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British Corner Shop Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Harbour Key Limited
Midway House
Staverton Technology Park
Herrick Way, Staverton
CHELTENHAM
Gloucestershire
GL51 6TQ

British Corner Shop Limited

Contents

Company Information	1
Directors' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

British Corner Shop Limited

Company Information

Directors

Mr R T D Crews Mr P J Howarth Mr A J V Boorman Mr M E Callaghan

Company secretary

Mr M E Callaghan

Registered office

Unit X Stover Estate Wellington Drive Yate BRISTOL BS37 5NZ

Accountants

Harbour Key Limited Midway House Staverton Technology Park Herrick Way, Staverton CHELTENHAM Gloucestershire GL51 6TQ

Page 1

British Corner Shop Limited

Directors' Report for the Year Ended 31 March 2018

The directors present their report and the financial statements for the year ended 31 March 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr R T D Crews (appointed 13 April 2017)

Mr P J Howarth

Mr A J V Boorman (appointed 13 April 2017)

Mr M E Callaghan - Company secretary and director

Principal activity

The principal activity of the company is sales of British Food

Statement of the Directors

The Directors are pleased with the continued progress of the business, which has experienced another year of strong growth.

The business is now seeing the rewards of its move to larger premises and the investment in the senior management team.

Highlights from the year include:-

• 21% increase in revenues.
• Successful move to larger modern premises.
• New wholesale e-commerce website successfully launched.
• New exclusive relationships established with leading UK retail brands for export.
• Renewal of the joint partnership with Waitrose.
• Partnership with the Department of International Trade, helping further to position the company strategically
`.as a platform for British brands to export - The British Brand Export Company.
• Successful implementation of a new integrated warehouse management system.

Going forward the directors are confident, further investment is being made into the business's e-commerce systems and also robotic warehouse picking will be introduced.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 28 August 2018 and signed on its behalf by:

.........................................
Mr M E Callaghan
Company secretary and director

Page 2

British Corner Shop Limited

(Registration number: 05085811)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	3,750	6,250
Tangible assets	5	179,175	34,505
Investments	6	20	20
Other financial assets		5,280	5,280
		188,225	46,055
Current assets
Stocks	7	487,111	378,088
Debtors	8	899,820	636,732
Cash at bank and in hand		174,616	785,876
		1,561,547	1,800,696
Creditors: Amounts falling due within one year	9	(1,137,239)	(1,410,360)
Net current assets		424,308	390,336
Total assets less current liabilities		612,533	436,391
Creditors: Amounts falling due after more than one year	9	(449,754)	(404,894)
Net assets		162,779	31,497
Capital and reserves
Called up share capital		100	100
Profit and loss account		162,679	31,397
Total equity		162,779	31,497

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

British Corner Shop Limited

(Registration number: 05085811)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 28 August 2018 and signed on its behalf by:
 

.........................................

Mr M E Callaghan

Company secretary and director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

British Corner Shop Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit X Stover Estate
Wellington Drive
Yate
BRISTOL
BS37 5NZ

These financial statements were authorised for issue by the Board on 28 August 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% Straight Line
Motor Vehicles	25% Straight Line
Plant & Machinery	25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 5

British Corner Shop Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 Years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 6

British Corner Shop Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2017 - 52).

Page 7

British Corner Shop Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	25,000	25,000
At 31 March 2018	25,000	25,000
Amortisation
At 1 April 2017	18,750	18,750
Amortisation charge	2,500	2,500
At 31 March 2018	21,250	21,250
Carrying amount
At 31 March 2018	3,750	3,750
At 31 March 2017	6,250	6,250

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	92,452	744	33,993	127,189
Additions	171,246	-	37,111	208,357
At 31 March 2018	263,698	744	71,104	335,546
Depreciation
At 1 April 2017	64,860	558	27,266	92,684
Charge for the year	52,883	186	10,618	63,687
At 31 March 2018	117,743	744	37,884	156,371
Carrying amount
At 31 March 2018	145,955	-	33,220	179,175
At 31 March 2017	27,592	186	6,727	34,505

Included within Plant and machinery net book value, is an amount of £29,758 which is currently on Hire Purchase agreement.

Page 8

British Corner Shop Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6	Investments

	2018 £	2017 £
Investments in subsidiaries	20	20