Company Registration No. 05350693 (England and Wales)
ABBEY BLINDS (NW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
ABBEY BLINDS (NW) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ABBEY BLINDS (NW) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,500
23,000
Tangible assets
4
9,225
10,600
20,725
33,600
Current assets
Stocks
17,436
18,817
Debtors
5
25,491
31,002
Cash at bank and in hand
20,019
13,294
62,946
63,113
Creditors: amounts falling due within one year
6
(55,266)
(57,941)
Net current assets
7,680
5,172
Total assets less current liabilities
28,405
38,772
Provisions for liabilities
(1,518)
(1,915)
Net assets
26,887
36,857
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
26,787
36,757
Total equity
26,887
36,857
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
-
ensuring that the company keeps accounting records which comply with Sections 386 and 387
of the Companies Act 2006 and
-
preparing financial statements
which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relating to financial statements, so far as applicable to
the company.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ABBEY BLINDS (NW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2019 and are signed on its behalf by:
Mr M Parker
Director
Company Registration No. 05350693
ABBEY BLINDS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
1
Accounting policies
Company information
Abbey Blinds (NW) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
The website is being amortised evenly over its estimated useful life of five years.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ABBEY BLINDS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ABBEY BLINDS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2018 - 11).
ABBEY BLINDS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2018 and 31 January 2019
70,000
23,000
93,000
Amortisation and impairment
At 1 February 2018
70,000
-
70,000
Amortisation charged for the year
-
11,500
11,500
At 31 January 2019
70,000
11,500
81,500
Carrying amount
At 31 January 2019
-
11,500
11,500
At 31 January 2018
-
23,000
23,000
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2018
26,830
4,428
10,353
4,434
46,045
Additions
-
-
809
-
809
At 31 January 2019
26,830
4,428
11,162
4,434
46,854
Depreciation and impairment
At 1 February 2018
23,008
3,590
7,738
1,109
35,445
Depreciation charged in the year
573
126
654
831
2,184
At 31 January 2019
23,581
3,716
8,392
1,940
37,629
Carrying amount
At 31 January 2019
3,249
712
2,770
2,494
9,225
At 31 January 2018
3,822
838
2,615
3,325
10,600
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
18,642
23,122
Other debtors
6,849
7,880
25,491
31,002
ABBEY BLINDS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
23,558
14,412
Corporation tax
72
72
Other taxation and social security
14,263
12,700
Other creditors
17,373
30,757
55,266
57,941
8
Directors' transactions
During the year rent has been paid to the director Mr AD Parker amounting to £8,500 (2018 £8,500).