Queenscourt Hospice Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05730605 (England and Wales)

Queenscourt Hospice Retail Limited

Audited Financial Statements for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J S Moffat

Mrs M H Tarpey

Ms Y Burns

Mr D S Roberts

Mr S W Baker

Mr C Gayton

REGISTERED OFFICE:

Queenscourt Hospice

Town Lane

Kew

Southport

Merseyside

PR8 6RE

REGISTERED NUMBER:

05730605 (England and Wales)

SENIOR STATUTORY AUDITOR:

Janice Hurst CA

AUDITORS:

Advance Audit Limited

Statutory Auditor

71/73 Hoghton Street

Southport

Merseyside

PR9 0PR

FIXED ASSETS

Intangible assets

4

-

26,000

Tangible assets

5

1,870

4,291

1,870

30,291

CURRENT ASSETS

Stocks

5,452

2,871

Debtors

6

24,437

24,077

Cash at bank and in hand

47,529

104,347

77,418

131,295

CREDITORS

Amounts falling due within one year

7

32,732

69,584

NET CURRENT ASSETS

44,686

61,711

TOTAL ASSETS LESS CURRENT LIABILITIES

46,556

92,002

CAPITAL AND RESERVES

Called up share capital

92,000

92,000

Retained earnings

(45,444

)

2

SHAREHOLDERS' FUNDS

46,556

92,002

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2020 and were signed on its behalf by:

Mrs M H Tarpey - Director

Mr D S Roberts - Director

1.	STATUTORY INFORMATION

Queenscourt Hospice Retail 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful 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.

Long leasehold

-

10% on cost

Plant and machinery

-

33% on cost

Computer equipment

-

20% on cost and 10% 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.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

40,000

Disposals

(40,000

)

At 31 March 2020

-

AMORTISATION

At 1 April 2019

14,000

Eliminated on disposal

(14,000

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

26,000

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

31,135

67,207

20,407

118,749

DEPRECIATION

At 1 April 2019

29,872

64,187

20,399

114,458

Charge for year

421

2,000

-

2,421

At 31 March 2020

30,293

66,187

20,399

116,879

NET BOOK VALUE

At 31 March 2020

842

1,020

8

1,870

At 31 March 2019

1,263

3,020

8

4,291

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

3,236

2,804

Prepayments and accrued income

21,201

21,273

24,437

24,077

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

485

10,318

Amounts owed to group undertakings

19,263

38,728

Tax

-

1,969

VAT

6,571

10,665

Accruals and deferred income

6,413

7,904

32,732

69,584

8.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

81,580

80,980

Between one and five years

66,982

130,337

148,562

211,317

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

The Report of the Auditors was unqualified.

Janice Hurst CA (Senior Statutory Auditor)

for and on behalf of Advance Audit Limited

10.	RELATED PARTY DISCLOSURES

The company is a wholly owned trading subsidiary of Queenscourt Hospice, a charitable company registered in England. Queenscourt Hospice Enterprises Limited is also a wholly owned subsidiary of Queenscourt Hospice.

Throughout the year the company operated from premises under licence from Queenscourt Hospice, the tenant of the properties. Rents of £131,533 (2019: £138,462) were paid in the year.

During the year there was no covenant from Queenscourt Hospice Retail Limited to Queenscourt Hospice (2019: £38,938).

At the year end, a total amount of £19,263 (2019: £38,728) was due to Queenscourt Hospice.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	ULTIMATE CONTROLLING PARTY

The company is owned and controlled by Queenscourt Hospice.

13.	GOING CONCERN

The Directors have given consideration to the extent to which the Company is a going concern. Immediately before the year end, the government imposed closure of non essential retail stores. As a result of this, the Directors have reviewed the performance of the Company's shops to determine which units should continue to trade in the year ended 31 March 2021. It was decided to close two units which were considered to be no longer viable in the changed trading circumstances.

This strategic decision is expected to result in a number of operational savings. In addition, the parent Charity have ensured their continuing support to the company. The Directors therefore consider that the Company continues to trade as a going concern.