Itchen Stationers Limited - Period Ending 2019-03-31
Itchen Stationers Limited - Period Ending 2019-03-31
Registration number:
Itchen Stationers Limited
for the Year Ended 31 March 2019
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS
Itchen Stationers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Itchen Stationers Limited
Company Information
Directors |
Mr Martin Shaw Mrs Julia Dawn Shaw Mrs Sheila Shaw Mr Stephen James Shaw |
Company secretary |
Mrs Julia Dawn Shaw |
Registered office |
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Accountants |
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Page 1 |
Itchen Stationers Limited
(Registration number: 01306459)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed 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 |
4,000 |
1,000 |
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Profit and loss account |
286,978 |
293,513 |
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Total equity |
290,978 |
294,513 |
For the financial 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:
• |
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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. Therefore the Directors' Report and the Profit and Loss Account have not been filed.
Approved and authorised by the
Mr Stephen James Shaw
Director
Page 2 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Unit 7 Claylands Park
Claylands Park
Bishops Waltham
Hampshire
SO32 1QD
England
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.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.
Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.
Tax
The tax expense for the period comprises current and deferred tax.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Page 3 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25.00% reducing balance basis |
Equipment, fixtures and fittings |
10.00-33.33% reducing balance basis |
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 has been fully amortised.
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 |
Fully amortised |
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
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 capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease.
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors and finance charges are allocated to accounting periods over the length of the contract.
Page 4 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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Disposals |
( |
( |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 6 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 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
2019 |
2018 |
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Net obligations under finance leases and hire purchase |
25,243 |
16,042 |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The hire purchase contracts are secured on the assets concerned.
Creditors: amounts falling due after more than one year
2019 |
2018 |
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Net obligations under finance leases and hire purchase |
24,806 |
12,817 |
The hire purchase contracts are secured on the assets concerned.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
These relate wholly to non-cancellable operating leases over the remaining life of those leases.
Amounts disclosed in the balance sheet
Included in creditors are amounts payable in respect of the company's auto-enrolment pension scheme of £676 (2018 - £331).
Page 7 |
Itchen Stationers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Related party transactions |
Transactions with directors |
2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
At 31 March 2019 |
Mr Martin Shaw |
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Directors loan account movements |
( |
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( |
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Mrs Sheila Shaw |
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Directors loan account movements |
- |
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- |
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The above loans were unsecured, interest free and repayable on demand.
Page 8 |