62 High Street Limited - Period Ending 2017-12-31

Registration number: 09910347

Prepared for the registrar

62 High Street Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

62 High Street Limited

(Registration number: 09910347)
Balance Sheet as at 31 December 2017

	Note	31 December 2017  £	31 December 2016  £
Current assets
Stocks		629,297	578,509
Cash at bank and in hand		4,055	17,123
		633,352	595,632
Creditors: Amounts falling due within one year	3	(607,646)	(585,753)
Net assets		25,706	9,879
Capital and reserves
Called up share capital		100	100
Profit and loss account		25,606	9,779
Total equity		25,706	9,879

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 April 2019
 

A D Spiller
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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62 High Street Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
140d Redland Road
Bristol
BS6 6YA
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Stocks

WIP is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, WIP is assessed for impairment. If WIP 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.

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62 High Street Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 on a straight-line basis over the period of the lease.

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 the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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62 High Street Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

3

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2017  £	31 December 2016  £
Due within one year
Loans and borrowings	4	-	351,345
Amounts due to related parties	5	597,879	228,913
Accrued expenses		2,250	1,750
Corporation tax liability		6,217	2,445
Deferred income		1,300	1,300
		607,646	585,753

4

Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	-	351,345

5

Related party transactions

Summary of transactions with other related parties

At 31 December 2017, the company owed £61,962 (2016: £56,782) to Cube Construction (Southern) Limited, a company under common control.

At 31 December 2017, the company owed £160,042 (2016: £172,131) to A D Spiller in the form of a directors' loan account.

At 31 December 2017, the company owed £375,875 (2016: £nil) to 5 & 7 Robertson Road Limited, a company under common control.

No interest was charged on these balances, and there are no fixed terms for repayment.
 

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