Old Hat Vintage Guitars Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08663737 (England and Wales)

OLD HAT VINTAGE GUITARS LTD

FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Mitchell

REGISTERED OFFICE:

26 Ida Road

Skegness

Lincolnshire

PE25 2AR

BUSINESS ADDRESS:

47a East Street

Horncastle

Lincolnshire

LN9 6AA

REGISTERED NUMBER:

08663737 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Skegness)

Chartered Certified Accountants

26 Ida Road

Skegness

Lincolnshire

PE25 2AR

FIXED ASSETS

Tangible assets

3

902

1,203

CURRENT ASSETS

Stocks

77,269

88,924

Debtors

1,728

2,071

Cash at bank and in hand

8,463

5,411

87,460

96,406

CREDITORS

Amounts falling due within one year

81,923

75,441

NET CURRENT ASSETS

5,537

20,965

TOTAL ASSETS LESS CURRENT LIABILITIES

6,439

22,168

PROVISIONS FOR LIABILITIES

-

127

NET ASSETS

6,439

22,041

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

6,438

22,040

SHAREHOLDERS' FUNDS

6,439

22,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 July 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 30 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 1 September 2020 and were signed by:

N Mitchell - Director

1.	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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Stocks

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

moving items.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2018 - 1 ).

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2018

and 30 July 2019

3,211

DEPRECIATION

At 1 August 2018

2,008

Charge for period

301

At 30 July 2019

2,309

NET BOOK VALUE

At 30 July 2019

902

At 31 July 2018

1,203

4.	RELATED PARTY DISCLOSURES

During the year the company paid rent in the amount of £9,000 (2017: £9,750) to Mr N D Mitchell, the sole

director of the company.