Cedric's Chemist Limited Filleted accounts for Companies House (small and micro)

CEDRIC'S CHEMIST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01652309

Cedric's Chemist Limited

Filleted Unaudited Financial Statements

31 July 2018

Cedric's Chemist Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed Assets

Intangible assets	5	1	2,481
Tangible assets	6	395,087	417,907
		---------	---------
		395,088	420,388

Current Assets

Stocks		63,847	62,535
Debtors	7	87,490	88,175
Cash at bank and in hand		75,343	369,260
		---------	---------
		226,680	519,970

Creditors: amounts falling due within one year	8	287,924		559,640
		---------		---------
Net Current Liabilities			61,244	39,670
			---------	---------
Total Assets Less Current Liabilities			333,844	380,718

Creditors: amounts falling due after more than one year	9	317,229	341,363
		---------	---------
Net Assets		16,615	39,355
		---------	---------

Capital and Reserves

Called up share capital	100	100
Share premium account	37,349	37,349
Profit and loss account	( 20,834)	1,906
	--------	--------
Shareholders Funds	16,615	39,355
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Cedric's Chemist Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 29 April 2019 , and are signed on behalf of the board by:

A S Yeramian	Mrs C L Mkhitarian
Director	Director

Company registration number: 01652309

Cedric's Chemist Limited

Notes to the Financial Statements

Year Ended 31 July 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 London Road, Alderley Edge, Cheshire, SK9 7JS, England.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight line over 15 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	Straight line over the life of the lease
Leasehold Property	-	21 years - life of the lease
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 11 (2017: 11 ).

5. Intangible Assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	342,000
	---------
Amortisation
At 1 August 2017	339,519
Charge for the year	2,480
	---------
At 31 July 2018	341,999
	---------
Carrying amount
At 31 July 2018	1
	---------
At 31 July 2017	2,481
	---------

6. Tangible Assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2017	611,150	95,792	44,344	751,286
Additions	–	620	–	620
	---------	--------	--------	---------
At 31 July 2018	611,150	96,412	44,344	751,906
	---------	--------	--------	---------
Depreciation
At 1 August 2017	223,990	84,712	24,677	333,379
Charge for the year	12,517	4,368	6,555	23,440
	---------	--------	--------	---------
At 31 July 2018	236,507	89,080	31,232	356,819
	---------	--------	--------	---------
Carrying amount
At 31 July 2018	374,643	7,332	13,112	395,087
	---------	--------	--------	---------
At 31 July 2017	387,160	11,080	19,667	417,907
	---------	--------	--------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	64,118	71,918
Other debtors	23,372	16,257
	--------	--------
	87,490	88,175
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	16,000	16,000
Trade creditors	178,545	170,660
Amounts owed to group undertakings and undertakings in which the company has a participating interest	14,793	228,081
Corporation tax	41,758	103,898
Social security and other taxes	1,037	4,819
Pension scheme loans	20,209	20,209
Other creditors	15,582	15,973
	---------	---------
	287,924	559,640
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	254,363	276,346
Pension scheme loans	57,853	54,485
Other creditors	5,013	10,532
	---------	---------
	317,229	341,363
	---------	---------

10. Related Party Transactions

At the year the company owed £14,793 (2017 - £228,081) to the parent company, CCM Industries Limited. The loan was interest free and repayable on demand. During the year the company paid dividends amounting to £0 (2017 - £490,000) to the parent company, CCM Industries Limited.

11. Controlling Party

CCM Industries Ltd, a company incorporated and registered in the UK owns 100% of the Ordinary A shares in issue.