Warrens of Winchester Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07132847 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

WARRENS OF WINCHESTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

Mr P D T Morgan

REGISTERED OFFICE:

Unit 1 Moorside Point

Moorside Road

Winnall

Winchester

Hampshire

SO23 7RX

REGISTERED NUMBER:

07132847 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Intangible assets

4

75,000

82,500

Tangible assets

5

17,940

20,722

Investments

6

100

100

93,040

103,322

CURRENT ASSETS

Stocks

7

94,278

109,405

Debtors

8

34,731

42,918

Cash at bank and in hand

2,854

25,398

131,863

177,721

CREDITORS

Amounts falling due within one year

9

144,619

238,717

NET CURRENT LIABILITIES

(12,756

)

(60,996

)

TOTAL ASSETS LESS CURRENT LIABILITIES

80,284

42,326

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

70,284

32,326

SHAREHOLDERS' FUNDS

80,284

42,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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.

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 8 February 2021 and were signed by:

Mr P D T Morgan - Director

1.	STATUTORY INFORMATION

Warrens of Winchester 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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Warrens of Winchester Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

REVENUE RECOGNITION

Revenue is the amount derived from trading activities of stationery sales, stated after trade discounts, and net of VAT. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

GOODWILL

Goodwill represents the difference between the fair value of the consideration paid on acquisition of a business in 2010 and the fair value of its separate net assets at the date of acquisition. Goodwill is amortised over its estimated useful life of 20 years.

TANGIBLE FIXED ASSETS

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

Short leasehold

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 years

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

STOCKS

Stocks are valued at the lower of cost or net realisable value, after making due allowance for any obsolete or slow moving items.

LEASING COMMITMENTS

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

SHORT TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance. Any losses arising from impairment are recognised in the income statement in other operating expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

150,000

AMORTISATION

At 1 July 2019

67,500

Amortisation for year

7,500

At 30 June 2020

75,000

NET BOOK VALUE

At 30 June 2020

75,000

At 30 June 2019

82,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2019

12,915

18,062

16,189

47,166

Additions

-

2,295

3,699

5,994

At 30 June 2020

12,915

20,357

19,888

53,160

DEPRECIATION

At 1 July 2019

9,215

10,724

6,505

26,444

Charge for year

463

3,030

5,283

8,776

At 30 June 2020

9,678

13,754

11,788

35,220

NET BOOK VALUE

At 30 June 2020

3,237

6,603

8,100

17,940

At 30 June 2019

3,700

7,338

9,684

20,722

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2019

and 30 June 2020

100

NET BOOK VALUE

At 30 June 2020

100

At 30 June 2019

100

7.

STOCKS

2020

2019

£

£

Stocks

94,278

109,405

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

21,745

40,057

Other debtors

7,569

-

Prepayments

5,417

2,861

34,731

42,918

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

43,020

88,628

Tax

33,874

22,607

Social security and other taxes

1,321

1,568

VAT

12,383

10,877

Other creditors

40,000

60,000

Rent deposits held

6,115

6,115

Directors' current accounts

-

40,000

Accrued expenses

7,906

8,922

144,619

238,717

10.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

80,000

80,000

Between one and five years

120,000

200,000

200,000

280,000

11.	SECURED DEBTS

There is a fixed and floating charge over the assets of the company with respect to overdrawn bank accounts.

12.	RELATED PARTY DISCLOSURES

The total amount owed to a company under common control is £32,431 (2019: £78,848) as at 30 June 2020.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Warrens of Winchester Limited for the year ended 30 June 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Warrens of Winchester Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Warrens of Winchester Limited and state those matters that we have agreed to state to the director of Warrens of Winchester Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warrens of Winchester Limited and its director for our work or for this report.

It is your duty to ensure that Warrens of Winchester Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Warrens of Winchester Limited. You consider that Warrens of Winchester Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Warrens of Winchester Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................