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Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Hawthorn Carter
Accountants
30 Lariggan Crescent
Penzance
Cornwall
TR18 4NH

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Company Information

Director

Mr Aaron Richards

Registered office

30 Lariggan Crescent Penzance Cornwall TR18 4NH

Accountants

Hawthorn Carter Accountants 30 Lariggan Crescent Penzance Cornwall TR18 4NH

Page 1

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)
for the Year Ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aaron Richards (South West) Ltd for the year ended 31 January 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Aaron Richards (South West) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Aaron Richards (South West) Ltd and state those matters that we have agreed to state to the Board of Directors of Aaron Richards (South West) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aaron Richards (South West) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aaron Richards (South West) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Aaron Richards (South West) Ltd. You consider that Aaron Richards (South West) Ltd 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 accounts of Aaron Richards (South West) Ltd. 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 accounts.

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

Hawthorn Carter
Accountants
30 Lariggan Crescent
Penzance
Cornwall
TR18 4NH

19 July 2017

Page 2

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

(Registration number: 6800128)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	10,849	13,571
Current assets
Stocks	4	15,500	15,500
Debtors	5	-	770
Cash at bank and in hand		4,827	-
		20,327	16,270
Creditors: Amounts falling due within one year	6	(82,371)	(70,508)
Net current liabilities		(62,044)	(54,238)
Net liabilities		(51,195)	(40,667)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(51,196)	(40,668)
Total equity		(51,195)	(40,667)

For the financial year ending 31 January 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 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 director acknowledges his 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.

Approved and authorised by the director on 19 July 2017
 

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

Mr Aaron Richards

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Statement of Changes in Equity for the Year Ended 31 January 2017

	Share capital £	Profit and loss account £	Total £
At 1 February 2016	1	(40,668)	(40,667)
Loss for the year	-	(10,528)	(10,528)
Total comprehensive income	-	(10,528)	(10,528)
At 31 January 2017	1	(51,196)	(51,195)

	Share capital £	Profit and loss account £	Total £
At 1 February 2015	1	(41,419)	(41,418)
Profit for the year	-	751	751
Total comprehensive income	-	751	751
At 31 January 2016	1	(40,668)	(40,667)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

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

The address of its registered office is:
30 Lariggan Crescent
Penzance
Cornwall
TR18 4NH

The principal place of business is:
2 Chy-Ar-Venton
Turnpike Road
Marazion
Cornwall, England
Cornwall
TR17 0DS
England

These financial statements were authorised for issue by the director on 19 July 2017.

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
Plant and machinery	20% reducing balance basis
Office equipment	20% reducing balance basis
Commercial vehicles	20% reducing balance basis

Page 5

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Notes to the Financial Statements for the Year Ended 31 January 2017

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 6

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Notes to the Financial Statements for the Year Ended 31 January 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	24,224	13,880	12,162	50,266
At 31 January 2017	24,224	13,880	12,162	50,266
Depreciation
At 1 February 2016	16,564	11,030	9,101	36,695
Charge for the year	1,536	572	614	2,722
At 31 January 2017	18,100	11,602	9,715	39,417
Carrying amount
At 31 January 2017	6,124	2,278	2,447	10,849
At 31 January 2016	7,660	2,850	3,061	13,571

4

Stocks

	2017 £	2016 £
Work in progress	15,000	15,000
Other inventories	500	500
	15,500	15,500

5

Debtors

	2017 £	2016 £
Other debtors	-	770
Total current trade and other debtors	-	770

6

Creditors

Page 7

Aaron Richards (South West) Ltd

trading as Aaron Richards (South West)

Notes to the Financial Statements for the Year Ended 31 January 2017

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	-	4,336
Trade creditors		7,000	7,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest		66,169	51,422
Taxation and social security		6,452	5,000
Other creditors		2,750	2,750
		82,371	70,508