Chrysties Furnishing Centre Ltd - Period Ending 2019-06-30
Chrysties Furnishing Centre Ltd - Period Ending 2019-06-30
Registration number:
Chrysties Furnishing Centre Ltd
for the Year Ended 30 June 2019
Chrysties Furnishing Centre Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Chrysties Furnishing Centre Ltd
Company Information
Directors |
Mr R Chrystie Mrs M Chrystie Mr K R Hedley Mr R Scott |
Registered office |
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Accountants |
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Page 1 |
Chrysties Furnishing Centre Ltd
Directors' Report for the Year Ended 30 June 2019
The directors present their report and the financial statements for the year ended 30 June 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is furniture and carpet retailer.
Going concern
The directors consider that the company is a going concern.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Page 2 |
Chrysties Furnishing Centre Ltd
(Registration number: SC471256)
Balance Sheet as at 30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
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.
The financial statements are presented in sterling (£) and rounded to the nearest £1.
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
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.
Sale of goods – Retail
Sale of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Page 4 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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.
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 |
Motor vehicles |
25% reducing balance |
Plant & equipment |
15% reducing balance |
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 |
over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and 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, stocks are assessed for impairment. If stocks are 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.
Page 5 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2018 |
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At 30 June 2019 |
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Amortisation |
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At 1 July 2018 |
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Amortisation charge |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Tangible assets |
Land and buildings |
Motor vehicles |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Additions |
- |
- |
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At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
- |
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Charge for the year |
- |
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At 30 June 2019 |
- |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Included within the net book value of land and buildings above is £82,500 (2018 - £82,500) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Raw materials and consumables |
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Page 8 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Directors loans |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
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20 |
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20 |
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Page 9 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Bank borrowings
The Royal Bank of Scotland holds a Bond and Floating Charge over all the company assets. |
Other borrowings
HP Agreements with a carrying amount of £37,399 (2018 - £30,217) are denominated in £ with a nominal interest rate of various rates .
HP agreements are secured on the relevant assets.
Related party transactions |
Transactions with directors |
2019 |
At 1 July 2018 |
Advances to directors |
Repayments by director |
At 30 June 2019 |
Mr R Chrystie |
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Loans and advances |
24,858 |
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( |
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Mrs M Chrystie |
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Loans and advances |
32,283 |
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( |
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Page 10 |
Chrysties Furnishing Centre Ltd
Notes to the Financial Statements for the Year Ended 30 June 2019
2018 |
At 1 July 2017 |
Advances to directors |
Repayments by director |
At 30 June 2018 |
Mr R Chrystie |
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Loans and advances |
- |
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- |
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Mrs M Chrystie |
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Loans and advances |
17,287 |
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( |
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Mr R Scott |
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Loans and advances |
291 |
- |
( |
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Mr K R Hedley |
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Loans and advances |
1,093 |
- |
( |
- |
Other transactions with directors |
Mr R. Scott (a director of the company)
During the year Mr R. Scott advanced loans to the company. These loans are repayable on demand. At the balance sheet date the amount due to Mr R. Scott was £17,591 (2018 - £11,821.)
Mr K.R.Hedley (a director of the company)
During the year Mr K.R. Hedley advanced loans to the company. These loans are repayable on demand. At the balance sheet date the amount due to Mr K.R. Hedley was £15,259 (2018 - £9,653.)
Page 11 |