Smith's Of Covent Garden Ltd. 30/06/2020 iXBRL

Smith's Of Covent Garden Ltd. 30/06/2020 iXBRL

SMITH'S OF COVENT GARDEN LTD. - Company Information

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Company registration number: 0764489
SMITH'S OF COVENT GARDEN LTD.
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2020
Simpson & Co (Accountants) Ltd
21 High Street
Lutterworth
Leicestershire
LE17 4AT
SMITH'S OF COVENT GARDEN LTD.
CONTENTS
Statement of financial position
Notes to the financial statements
SMITH'S OF COVENT GARDEN LTD.
STATEMENT OF FINANCIAL POSITION
30 JUNE 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 1,322,344 1,322,344
Investments 6 27,000 27,000
_______ _______
1,349,344 1,349,344
Current assets
Debtors 7 57,870 59,734
Cash at bank and in hand 4,761,415 5,198,363
_______ _______
4,819,285 5,258,097
Creditors: amounts falling due
within one year 8 ( 80,457) ( 345,260)
_______ _______
Net current assets 4,738,828 4,912,837
_______ _______
Total assets less current liabilities 6,088,172 6,262,181
_______ _______
Net assets 6,088,172 6,262,181
_______ _______
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 6,068,172 6,242,181
_______ _______
Shareholder funds 6,088,172 6,262,181
_______ _______
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 March 2021 , and are signed on behalf of the board by:
Hugh Jackson
Director
Company registration number: 0764489
SMITH'S OF COVENT GARDEN LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 The Old Bakehouse, Course Road, Ascot, SL5 7HL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property - Straight line over the life of the lease
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 2 ).
5. Tangible assets
Long leasehold property Total
£ £
Cost
At 1 July 2019 and 30 June 2020 1,322,344 1,322,344
_______ _______
Depreciation
At 1 July 2019 and 30 June 2020 - -
_______ _______
Carrying amount
At 30 June 2020 1,322,344 1,322,344
_______ _______
At 30 June 2019 1,322,344 1,322,344
_______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property Total
£ £
At 30 June 2020
Aggregate cost 1,288,407 1,288,407
Aggregate depreciation - -
_______ _______
Carrying amount 1,288,407 1,288,407
_______ _______
At 30 June 2019
Aggregate cost 1,288,407 1,288,407
Aggregate depreciation - -
_______ _______
Carrying amount 1,288,407 1,288,407
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2019 and 30 June 2020 27,000 27,000
_______ _______
Impairment
At 1 July 2019 and 30 June 2020 - -
_______ _______
Carrying amount
At 30 June 2020 27,000 27,000
_______ _______
At 30 June 2019 27,000 27,000
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors - 11,254
Other debtors 57,870 48,480
_______ _______
57,870 59,734
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 1,620 2,440
Other creditors 78,837 342,820
_______ _______
80,457 345,260
_______ _______