Cash Converters FS Limited - Accounts to registrar (filleted) - small 18.2
Cash Converters FS Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| Cash Converters FS Limited |
| Cash Converters FS Limited (Registered number: 07267720) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Cash Converters FS Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 28 Prescott Street |
| Halifax |
| West Yorkshire |
| HX1 2LG |
| Cash Converters FS Limited (Registered number: 07267720) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Cash Converters FS Limited (Registered number: 07267720) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Cash Converters FS Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the fair value of consideration received net of value added tax as follows: |
| Sale of goods is recognised at the point of sale with the exception of Laybys which are recognised as a sale when the customer has paid in full for the item. |
| Commissions received from cash advances, cheque cashing, log book and personal loans are recognised when received. |
| Pawnbroking interest is recognised when the customer repays the loan in full. |
| Intangible assets |
| The franchise fee is the amount paid on the acquisition of the business. It is amortised to the profit and loss account over its estimated economic life of ten years. |
| Tangible fixed assets |
| Short leasehold property | - |
| Fixtures and fittings | - |
| Office equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Included in stock are Buybacks, representing items on which customers have a repurchase option at a fixed amount. |
| Taxation |
| Taxation for the year 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 year 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. |
| Cash Converters FS Limited (Registered number: 07267720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Government grants |
| Grants represent the amounts received or due in the period over which they accrue. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| licences |
| £ |
| COST |
| At 1 April 2019 |
| Disposals | ( |
) |
| At 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| Amortisation for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Short | Fixtures |
| leasehold | and | Office |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Cash Converters FS Limited (Registered number: 07267720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Amounts owed by group undertakings | 137,640 | 3,030 |
| VAT |
| Deferred tax asset |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Trade creditors |
| Tax |
| Amounts owed to group undertakings | 24,677 | 18,913 |
| Holding company loan | 7,645 | 42,025 |
| Directors' loan accounts | - | 100,000 |
| Accruals & Deferred Income |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| The above loan was interest free and repayable on demand. |
| Cash Converters FS Limited (Registered number: 07267720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year the company entered into loans with members of the JBG Holdings Limited group of companies. these loans are interest free and repayable on demand. At the balance sheet date the total amount included in debtors in respect of these loans amounted to £137,640 (2019 - £3,010) and the total amount included in creditors amounted to £32,322 (2019 - £60,938). |
| During the year the company also entered into transactions with companies outside of the JBG Holdings Limited group of companies, which were under the control of the directors, their families or shareholders of the company or directors and shareholders of JBG Holdings Limited. These transactions are considered to have been made under normal market conditions and related to the following; |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Management fees | 31,200 | 33,000 |
| Recharge of expenses | 3,108 | 1,894 |
| 12. | POST BALANCE SHEET EVENTS |
| Having transferred its trading undertaking to Cash Converters Yorkshire Limited, the company is in the process of being wound up. |
| 13. | ULTIMATE PARENT COMPANY |
| The Company's ultimate parent company is JBG Holdings Limited (a company registered in England and Wales). The address is 28 Prescott Street, Halifax, West Yorkshire, HX1 2LG. Copies of its group accounts are available from the Registrar of Companies. |