Instore Shopfitters Limited Company Accounts

Instore Shopfitters Limited Company Accounts

INSTORE SHOPFITTERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05077236
Instore Shopfitters Limited
Filleted Unaudited Financial Statements
31 March 2019
Instore Shopfitters Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the board of directors on the preparation of the unaudited statutory financial statements
10
Instore Shopfitters Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
740,901
228,757
Investments
7
112,333
–
---------
---------
853,234
228,757
Current assets
Stocks
11,000
15,000
Debtors
8
474,531
609,542
Cash at bank and in hand
181,796
219,827
---------
---------
667,327
844,369
Creditors: amounts falling due within one year
9
347,518
249,399
---------
---------
Net current assets
319,809
594,970
------------
---------
Total assets less current liabilities
1,173,043
823,727
Creditors: amounts falling due after more than one year
10
394,005
–
Provisions
Taxation including deferred tax
14,192
26,364
------------
---------
Net assets
764,846
797,363
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
764,746
797,263
---------
---------
Members funds
764,846
797,363
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2019 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Instore Shopfitters Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 8 November 2019 , and are signed on behalf of the board by:
Mr M S McIlroy
Director
Company registration number: 05077236
Instore Shopfitters Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 256-296 Price Street, Birkenhead, CH41 3PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced, or to be invoiced, for work completed during the year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
33% straight line
The freehold property is not depreciated. The directors consider that the residual value of the building is high and its useful life so long as to make depreciation immaterial.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2018: 42 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
200,000
---------
Amortisation
At 1 April 2018 and 31 March 2019
200,000
---------
Carrying amount
At 31 March 2019
–
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018
90,000
26,832
13,307
343,968
474,107
Additions
548,447
3,506
5,583
47,640
605,176
Disposals
–
–
–
( 21,795)
( 21,795)
---------
--------
--------
---------
------------
At 31 March 2019
638,447
30,338
18,890
369,813
1,057,488
---------
--------
--------
---------
------------
Depreciation
At 1 April 2018
–
15,678
9,308
220,364
245,350
Charge for the year
–
3,668
1,602
82,662
87,932
Disposals
–
–
–
( 16,695)
( 16,695)
---------
--------
--------
---------
------------
At 31 March 2019
–
19,346
10,910
286,331
316,587
---------
--------
--------
---------
------------
Carrying amount
At 31 March 2019
638,447
10,992
7,980
83,482
740,901
---------
--------
--------
---------
------------
At 31 March 2018
90,000
11,154
3,999
123,604
228,757
---------
--------
--------
---------
------------
7. Investments
Investment Property
£
Cost
Additions
112,333
---------
At 31 March 2019
112,333
---------
Impairment
At 1 April 2018 and 31 March 2019
–
---------
Carrying amount
At 31 March 2019
112,333
---------
At 31 March 2018
–
---------
8. Debtors
2019
2018
£
£
Trade debtors
398,335
483,236
Other debtors
76,196
126,306
---------
---------
474,531
609,542
---------
---------
9. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
114,864
–
Trade creditors
23,951
41,926
Social security and other taxes
170,762
181,378
Credit cards
8,636
12,594
CSA and other AOE orders
85
181
Other creditors
29,220
13,320
---------
---------
347,518
249,399
---------
---------
10. Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
394,005
–
---------
----
11. Directors' advances, credits and guarantees
The directors operated a variable loan account with the company, repayable on demand and with interest charged at 3% on debit balances as appropriate.
12. Related party transactions
The company rented office and warehouse space from the directors in the year. The annual rent paid in the year was £15,750. (2018 £18,900). During the year the company employed the sons of the directors. The total amount paid to them was £3,848.
Instore Shopfitters Limited
Management Information
Year ended 31 March 2019
The following pages do not form part of the financial statements.
Instore Shopfitters Limited
Chartered Accountants and Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Instore Shopfitters Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Instore Shopfitters Limited for the year ended 31 March 2019, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Instore Shopfitters Limited, as a body, in accordance with the terms of our engagement letter dated 27 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Instore Shopfitters Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Instore Shopfitters Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Instore Shopfitters 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 Instore Shopfitters Limited. You consider that Instore Shopfitters Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Instore Shopfitters 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.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
8 November 2019