A. & E. Connock (Perfumery & Cosmetics) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01217210

A. & E. Connock (Perfumery & Cosmetics) Limited

Filleted Unaudited Financial Statements

31 July 2018

A. & E. Connock (Perfumery & Cosmetics) Limited

Financial Statements

Year ended 31 July 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

A. & E. Connock (Perfumery & Cosmetics) Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		169,221		242,924

Current assets

Stocks		304,183	214,041
Debtors	6	540,613	336,739
Cash at bank and in hand		523,823	552,380
		------------	------------
		1,368,619	1,103,160

Creditors: amounts falling due within one year	7	773,150		683,210
		------------		------------
Net current assets			595,469		419,950
			---------		---------
Total assets less current liabilities			764,690		662,874

Creditors: amounts falling due after more than one year	8	61,289	139,955
		---------	---------
Net assets		703,401	522,919
		---------	---------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		702,401	521,919
		---------	---------
Shareholders funds		703,401	522,919
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 July 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 .

A. & E. Connock (Perfumery & Cosmetics) Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 17 December 2018 , and are signed on behalf of the board by:

Mrs E Connock	T A Connock
Director	Director

Mrs R D Cattell
Director

Company registration number: 01217210

A. & E. Connock (Perfumery & Cosmetics) Limited

Notes to the Financial Statements

Year ended 31 July 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 146 New London Road, Chelmsford, Essex, CM2 0AW.

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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year. In the directors' opinion 49% (2016 - 47%) of the turnover is derived from outside the U.K.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Leasehold improvements	-	10% straight line
Plant and machinery	-	25% - 33.3% Straight line
Motor vehicles	-	25% straight line

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2017: 15 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2017	55,800	156,887	222,917	435,604
Additions	–	9,878	–	9,878
Disposals	( 55,800)	–	–	( 55,800)
	--------	---------	---------	---------
At 31 July 2018	–	166,765	222,917	389,682
	--------	---------	---------	---------
Depreciation
At 1 August 2017	12,555	139,404	40,721	192,680
Charge for the year	–	12,741	27,595	40,336
Disposals	( 12,555)	–	–	( 12,555)
	--------	---------	---------	---------
At 31 July 2018	–	152,145	68,316	220,461
	--------	---------	---------	---------
Carrying amount
At 31 July 2018	–	14,620	154,601	169,221
	--------	---------	---------	---------
At 31 July 2017	43,245	17,483	182,196	242,924
	--------	---------	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	280,193	273,840
Deferred tax asset	45,626	–
Prepayments and accrued income	59,524	62,899
Other debtors	155,270	–
	---------	---------
	540,613	336,739
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	30,064	–
Trade creditors	204,211	197,747
Accruals and deferred income	421,159	345,880
Obligations under finance leases and hire purchase contracts	78,665	26,222
Director loan accounts	7,063	70,704
Other taxes and social security	31,988	42,657
	---------	---------
	773,150	683,210
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	61,289	139,955
	--------	---------

Hire purchase balances due are secured over the assets they relate to.

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000.00	1,000	1,000.00
	-------	----------	-------	----------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	62,040	–
Later than 1 year and not later than 5 years	192,120	–
Later than 5 years	2,000	–
	---------	----
	256,160	–
	---------	----

11. Related party transactions

At the year end the company owed its directors £7,063 (2017 - £70,704) which are shown amongst creditors.