one year 11 ( 14,800) ( 7,349)
Provisions for liabilities 12 ( 5,522) ( 2,501)
_______ _______
Net assets 285,292 268,034
_______ _______
Capital and reserves
Called up share capital 14 100 100
Revaluation reserve 172,640 173,828
Profit and loss account 112,552 94,106
_______ _______
Shareholders funds 285,292 268,034
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Richard Stevenson
Director
Company registration number: 02001227
B & S Supplies (Lancs) Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 Bridge Street, Garstang, PR3 1YB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis as modified by the revaluation of the freehold properties. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid 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. 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 initally recorded at cost, and are subsequently stated at cost or valuation less any accumulated depreciation and impairment losses.
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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicle - 25 % reducing balance
Stocks
Stocks are measured at cost.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Interest payable and similar expenses
2023 2022
£ £
Bank loan 575 536
Other loans made to the company:
Finance leases and hire purchase contracts 299 322
Other interest payable and similar expenses 2,500 3,670
_______ _______
3,374 4,528
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 12,289 15,563
_______ _______
Deferred tax:
Origination and reversal of timing differences 3,021 ( 678)
_______ _______
Tax on profit 15,310 14,885
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 April 2023 18,264 18,264
_______ _______
Amortisation
At 1 May 2022 and 30 April 2023 18,264 18,264
_______ _______
Carrying amount
At 30 April 2023 - -
_______ _______
At 30 April 2022 - -
_______ _______
8. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicle Total
£ £ £ £ £
Cost or valuation
At 1 May 2022 250,000 742 14,562 8,898 274,202
Additions - - - 16,800 16,800
Disposals - - - ( 8,898) ( 8,898)
_______ _______ _______ _______ _______
At 30 April 2023 250,000 742 14,562 16,800 282,104
_______ _______ _______ _______ _______
Depreciation
At 1 May 2022 5,600 742 7,080 6,376 19,798
Charge for the year 1,400 - 1,497 700 3,597
Disposals - - - ( 6,376) ( 6,376)
_______ _______ _______ _______ _______
At 30 April 2023 7,000 742 8,577 700 17,019
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2023 243,000 - 5,985 16,100 265,085
_______ _______ _______ _______ _______
At 30 April 2022 244,400 - 7,482 2,522 254,404
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 April 2023
Aggregate cost 152,574 152,574
Aggregate depreciation (92,984) (92,984)
_______ _______
Carrying amount 59,590 59,590
_______ _______
At 30 April 2022
Aggregate cost 152,574 152,574
Aggregate depreciation (89,934) (89,934)
_______ _______
Carrying amount 62,640 62,640
_______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2023 16,100
_______
At 30 April 2022 -
_______
9. Debtors
2023 2022
£ £
Other debtors 684 781
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 1,950 1,950
Trade creditors 20,308 24,582
Corporation tax 12,289 15,564
Social security and other taxes 6,620 10,716
Other creditors 26,084 32,059
_______ _______
67,251 84,871
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 5,275 7,349
Other creditors 9,525 -
_______ _______
14,800 7,349
_______ _______
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 May 2022 2,501 2,501
Additions 3,021 3,021
_______ _______
At 30 April 2023 5,522 5,522
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 12) 5,522 2,501
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 5,522 2,501
_______ _______
14. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______