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A & O Discounts Limited

Registration number : 04789242



















Annual Report and Unaudited Financial Statements

for the year ended 30 June 2017

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

A & O Discounts Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 12

A & O Discounts Limited

Company Information

Directors

Mr Andrew Ward Mr Paul Graham Owen

Company secretary

Mr Paul Graham Owen

Registered office

3A High Street Neston Wirral CH64 9TY

Accountants

McParland Williams Limited Accountants and Tax Practitioners 13 Liverpool Road North Maghull Merseyside L31 2HB

Page 1

A & O Discounts Limited

(Registration number: 04789242)
Balance Sheet as at 30 June 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	5	4,800	6,000
Tangible assets	6	614	730
		5,414	6,730
Current assets
Stocks and work-in-progress	7	27,250	23,570
Debtors	8	148	131
Cash at bank and in hand		1,450	2,563
		28,848	26,264
Creditors: Amounts falling due within one year	9	(22,979)	(23,732)
Net current assets		5,869	2,532
Net assets		11,283	9,262
Capital and reserves
Called up share capital		2	2
Profit and loss account		11,281	9,260
Total equity		11,283	9,262

For the financial year ending 30 June 2017 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 4 to 12 form an integral part of these financial statements.

Page 2

A & O Discounts Limited

(Registration number: 04789242)
Balance Sheet as at 30 June 2017

Approved and authorised by the Board on 20 March 2018 and signed on its behalf by:
 

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

Mr Paul Graham Owen

Director

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

1	General information

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

The address of its registered office is:
3A High Street
Neston
Wirral
CH64 9TY

The principal place of business is:
Unit 4
High Street
Neston
Wirral
CH64 9AD

These financial statements were authorised for issue by the Board on 20 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

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
Motor vehicles	25% reducing balance
Fixtures & fittings	15% reducing balance

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	Straight line over 5 years

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 5

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

4

Taxation

Tax charged/(credited) in the income statement

	2017  £	2016  £
Current taxation
UK corporation tax	3,283	3,858

Page 6

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2016	7,500	7,500
At 30 June 2017	7,500	7,500
Amortisation
At 1 July 2016	1,500	1,500
Amortisation charge	1,200	1,200
At 30 June 2017	2,700	2,700
Carrying amount
At 30 June 2017	4,800	4,800
At 30 June 2016	6,000	6,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

6	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2016	4,500	3,000	7,500
At 30 June 2017	4,500	3,000	7,500
Depreciation
At 1 July 2016	3,835	2,935	6,770
Charge for the year	100	16	116
At 30 June 2017	3,935	2,951	6,886
Carrying amount
At 30 June 2017	565	49	614
At 30 June 2016	665	65	730

7	Stocks and work-in-progress

	2017 £	2016 £
Finished goods and goods for resale	27,250	23,570

Page 7

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

8

Debtors

	2017 £	2016 £
Other debtors	148	131
	148	131

Page 8

A & O Discounts Limited

Notes to the Financial Statements for the year ended 30 June 2017

9

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	6,787	4,843
Taxation and social security	6,534	7,636
Accruals and deferred income	919	946
Other creditors	8,739	10,307
	22,979	23,732