Davenports School & Leisure Outfitters Limited - Period Ending 2018-08-31

Registration number: 04353822

Davenports School & Leisure Outfitters Limited

Unaudited Financial Statements

for the Period from 1 October 2017 to 31 August 2018

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Davenports School & Leisure Outfitters Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Davenports School & Leisure Outfitters Limited

(Registration number: 04353822)
Balance Sheet as at 31 August 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	12,010	18,964
Tangible assets	5	5,132	6,347
		17,142	25,311
Current assets
Stocks	6	147,942	119,932
Debtors	7	1,571	-
Cash at bank and in hand		78,840	36,650
		228,353	156,582
Creditors: Amounts falling due within one year	8	(238,802)	(187,638)
Net current liabilities		(10,449)	(31,056)
Total assets less current liabilities		6,693	(5,745)
Creditors: Amounts falling due after more than one year	8	(6,062)	(8,499)
Provisions for liabilities		(975)	(1,206)
Net liabilities		(344)	(15,450)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(346)	(15,452)
Total equity		(344)	(15,450)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Davenports School & Leisure Outfitters Limited

(Registration number: 04353822)
Balance Sheet as at 31 August 2018

For the financial period ending 31 August 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their 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 and Director's Report has been taken.

Approved and authorised by the Board on 4 September 2019 and signed on its behalf by:
 

.........................................

Mr P Simpson
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Davenports School & Leisure Outfitters Limited

Notes to the Financial Statements for the Period from 1 October 2017 to 31 August 2018

1	General information

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

The address of its registered office is:
17 Hightown
Sandbach
Cheshire
CW11 1AD
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Davenports School & Leisure Outfitters Limited

Notes to the Financial Statements for the Period from 1 October 2017 to 31 August 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Fixtures and fittings	25% on reducing balance
Computer equipment	33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

Stocks

Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 13 (2017 - 10).

Page 4

Davenports School & Leisure Outfitters Limited

Notes to the Financial Statements for the Period from 1 October 2017 to 31 August 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2017	75,858	75,858
At 31 August 2018	75,858	75,858
Amortisation
At 1 October 2017	56,894	56,894
Amortisation charge	6,954	6,954
At 31 August 2018	63,848	63,848
Carrying amount
At 31 August 2018	12,010	12,010
At 30 September 2017	18,964	18,964

5	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 October 2017	2,446	39,965	42,411
Additions	445	-	445
At 31 August 2018	2,891	39,965	42,856
Depreciation
At 1 October 2017	1,874	34,190	36,064
Charge for the period	336	1,324	1,660
At 31 August 2018	2,210	35,514	37,724
Carrying amount
At 31 August 2018	681	4,451	5,132
At 30 September 2017	572	5,775	6,347

Page 5

Davenports School & Leisure Outfitters Limited

Notes to the Financial Statements for the Period from 1 October 2017 to 31 August 2018

6

Stocks

	2018 £	2017 £
Finished goods and goods for resale	147,942	119,932

7

Debtors

	2018 £	2017 £
Prepayments	277	-
Other debtors	1,294	-
	1,571	-

8

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Other borrowings		10,239	12,684
Trade creditors		123,059	82,979
Taxation and social security		8,999	894
Other creditors		96,505	91,081
		238,802	187,638

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Other borrowings		6,062	8,499

Page 6