Company Registration No. 06839157 (England and Wales)
The London Coat Company Ltd
Unaudited accounts
for the year ended 30 November 2018
The London Coat Company Ltd
Unaudited accounts
Contents
The London Coat Company Ltd
Company Information
for the year ended 30 November 2018
Company Number
06839157 (England and Wales)
Registered Office
212 STAMFORD HILL
LONDON
N16 6RA
ENGLAND
The London Coat Company Ltd
Statement of financial position
as at 30 November 2018
Tangible assets
125,200
140,250
Inventories
352,681
298,216
Cash at bank and in hand
-
498
Creditors: amounts falling due within one year
(274,441)
(347,738)
Net current assets
88,757
28,953
Net assets
213,957
169,203
Called up share capital
1
1
Profit and loss account
213,956
169,202
Shareholders' funds
213,957
169,203
For the year ending 30 November 2018 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 9 August 2019.
Mrs R Dreyfuss
Director
Company Registration No. 06839157
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2018
The London Coat Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 06839157. The registered office is 212 STAMFORD HILL, LONDON, N16 6RA, ENGLAND.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
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:
Land & buildings
15% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
33% Reducing Balance
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2018
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
.
Basic financial instruments
.
Trade and other debtors
.
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
.
Trade and other creditors
.
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2017
10,000
169,894
10,682
190,576
Additions
-
280
10,036
10,316
At 30 November 2018
10,000
170,174
20,718
200,892
At 1 December 2017
6,794
37,982
5,550
50,326
Charge for the year
481
19,829
5,056
25,366
At 30 November 2018
7,275
57,811
10,606
75,692
At 30 November 2018
2,725
112,363
10,112
125,200
At 30 November 2017
3,206
131,912
5,132
140,250
Finished goods
352,681
298,216
Accrued income and prepayments
4,474
-
Other debtors
5,909
52,953
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2018
7
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
13,104
16,905
Trade creditors
141,456
140,584
Taxes and social security
29,594
44,907
Other creditors
72,997
145,342
Included in creditors is an amount due to Bedhaven Ltd of £3,890 (2017: £3,890) the director of this company is also a director of Bedhaven Ltd. The loan is interest free and repayable on demand.
.
Also included in creditors is an amount due to Clockwork Estates Ltd of £63,623 (2017: £63,623) the director of Clockwork Estates Ltd is a close family member of the director of this company. The loan is interest free and repayable on demand.
8
Average number of employees
During the year the average number of employees was 10 (2017: 10).
