Glenkeen Furnishings Ltd 31/08/2021 iXBRL

Glenkeen Furnishings Ltd 31/08/2021 iXBRL

GLENKEEN FURNISHINGS LTD - Company Information

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Company registration number: NI604397
Glenkeen Furnishings Ltd
Unaudited filleted financial statements
31 August 2021
Glenkeen Furnishings Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Glenkeen Furnishings Ltd
Directors and other information
Director Aaron Aiken
Company number NI604397
Registered office 37 Glendermott Road
Londonderry
Northern Ireland
BT47 6BG
Business address 37 Glendermott Road
Londonderry
Northern Ireland
BT47 6BG
Accountants PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Co Derry
BT47 4LG
Bankers Bank of Ireland
Waterside
Londonderry
BT47 1AA
Glenkeen Furnishings Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Glenkeen Furnishings Ltd
Year ended 31 August 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenkeen Furnishings Ltd for the year ended 31 August 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Glenkeen Furnishings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Glenkeen Furnishings Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenkeen Furnishings Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Glenkeen Furnishings Ltd 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 Glenkeen Furnishings Ltd. You consider that Glenkeen Furnishings Ltd 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 Glenkeen Furnishings Ltd. 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.
PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Co Derry
BT47 4LG
31 May 2022
Glenkeen Furnishings Ltd
Statement of financial position
31 August 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - 967
Tangible assets 6 240,978 209,912
_______ _______
240,978 210,879
Current assets
Stocks 660,250 665,000
Debtors 7 380,166 160,612
Cash at bank and in hand 964,231 1,010,663
_______ _______
2,004,647 1,836,275
Creditors: amounts falling due
within one year 8 ( 750,813) ( 1,122,404)
_______ _______
Net current assets 1,253,834 713,871
_______ _______
Total assets less current liabilities 1,494,812 924,750
Creditors: amounts falling due
after more than one year 9 - ( 50,000)
Provisions for liabilities ( 17,005) ( 11,670)
_______ _______
Net assets 1,477,807 863,080
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,477,705 862,978
_______ _______
Shareholders funds 1,477,807 863,080
_______ _______
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2022 , and are signed on behalf of the board by:
Aaron Aiken
Director
Company registration number: NI604397
Glenkeen Furnishings Ltd
Statement of changes in equity
Year ended 31 August 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2019 100 667,983 668,083
Profit for the year 336,995 336,995
_______ _______ _______
Total comprehensive income for the year - 336,995 336,995
Issue of shares 2 2
Dividends paid and payable ( 142,000) ( 142,000)
_______ _______ _______
Total investments by and distributions to owners 2 ( 142,000) ( 141,998)
_______ _______ _______
At 31 August 2020 and 1 September 2020 102 862,978 863,080
Profit for the year 725,727 725,727
_______ _______ _______
Total comprehensive income for the year - 725,727 725,727
Dividends paid and payable ( 111,000) ( 111,000)
_______ _______ _______
Total investments by and distributions to owners - ( 111,000) ( 111,000)
_______ _______ _______
At 31 August 2021 102 1,477,705 1,477,807
_______ _______ _______
Glenkeen Furnishings Ltd
Notes to the financial statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Glendermott Road, Londonderry, Northern Ireland, BT47 6BG.
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'.
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.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % straight line
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.
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. 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.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2020: 19 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2020 and 31 August 2021 58,177 58,177
_______ _______
Amortisation
At 1 September 2020 57,210 57,210
Charge for the year 967 967
_______ _______
At 31 August 2021 58,177 58,177
_______ _______
Carrying amount
At 31 August 2021 - -
_______ _______
At 31 August 2020 967 967
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2020 139,529 149,026 29,576 318,131
Additions - 55,257 1,098 56,355
_______ _______ _______ _______
At 31 August 2021 139,529 204,283 30,674 374,486
_______ _______ _______ _______
Depreciation
At 1 September 2020 - 82,094 26,125 108,219
Charge for the year - 24,438 851 25,289
_______ _______ _______ _______
At 31 August 2021 - 106,532 26,976 133,508
_______ _______ _______ _______
Carrying amount
At 31 August 2021 139,529 97,751 3,698 240,978
_______ _______ _______ _______
At 31 August 2020 139,529 66,932 3,451 209,912
_______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 203,958 70,369
Amounts owed by group undertakings and undertakings in which the company has a participating interest 100,206 -
Other debtors 76,002 90,243
_______ _______
380,166 160,612
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 424,952 745,754
Corporation tax 163,368 77,034
Social security and other taxes 155,599 293,942
Other creditors 6,894 5,674
_______ _______
750,813 1,122,404
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors - 50,000
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Aaron Aiken - - - -
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Aaron Aiken 107,793 24,549 ( 70,000) 62,342
_______ _______ _______ _______