Poppies (Exeter) Limited - Period Ending 2019-12-31
Poppies (Exeter) Limited - Period Ending 2019-12-31
Registration number:
Poppies (Exeter) Limited
for the Year Ended 31 December 2019
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG
Poppies (Exeter) Limited
(Registration number: 07879107)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Poppies (Exeter) Limited
(Registration number: 07879107)
Company Information
Directors |
Mrs R L Sagar Mr A P Sagar |
Registered office |
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Accountants |
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Page 1 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Balance Sheet as at 31 December 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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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 31 December 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. |
Page 2 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Balance Sheet as at 31 December 2019
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.
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.
Approved and authorised by the
.........................................
Director
Page 3 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
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.
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 and after eliminating sales within the company.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the contracted service has been provided.
Tax
The tax expense for the period comprises current 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 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 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
20% straight line |
Office equipment |
20% straight line |
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.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Franchise licence |
10% straight line |
Goodwill |
20% straight line |
Page 5 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 2019
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.
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.
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.
Page 6 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 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
Intangible assets |
Goodwill |
Franchise license |
Total |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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Amortisation charge |
- |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
- |
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At 31 December 2018 |
- |
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Page 7 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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- |
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At 31 December 2018 |
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- |
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Stocks |
2019 |
2018 |
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Work in progress |
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Stock |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Directors' current account |
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Total current trade and other debtors |
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Page 8 |
Poppies (Exeter) Limited
(Registration number: 07879107)
Notes to the Financial Statements for the Year Ended 31 December 2019
Creditors |
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Corporation tax liability |
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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 £Nil (2018 - £
Related party transactions |
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
Director 1 unsecured interest free loan |
6,654 |
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( |
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2018 |
At 1 January 2018 |
Advances to directors |
Repayments by director |
At 31 December 2018 |
Director 1 unsecured interest free loan |
(1,146) |
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( |
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Page 9 |