Company Registration No. 08423573 (England and Wales)
Jane Smellie Opticians (Chester) Limited
Unaudited accounts
for the year ended 31 March 2017
Jane Smellie Opticians (Chester) Limited
Unaudited accounts
Contents
Jane Smellie Opticians (Chester) Limited
Company Information
for the year ended 31 March 2017
Company Number
08423573 (England and Wales)
Registered Office
Friars Court
43 White Friars
Chester
CH1 1NZ
Accountants
My Tax Medic
Friars Court
43 White Friars
Chester
Cheshire
CH1 1NZ
Jane Smellie Opticians (Chester) Limited
Statement of financial position
as at
31 March 2017
Tangible assets
84,096
89,302
Inventories
34,455
33,329
Cash at bank and in hand
(1,313)
328
Creditors: amounts falling due within one year
(191,892)
(207,052)
Net current liabilities
(134,113)
(153,286)
Total assets less current liabilities
(50,017)
(63,984)
Provisions for liabilities
Deferred tax
(6,287)
(7,328)
Net liabilities
(56,304)
(71,312)
Called up share capital
50
50
Profit and loss account
(56,354)
(71,362)
Shareholders' funds
(56,304)
(71,312)
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 16 November 2017.
Mrs J M Smellie
Director
Company Registration No. 08423573
Jane Smellie Opticians (Chester) Limited
Notes to the Accounts
for the year ended 31 March 2017
Jane Smellie Opticians (Chester) Limited is a private company, limited by shares, registered in England and Wales, registration number 08423573. The principal place of business is 45-47 Hoole Road, Hoole, Chester, CH2 3NH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
11 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Jane Smellie Opticians (Chester) Limited
Notes to the Accounts
for the year ended 31 March 2017
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
At the year end the company's liabilities exceeded its assets by £56,304 and as such the company's ability to continue to operate depends on the support of its Director. The Financial Statements have been prepared on a going concern basis as the Director intends to give his support for the foreseeable future.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2016
61,647
9,658
28,160
2,069
101,534
Additions
-
4,080
-
-
4,080
At 31 March 2017
61,647
13,738
28,160
2,069
105,614
At 1 April 2016
899
3,245
7,175
913
12,232
Charge for the year
899
2,624
5,246
517
9,286
At 31 March 2017
1,798
5,869
12,421
1,430
21,518
At 31 March 2017
59,849
7,869
15,739
639
84,096
At 31 March 2016
60,748
6,413
20,985
1,156
89,302
Finished goods
34,455
33,329
Trade debtors
14,680
12,420
Accrued income and prepayments
7,294
7,689
Jane Smellie Opticians (Chester) Limited
Notes to the Accounts
for the year ended 31 March 2017
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
14,175
17,711
Taxes and social security
245
19,934
Other creditors
111,701
150,641
Loans from directors
55,551
3,960
8
Operating lease commitments
2017
2016
At 31 March 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
36,892
46,954
More than five years
189,304
212,804
9
Transactions with related parties
The director loaned to the company a total of £64,091 and was repaid a total of £12,500 in the period. The balance owing to the director at 31.03.2017 is £55,551 and is repayable on demand.
10
Average number of employees
During the year the average number of employees was 4 (2016: 4).
Jane Smellie Opticians (Chester) Limited
Notes to the Accounts
for the year ended 31 March 2017
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2015
31 March 2016
Capital and reserves (as previously stated)
1,656
(58,743)
Employee benefits accrual as at 01.04.2015
(1,179)
(1,179)
Employee benefits accrual as at 31.03.2016
-
(750)
rent free period prepayment at 31.03.2016
-
(10,640)
Capital and reserves (as restated)
477
(71,312)
Short-term compensated absences
Prior to the adoption of FRS 102, the company did not make provision for holiday pay earned but not taken before the year end. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement.
Consequently, an additional accrual of £1,179 at 1 April 2015 has been made to reflect this. The provision at 31 March 2016 had increased to £1,929 and the increase in provision of £750 has been charged to profit and loss in the year ended 31 Mar 2016.
Lease incentives
Prior to the adoption of FRS 102, Transition Ltd had recognised the benefit of lease incentives over the shorter of the life of the lease of the period to the date of the next rent review at which rent is expected to be reset to a market rate.
FRS 102 requires such incentives to be recognised over the life of the lease Lease incentives obtained in 2016 have been restated in accordance with FRS 102 resulting in an increase in lease expenses charged and deferred income of £10,640.