David J Foster & Co (Solicitors) Limited Accounts

DAVID J FOSTER & CO (SOLICITORS) LIMITED - Company Information






David J Foster & Co (Solicitors) Limited

	Company No. 08867924
		Information for Filing with The Registrar
		28 February 2019

at	28 February 2019
Company No.		08867924	Notes	2019	2018
				£	£
Fixed assets
	Intangible assets		2	100,000	120,000
	Tangible assets		3	11,491	13,079


				111,491	133,079
Current assets
	Stocks		4	45,137	51,772
	Debtors		5	36,029	33,598

	Cash at bank and in hand			66,556	88,836
				147,722	174,206
Creditors: Amount falling due within one year			6	(108,209)	(83,701)
Net current assets				39,513	90,505
Total assets less current liabilities				151,004	223,584
Creditors: Amounts falling due after more than one year			7	-	(56,138)
Provisions for liabilities
	Deferred taxation		8	(2,183)	(2,616)

Net assets				148,821	164,830

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	148,721	164,730

Total equity				148,821	164,830


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 28 February 2019 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 01 October 2019
And signed on its behalf by:
D.J. Foster
Director

for the year ended 28 February 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Furniture, fittings and equipment

33% Reducing balance

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 March 2018	200,000	200,000


		At 28 February 2019	200,000	200,000
		Amortisation and impairment
		At 1 March 2018	80,000	80,000
		Charge for the year	20,000	20,000


		At 28 February 2019	100,000	100,000
		Net book values
		At 28 February 2019	100,000	100,000
		At 28 February 2018	120,000	120,000

3	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 March 2018	10,828	24,222	35,050
		Additions	2,033	310	2,343



		At 28 February 2019	12,861	24,532	37,393
		Depreciation
		At 1 March 2018	5,239	16,732	21,971
		Charge for the year	1,981	1,950	3,931



		At 28 February 2019	7,220	18,682	25,902
		Net book values
		At 28 February 2019	5,641	5,850	11,491
		At 28 February 2018	5,589	7,490	13,079

4	Stocks
			2019	2018
			£	£

		Work in progress	45,137	51,772

			45,137	51,772

5	Debtors
			2019	2018
			£	£
		Trade debtors	17,936	15,738






		Prepayments and accrued income	18,093	17,860
			36,029	33,598

6	Creditors:
		amounts falling due within one year
			2019	2018
			£	£


		PII loan	10,000	-

		Trade creditors	1,198	1,392


		Other taxes and social security	38,590	56,156
		Loans from directors	53,620	21,354

		Accruals and deferred income	4,801	4,799
			108,209	83,701

7	Creditors:
		amounts falling due after more than one year
			2019	2018
			£	£






		Other creditors	-	56,138

			-	56,138

8	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 March 2018	2,616	2,616
		Charge to the profit and loss account for the period	(433)	(433)

		At 28 February 2019	2,183	2,183



			2019	2018
			£	£



		Other timing differences	2,183	2,616
			2,183	2,616

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Additional information

Its registered number is:

08867924

3 Albert Road

Tamworth

B79 7JN