St Andrews Bookshop Limited Filleted accounts for Companies House (small and micro)

ST. ANDREWS BOOKSHOP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01299980

St Andrews Bookshop Limited

Filleted Unaudited Financial Statements

31 January 2020

St Andrews Bookshop Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		642,032	655,476

Current assets

Stocks		233,597	253,597
Debtors	6	69,248	48,033
Cash at bank and in hand		1,816	1,809
		---------	---------
		304,661	303,439

Creditors: amounts falling due within one year	7	342,949		343,125
		---------		---------
Net current liabilities			38,288	39,686
			---------	---------
Total assets less current liabilities			603,744	615,790

Creditors: amounts falling due after more than one year	8		281,529	305,529

Provisions

Taxation including deferred tax	82,544	82,544
	---------	---------
Net assets	239,671	227,717
	---------	---------

Capital and reserves

Called up share capital	250,100	250,100
Revaluation reserve	399,715	399,715
Profit and loss account	( 410,144)	( 422,098)
	---------	---------
Shareholders funds	239,671	227,717
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

St Andrews Bookshop Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 17 October 2020 , and are signed on behalf of the board by:

Mr S D Barnett

Director

Company registration number: 01299980

St Andrews Bookshop Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 63-65 High Street, Great Missenden, HP16 0AA, Buckinghamshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow as it qualifies as a small company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Long Leasehold Property	-	Period of Lease
Fixtures and Fittings	-	10%-33% Straight Line
Motor Vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

The company makes contributions to a personal pension scheme. Contributions payable for the year are charged to the profit and loss. The assets of the scheme are held seperately from those of the company in an independently administered fund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2019: 18 ).

5. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2019 and 31 Jan 2020	638,387	50,505	9,544	28,320	16,245	743,001
	---------	--------	-------	--------	--------	---------
Depreciation
At 1 Feb 2019	6,245	50,505	3,129	19,523	8,123	87,525
Charge for the year	3,123	–	1,179	5,081	4,061	13,444
	---------	--------	-------	--------	--------	---------
At 31 Jan 2020	9,368	50,505	4,308	24,604	12,184	100,969
	---------	--------	-------	--------	--------	---------
Carrying amount
At 31 Jan 2020	629,019	–	5,236	3,716	4,061	642,032
	---------	--------	-------	--------	--------	---------
At 31 Jan 2019	632,142	–	6,415	8,797	8,122	655,476
	---------	--------	-------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	41,834	30,531
Other debtors	27,414	17,502
	--------	--------
	69,248	48,033
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	30,271	27,235
Trade creditors	132,910	155,960
Social security and other taxes	2,690	–
Other creditors	69,584	49,057
Other creditors	107,494	110,873
	---------	---------
	342,949	343,125
	---------	---------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	281,529	305,529
	---------	---------

9. Related party transactions

The company was under the control of Mr E A Barnett and Mr S D Barnett throughout the current and previous year by virtue of their shareholdings. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.