COMPANY REGISTRATION NUMBER:
07291199
|
Filleted Unaudited Financial Statements |
|
Year ended 22 December 2017
|
Officers and professional advisers |
1 |
|
|
|
Statement of financial position |
2 |
|
|
|
Notes to the financial statements |
4 |
|
|
|
Statement of Financial Position |
|
22 December 2017
Fixed assets
|
Tangible assets |
5 |
|
167 |
250 |
|
|
|
|
|
Current assets
|
Stocks |
116,622 |
|
122,046 |
|
Debtors |
6 |
6,162 |
|
9,676 |
|
Cash at bank and in hand |
110,606 |
|
102,645 |
|
--------- |
|
--------- |
|
233,390 |
|
234,367 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
168,095 |
|
158,489 |
|
--------- |
|
--------- |
|
Net current assets |
|
65,295 |
75,878 |
|
|
-------- |
-------- |
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Total assets less current liabilities |
|
65,462 |
76,128 |
|
|
-------- |
-------- |
|
Net assets |
|
65,462 |
76,128 |
|
|
-------- |
-------- |
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|
|
|
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Capital and reserves
|
Called up share capital |
|
1 |
1 |
|
Profit and loss account |
|
65,461 |
76,127 |
|
|
-------- |
-------- |
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Shareholder funds |
|
65,462 |
76,128 |
|
|
-------- |
-------- |
|
|
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|
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 22 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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
.
|
Statement of Financial Position (continued) |
|
22 December 2017
These financial statements were approved by the
board of directors
and authorised for issue on
17 August 2018
, and are signed on behalf of the board by:
Company registration number:
07291199
|
Notes to the Financial Statements |
|
Year ended 22 December 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prospect House, 121 Bury Old Road, Whitefield, Manchester, M45 7AY.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 23 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
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.
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:
|
Computer Equipment |
- |
33% reducing balance |
|
|
|
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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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
4
).
5.
Tangible assets
|
Equipment |
Total |
|
£ |
£ |
|
Cost |
|
|
|
At 23 December 2016 and 22 December 2017 |
1,938 |
1,938 |
|
------- |
------- |
|
Depreciation |
|
|
|
At 23 December 2016 |
1,688 |
1,688 |
|
Charge for the year |
83 |
83 |
|
------- |
------- |
|
At 22 December 2017 |
1,771 |
1,771 |
|
------- |
------- |
|
Carrying amount |
|
|
|
At 22 December 2017 |
167 |
167 |
|
------- |
------- |
|
At 22 December 2016 |
250 |
250 |
|
------- |
------- |
|
|
|
6.
Debtors
|
2017 |
2016 |
|
£ |
£ |
|
Other debtors |
6,162 |
9,676 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017 |
2016 |
|
£ |
£ |
|
Social security and other taxes |
29,520 |
29,025 |
|
Other creditors |
138,575 |
129,464 |
|
--------- |
--------- |
|
168,095 |
158,489 |
|
--------- |
--------- |
|
|
|
8.
Director transactions
At 22 December 2017, the company owed £7,743 (22 December 2016: £NIL) to the director of the company. The amounts are interest free and repayable on demand. Dividends totalling £34,960 (22 December 2016: £30,000) were paid in the period in respect of shares held by the company director. Included in creditors at the year end is a loan balance amounting to £95,000 (2016: £95,000) payable to Luross Mercantile Limited, a company controlled by the directors mother and father Mr and Mrs N J Rosenthal.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 23 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.