Registration number:
for the Year Ended
Strawberry Hill House Trading Services Limited
Contents
Company Information |
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Directors' Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Strawberry Hill House Trading Services Limited
Company Information
Directors |
T R Smith M R Snodin |
Registered office |
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Accountants |
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Strawberry Hill House Trading Services Limited
Directors' Report for the Year Ended 31 December 2016
The Directors present their report and the financial statements for the year ended 31 December 2016.
Directors of the Company
The directors who held office during the year and up to the date of approval of these financial statements were as follows:
Principal activity
The principal activity of the company is that of the trading company of Strawberry Hill House which includes gift shop sales, events and hire. The company is a wholly owned subsidiary of, and is required to donate its profit to, The Strawberry Hill Trust.
Small companies provision statement
The directors have taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved by the Board on
.........................................
T R Smith
Director
Strawberry Hill House Trading Services Limited
Statement of Income and Retained Earnings
for the Year Ended 31 December 2016
Note |
2016 |
2015 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Donations to The Strawberry Hill Trust |
(48,299) |
(61,725) |
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Operating profit/(loss) |
- |
- |
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Profit/(loss) before tax |
- |
- |
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Profit/(loss) for the financial year |
- |
- |
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Retained earnings brought forward |
- |
- |
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Retained earnings carried forward |
- |
- |
Strawberry Hill House Trading Services Limited
(Registration number: 07880487)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stock |
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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 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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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements were approved and authorised for issue by the
.........................................
T R Smith
Director
Strawberry Hill House Trading Services Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
General information |
Strawberry Hill House Trading Services Limited ("the company") is a private company limited by share capital incorporated in the England and Wales under the Companies Act.
The address of its registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the Director's Report on page 2.
Accounting policies |
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.
Going concern
The company's operations are dependent on its parent company, The Strawberry Hill Trust, continuing to manage Strawberry Hill House. The directors believe this will continue for the forseeable future and these financial statements have therefore been prepared on a going concern basis.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) Section 1A and in accordance with the Companies Act 2006. There were no material departures from that standard.
These are the first financial statements to be prepared under FRS 102 Section 1A. Adoption of FRS 102 requires that the comparative figures and opening balance sheet be restated in accordance with this standard. The company is therefore considered to have transitioned from previously extant UK GAAP to FRS 102 on 1 January 2015. An explanation of how the transition to FRS 102 has affected the reported financial position and financial performance is given in note 3.
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.
The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).
Judgements and key sources of estimation uncertainty
In the opinion of the directors there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for goods sold and services rendered in the ordinary course of the Company’s activities and is shown net of value added tax, returns and discounts. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Strawberry Hill House Trading Services Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet 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 at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Asset class |
Depreciation method and rate |
Shop equipment |
10% on cost |
Equipment, fixtures and fittings |
10% on cost |
Stock
Stock is stated at the lower of cost and estimated net realisable value (selling price less costs to sell). Cost is determined using the first-in, first-out (FIFO) method.
Stocks are assessed for impairment and, if stocks are impaired, the carrying amount is reduced to its net realisable value and any impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price and 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.
Cash and cash equivalents
Cash comprises cash on hand and held at bank.
Trade creditors
Trade creditors are obligations to pay for goods acquired or services received acquired in the ordinary course of business. 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss as they fall due over the period of the lease.
Strawberry Hill House Trading Services Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)
2 |
Accounting policies (continued) |
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 such instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
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Depreciation expense |
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Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Strawberry Hill House Trading Services Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
(continued)
Stock |
2016 |
2015 |
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Stock |
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Debtors |
2016 |
2015 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
The company operates the gift shop and organises hirings and events on behalf of its parent company.
Transition to FRS 102 |
As a consequence of the adoption of FRS 102, there has been no effect on accounting policies. In addition, the transition has had no effect on the company's reported financial position and financial performance.