Archstone Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03977421

Archstone Limited

Filleted Unaudited Financial Statements

30 June 2018

Archstone Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	–	3,665
Tangible assets	6	233,485	224,314
		--------	--------
		233,485	227,979

Current assets

Stocks		169,559	181,699
Debtors	7	257,470	300,551
Cash at bank and in hand		790,265	585,739
		-----------	-----------
		1,217,294	1,067,989

Creditors: amounts falling due within one year	8	156,337		135,055
		-----------		-----------
Net current assets			1,060,957	932,934
			-----------	-----------
Total assets less current liabilities			1,294,442	1,160,913

Provisions

Taxation including deferred tax	850	2,418
	-----------	-----------
Net assets	1,293,592	1,158,495
	-----------	-----------

Archstone Limited

Statement of Financial Position (continued)

30 June 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,293,590	1,158,493
	-----------	-----------
Shareholders funds	1,293,592	1,158,495
	-----------	-----------

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 comprehensive income has not been delivered.

For the year ending 30 June 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 .

These financial statements were approved by the board of directors and authorised for issue on 20 November 2018 , and are signed on behalf of the board by:

Mr H R B Cox

Director

Company registration number: 03977421

Archstone Limited

Notes to the Financial Statements

Year ended 30 June 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 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB.

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

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 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.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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 property	-	Straight line over the remaining period of the lease
Fixtures and fittings	-	3years straight line
Motor vehicles	-	25 %reducing balance
Equipment	-	3 years 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. 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 60 (2017: 56 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2017 and 30 June 2018	110,001
	--------
Amortisation
At 1 July 2017	106,336
Charge for the year	3,665
	--------
At 30 June 2018	110,001
	--------
Carrying amount
At 30 June 2018	–
	--------
At 30 June 2017	3,665
	--------

6. Tangible assets

	Freehold property	Leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Jul 2017	184,490	63,435	77,211	700	21,491	347,327
Additions	–	–	–	–	403	403
Disposals	–	–	( 900)	–	( 966)	( 1,866)
Revaluations	20,510	–	–	–	–	20,510
	--------	-------	-------	----	-------	--------
At 30 Jun 2018	205,000	63,435	76,311	700	20,928	366,374
	--------	-------	-------	----	-------	--------
Depreciation
At 1 Jul 2017	–	31,521	70,691	654	20,147	123,013
Charge for the year	–	4,231	6,327	12	1,170	11,740
Disposals	–	–	( 899)	–	( 965)	( 1,864)
	--------	-------	-------	----	-------	--------
At 30 Jun 2018	–	35,752	76,119	666	20,352	132,889
	--------	-------	-------	----	-------	--------
Carrying amount
At 30 Jun 2018	205,000	27,683	192	34	576	233,485
	--------	-------	-------	----	-------	--------
At 30 Jun 2017	184,490	31,914	6,520	46	1,344	224,314
	--------	-------	-------	----	-------	--------

The freehold property is held for use in operating leases and consequently is an investment property. The investment property was revalued on 15 November 2018 by Cooper & Tanner, commercial property specialists. The basis of this valuation was current open market value. The investment property has a current value of £205,000 (2017: £184,490) and a historical cost of £184,490 (2017: £184,490).

7. Debtors

	2018	2017
	£	£
Other debtors	257,470	300,551
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	84,375	74,222
Corporation tax	41,733	25,878
Social security and other taxes	17,405	21,110
Other creditors	12,824	13,845
	--------	--------
	156,337	135,055
	--------	--------

9. Operating leases

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

	2018	2017
	£	£
Not later than 1 year	28,000	28,000
Later than 1 year and not later than 5 years	140,000	112,000
Later than 5 years	–	56,000
	--------	--------
	168,000	196,000
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr H R B Cox	111,623	6,275	( 27,597)	90,301
Mrs A J Cox	111,624	6,274	( 27,597)	90,301
	--------	-------	-------	--------
	223,247	12,549	( 55,194)	180,602
	--------	-------	-------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr H R B Cox	111,387	37,702	( 37,466)	111,623
Mrs A J Cox	111,387	37,702	( 37,465)	111,624
	--------	-------	-------	--------
	222,774	75,404	( 74,931)	223,247
	--------	-------	-------	--------

Interest was charged on the amounts advanced at the official rate, which amounted to £5,335 (2017: £6,811) for the year.