Cash Converters FS Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07267720 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Cash Converters FS Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G W Cox

J M E Cox

B W Cox

J P Spratley

S K Gray

REGISTERED OFFICE:

c/o Lindley Adams Ltd

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

BUSINESS ADDRESS:

Unit A2

The Avenue Retail Park

Tong Street

Bradford

West Yorkshire

BD4 9RQ

REGISTERED NUMBER:

07267720 (England and Wales)

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

FIXED ASSETS

Intangible assets

3

2,992

4,987

Tangible assets

4

1,035

2,449

4,027

7,436

CURRENT ASSETS

Stocks

123,428

172,147

Debtors

5

74,297

88,313

Cash at bank and in hand

74,050

106,949

271,775

367,409

CREDITORS

Amounts falling due within one year

6

181,435

270,829

NET CURRENT ASSETS

90,340

96,580

TOTAL ASSETS LESS CURRENT LIABILITIES

94,367

104,016

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

94,267

103,916

SHAREHOLDERS' FUNDS

94,367

104,016

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2019 and were signed on its behalf by:

G W Cox - Director

1.	STATUTORY INFORMATION

Cash Converters FS Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration received net of value added tax as follows:

Sale of goods is recognised at the point of sale with the exception of Laybys which are recognised as a sale

when the customer has paid in full for the item.

Commissions received from cash advances, cheque cashing, log book and personal loans are recognised when

received.

Pawnbroking interest is recognised when the customer repays the loan in full.

Intangible assets

The franchise fee is the amount paid on the acquisition of the business. It is amortised to the profit and loss

account over its estimated economic life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold property

-

25% on cost

Fixtures and fittings

-

25% on cost

Office equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Included in stock are Buybacks, representing items on which customers have a repurchase option at a fixed

amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2018

and 31 March 2019

19,950

AMORTISATION

At 1 April 2018

14,963

Amortisation for year

1,995

At 31 March 2019

16,958

NET BOOK VALUE

At 31 March 2019

2,992

At 31 March 2018

4,987

4.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Office

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2018

and 31 March 2019

2,543

130,198

14,882

147,623

DEPRECIATION

At 1 April 2018

2,543

128,410

14,221

145,174

Charge for year

-

1,053

361

1,414

At 31 March 2019

2,543

129,463

14,582

146,588

NET BOOK VALUE

At 31 March 2019

-

735

300

1,035

At 31 March 2018

-

1,788

661

2,449

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

54,877

49,048

Amounts owed by group undertakings

3,030

22,956

Deferred tax asset

3,245

3,756

Prepayments

13,145

12,553

74,297

88,313

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

3,179

1,786

Tax

9,348

22,669

Social security and other taxes

-

191

Amounts owed to group undertakings

18,913

959

Holding company loan

42,025

113,345

Directors' loan accounts

100,000

114,980

Accruals & Deferred Income

7,970

16,899

181,435

270,829

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.19

31.3.18

£

£

Within one year

40,000

40,000

Between one and five years

169,549

56,400

In more than five years

13,516

-

223,065

96,400

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

S K Gray

Balance outstanding at start of year

(114,980

)

(139,980

)

Amounts advanced

14,980

25,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(100,000

)

(114,980

)

The above loan is interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year the Company entered into transactions in the ordinary course of business with related parties as

follows:

The company purchased stock from and sold stock to members of the JBG Holdings Limited group of

companies. All transactions relating to the transfer of stock between group undertakings were made at cost

value. The total value of stock purchased from members of the JBG Holdings Limited group of companies

amounted to £33,822 (2018 - £37,309) and the total amount of stock sold to members of the JBG Holdings

Limited group of companies amounted to £35,506 (2018 - £35,473).

During the year the company was also recharged costs in respect of other goods and services by members of

the JBG Holdings Limited group of companies. All recharges for goods and services were made at cost value.

During the year the total amount of goods and services recharged to the company from members of the JBG

Holdings Limited group of companies amounted to £34,215 (2018 - £34,916).

During the year the company used staff seconded from Cash Converters Yorkshire Limited, a subsidiary of the

JBG Holdings Limited group of companies. All recharges in respect of employment expenses incurred by Cash

Converters Yorkshire Limited in respect of those staff members were made at cost. the total value of

employment expenses recharged from Cash Converters Yorkshire Limited amounted to £209,112 (2018 -

£216,333).

During the year the company entered into loans with members of the JBG Holdings Limited group of companies.

these loans are interest free and repayable on demand. At the balance sheet date the total amount included in

debtors in respect of these loans amounted to £3,010 (2018 - £22,956) and the total amount included in

creditors amounted to £60,938 (2018 - £114,304).

During the year the company also entered into transactions with companies outside of the JBG Holdings Limited

group of companies, which were under the control of the directors, their families or shareholders of the company

or directors and shareholders of JBG Holdings Limited. These transactions are considered to have been made

under normal market conditions and related to the following;

31.3.19

31.3.18

£

£

Consultancy fees

26,400

28,200

Accountancy fees

7,200

7,200

Recharge of expenses

1,894

1,471

11.	POST BALANCE SHEET EVENTS

On 30 August 2019 the company entered into an agreement with one of its director shareholders to repurchase

their entire shareholding in the company for a total consideration and compensation of £39,000. After the share

purchase the company has cancelled the shares purchased under the agreement. As a result of this transaction

Cash Converters FS Limited has become a wholly owned subsidiary of the JBG Holdings Limited group of

companies.

12.	ULTIMATE PARENT COMPANY

The Company's ultimate parent company is JBG Holdings Limited (a company registered in England and

Wales). The address is 28 Prescott Street, Halifax, West Yorkshire, HX1 2LG. Copies of its group accounts are

available from the Registrar of Companies.