ACCOUNTS - Final Accounts

THETFORD GUNS & COUNTRY CLOTHING LIMITED - Company Information

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Registered number: 06834080

THETFORD GUNS & COUNTRY CLOTHING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

THETFORD GUNS & COUNTRY CLOTHING LIMITED

COMPANY INFORMATION

Directors	M J Blake
	C A Blake


Company secretary	C A Blake


Registered number	06834080


Registered office	Unit 4
	Brunel Way
	Thetford
	Norfolk
	IP24 1HP


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

THETFORD GUNS & COUNTRY CLOTHING LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THETFORD GUNS & COUNTRY CLOTHING LIMITED
FOR THE YEAR ENDED 31 JULY 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thetford Guns & Country Clothing Limited for the year ended 31 July 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Thetford Guns & Country Clothing Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Thetford Guns & Country Clothing Limited and state those matters that we have agreed to state to the Board of directors of Thetford Guns & Country Clothing Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thetford Guns & Country Clothing Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Thetford Guns & Country Clothing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thetford Guns & Country Clothing Limited. You consider that Thetford Guns & Country Clothing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Thetford Guns & Country Clothing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

30 April 2019

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

REGISTERED NUMBER: 06834080

BALANCE SHEET

AS AT 31 JULY 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		3,170		4,227
			3,170		4,227
Current assets
Stocks	5	229,455		190,323
Debtors: amounts falling due within one year	6	22,256		12,960
Cash at bank and in hand		104,553		95,461
		356,264		298,744
Creditors: amounts falling due within one year	7	(138,223)		(143,142)
Net current assets			218,041		155,602
Total assets less current liabilities			221,211		159,829
Provisions for liabilities
Deferred tax		(602)		(801)
			(602)		(801)
Net assets			220,609		159,028

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	219,609	158,028
	220,609	159,028

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

REGISTERED NUMBER: 06834080

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ C A Blake	................................................ M J Blake
Director	Director

Date: 30 April 2019	Date:30 April 2019

The notes on pages 4 to 8 form part of these financial statements.

Page 3

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

1.	General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office and principal place of business is Unit 4, Brunel Way, Thetford, Norfolk, IP24 1HP.
The company's principal activity is the retail of guns, ammunition and country clothing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	25% Reducing Balance
Fixtures and fittings	-	25% Reducing Balance
Office equipment	-	25% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

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THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Page 6

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2017	5,604	5,385	3,709	14,698
At 31 July 2018	5,604	5,385	3,709	14,698
Depreciation
At 1 August 2017	4,571	3,927	1,973	10,471
Charge for the year on owned assets	258	364	434	1,056
At 31 July 2018	4,829	4,291	2,407	11,527
Net book value
At 31 July 2018	775	1,094	1,302	3,171
At 31 July 2017	1,033	1,458	1,736	4,227

5.	Stocks
		2018	2017
		£	£

Raw materials and consumables	229,455	190,323
	229,455	190,323

Debtors

					2018	2017
					£	£


Trade debtors	22,027	12,731
Prepayments and accrued income	229	229
	22,256	12,960

Page 7

THETFORD GUNS & COUNTRY CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	29,564	39,013
Other taxation and social security	22,895	10,267
Other creditors	83,774	92,132
Accruals and deferred income	1,990	1,730
	138,223	143,142

8.	Related party transactions
	As at 31 July 2018 the directors were owed £83,774 (2017: 92,132) by the company, as included within other creditors note 7. The loans are interest free and repayable on demand.

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