Year Ended
Registration number:
Espier Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Espier Limited
Company Information
Director |
Mr A P Taverner |
Company secretary |
Mrs S Taverner |
Registered office |
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Accountants |
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Page 1 |
Espier Limited
Balance Sheet
31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Espier Limited
Balance Sheet
31 January 2017
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:
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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 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.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the director on
.........................................
Mr A P Taverner
Director
Company Registration Number: 05206598
Page 3 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
Unit A3-A4 Dart Marine Park
Steamer Quay Road
Totnes
Devon
TQ9 5AL
These financial statements were authorised for issue by the
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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
There are no material departures from FRS102.
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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 February 2015.
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 value added tax.
The company recognises revenue based on its value of the service provided to date.
Page 4 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The current corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Plant and Machinery |
33% straight line |
Office Equipment |
33% straight line |
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 stocks 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 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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- |
- |
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Disposals |
- |
- |
( |
( |
At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts due from group undertakings |
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- |
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Other debtors |
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Prepayments |
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Page 7 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
- |
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Social security and other taxes |
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Other creditors |
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- |
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Accrued expenses |
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Corporation tax |
20,142 |
79,008 |
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Deferred income |
- |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 8 |
Espier Limited
Notes to the Financial Statements
Year Ended 31 January 2017
Related party transactions |
Advances to directors |
2017 |
At 1 February 2016 |
Advances to director |
Repayments by director |
At 31 January 2017 |
Mrs S Taverner |
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Advances in the year including interest at 3% |
2,696 |
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( |
- |
Mr A P Taverner |
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Advances in the year including interest at 3% |
2,696 |
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( |
- |
2016 |
At 1 February 2015 |
Advances to director |
Repayments by director |
At 31 January 2016 |
Mrs S Taverner |
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Advances in the year including interest at 3% |
5,131 |
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( |
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Mr A P Taverner |
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Advances in the year including interest at 3% |
5,131 |
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( |
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Transition to FRS 102 |
There were no changes to the previously stated equity as at 1 February 2015 and 31 January 2016 or in the profit for the year ended 31 January 2016 as a result of the transition to FRS 102.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 9 |