Cameron Retail Furnishings (NI) Limited Filleted accounts for Companies House (small and micro)

CAMERON RETAIL FURNISHINGS (N.I.) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI010615

Cameron Retail Furnishings (NI) Limited

Filleted Unaudited Abridged Financial Statements

31 January 2022

Cameron Retail Furnishings (NI) Limited

Abridged Statement of Financial Position

31 January 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	9	2,445,885	2,567,360
Investments	10	435,000	435,000
		------------	------------
		2,880,885	3,002,360

Current assets

Stocks		767,760	815,953
Debtors		27,547	237,855
Investments	11	5,275	5,275
Cash at bank and in hand		594,042	9,544
		------------	------------
		1,394,624	1,068,627

Creditors: amounts falling due within one year	682,260		675,987
	------------		------------
Net current assets		712,364	392,640
		------------	------------
Total assets less current liabilities		3,593,249	3,395,000

Creditors: amounts falling due after more than one year		–	90,572

Provisions

Taxation including deferred tax	14	63,963	65,435
		------------	------------
Net assets		3,529,286	3,238,993
		------------	------------

Capital and reserves

Called up share capital	16	53,000	53,000
Profit and loss account	17	3,476,286	3,185,993
		------------	------------
Shareholder funds		3,529,286	3,238,993
		------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 January 2022 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 abridged 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 abridged financial statements .

Cameron Retail Furnishings (NI) Limited

Abridged Statement of Financial Position (continued)

31 January 2022

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 28 October 2022 , and are signed on behalf of the board by:

Mr J Cameron	Mr S Glasgow
Director	Director

Company registration number: NI010615

Cameron Retail Furnishings (NI) Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 23/29 Broughshane Street, Ballymena, BT43 6EB, Northern Ireland.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires the directors to exercise their judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below. The financial statements are prepared in sterling, which is the functional currency of the company .

Trading period

The results for the year comprise store sales and related costs for the 52 weeks (2021: 53 weeks) ended 29 January 2022 (2021: 30 January 2021).

Going concern

The financial position of the company, its cash flows, liquidity position and borrowing facilities are reflected in the financial statements. The company meets its day-to-day working capital requirements through an overdraft facility that is reviewed periodically by the company's bank. The company's forecasts and projections show that the company should be able to operate within the level of its current facilities. The company has held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements made in applying accounting policies To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. Trading period The results for the year comprise store sales and related costs for the 52 weeks (2021: 53 weeks) ended 29 January 2022 (2020: 53 weeks to 30 January 2021). Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Property valuation The carrying value of the properties from which the company trades and its investment properties is based upon the directors' review of their fair values. Depreciation The company has a significant tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on both the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. Furthermore, in calculating the depreciation charge on property assets, the value of land is not taken into account. This value is uncertain. There have been no significant revisions to the estimated lives or land values during the current financial year. Stocks In calculating the net realisable value of stocks, management takes into account the most reliable evidence available at the year end, which involves applying departmental margins to the majority of stock held. These margins are standardised across each department - however, individual items of stock may have varying margins .

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, and discounts allowed by the company and value added taxes. The company operates a retail department store. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. The company does not operate any loyalty programmes. Rental income from investment property leased out under operating leases is recognised in the statement of income over the term of the lease. Dividend income is recognised when the right to receive payment is established.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Deferred tax is provided in full on temporary timing differences in respect of revaluation reserve. The difference between the fair value at transition, being the revalued cost less accumulated depreciation, and historic cost, adjusted for indexation at transition date is provided in full. Any deferred tax liability that is recognised follows the original accounting entry and is written off against the revaluation reserve .

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is 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:

Property	-	2% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	30% reducing balance

Investment property

Investment property is property that is held by the company in order to earn rentals, for capital appreciation or both, and whose fair value can be measured reliably. Fair value is the amount for which an asset, liability or equity instrument could be exchanged or settled between knowledgeable, willing parties in an arm's length transaction. Investment property is measured at fair value at each reporting date. with fair value gains and losses being taken to profit or loss.

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 of fixed assets

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. For the purposes of impairment testing, 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 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.

Cash at bank and in hand

Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to disposal. The majority of stock is valued at cost by applying a margin to the retail value. Margins are calculated and applied on a departmental basis. Certain stock is valued directly at cost without the need to apply a margin to the retail value.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 abridged 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial Assets Basic financial assets, including trade debtors and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except for investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when: (a) the contractual rights to the cash flows from the asset expire or are settled or(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade creditors and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as an interest expense. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Defined contribution pension plans

Contributions to defined contribution pension 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 as a finance cost in profit or loss in the period in which it arises.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of changes in equity.

Related party transactions

The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

Transactions and balances are disclosed with entities and persons who are related parties at the balance sheet date.

4. Turnover

Turnover arises from:

	2022	2021
	£	£
Sale of goods	3,087,909	2,045,237
	------------	------------

The results for the year comprise store sales and related costs for the 52 weeks (2021 - 53 weeks) ended 29 January 2022 (2021 - 30 January 2021).

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 49 (2021: 54 ).

6. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2022	2021
	£	£
Remuneration	123,621	85,371
Company contributions to defined contribution pension plans	9,223	7,560
	---------	--------
	132,844	92,931
	---------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2022	2021
	No.	No.
Defined contribution plans	2	1
	----	----

Directors' remuneration is disclosed for directors' emoluments paid to or receivable in respect of qualifying services as a director of the company. Consequently, for directors appointed during the reporting period, remuneration is disclosed from the date of appointment as a director and comparative figures are not amended.

7. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	105,228	20,372
Adjustments in respect of prior periods	–	( 345)
	---------	--------
Total current tax	105,228	20,027
	---------	--------

Deferred tax:

Origination and reversal of timing differences	( 1,472)	( 2,725)
	---------	--------
Tax on profit	103,756	17,302
	---------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	440,499	70,638
	---------	--------
Profit on ordinary activities by rate of tax	83,694	13,421
Adjustment to tax charge in respect of prior periods	–	( 345)
Effect of capital allowances and depreciation	21,574	6,999
Effect of revenue exempt from tax	( 19)	( 19)
Other adjustments	( 21)	( 29)
Deferred Tax - origination and reversal of timing differences	(1,472)	(2,725)
	---------	--------
Tax on profit	103,756	17,302
	---------	--------

8. Dividends

	2022	2021
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	46,450	–
	--------	----

9. Tangible assets

	£
Cost or valuation
At 1 February 2021	3,035,357
Additions	6,317
Revaluations	( 85,000)
	------------
At 31 January 2022	2,956,674
	------------
Depreciation
At 1 February 2021	467,997
Charge for the year	42,792
	------------
At 31 January 2022	510,789
	------------
Carrying amount
At 31 January 2022	2,445,885
	------------
At 31 January 2021	2,567,360
	------------

Included within the above is investment property as follows:

	£
At 1 February 2021	335,000
Fair value adjustments	( 85,000)
	---------
At 31 January 2022	250,000
	---------

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The fair values of investment properties have been assessed by the directors, who have compared their net book values at the date of the statement of financial position, to those of similar properties in the area. Accordingly, the directors' are satisfied that the values of these properties are accurately reflected, at their fair value, at the date of the statement of of financial position. An independent professional valuation has not been obtained by the directors.

Tangible assets held at valuation

The fair values of revalued land and buildings have been assessed by the directors, who have compared their net book values at the date of the statement of financial position, to those of similar properties in the area. Accordingly, the directors' are satisfied that the values of these properties are accurately reflected, at their fair value, at the date of the statement of financial position. An independent professional valuation has not been obtained by the directors. Provision has been made on the revalued assets as the conditions for providing deferred tax have been met, the details of which can be found in note 16. Deferred tax is provided in full on temporary timing differences in respect of revaluation reserve. The difference between the fair value at transition, being the revalued cost less accumulated depreciation, and historic cost, adjusted for indexation at transition date is provided in full. Any deferred tax liability that is recognised follows the original accounting entry and is written off against the revaluation reserve. Included within land and buildings is land of £815,000 (2021: £815,000) which is not depreciated.

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:

	£
At 31 January 2022
Aggregate cost	4,162,963
Aggregate depreciation	(1,475,878)
	------------
Carrying value	2,687,085
	------------

At 31 January 2021
Aggregate cost	4,162,963
Aggregate depreciation	(1,400,147)
	------------
Carrying value	2,762,816
	------------

10. Investments

	£
Cost
At 1 February 2021 and 31 January 2022	435,000
	---------
Impairment
At 1 February 2021 and 31 January 2022	–
	---------
Carrying amount
At 31 January 2022	435,000
	---------
At 31 January 2021	435,000
	---------

11. Investments

	2022	2021
	£	£
Other investments	5,275	5,275
	-------	-------

12. Creditors: Amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £nil (2021 - £298,928).

Company bank loans and overdrafts are secured by a debenture, incorporating fixed charges over properties, a cross company guarantee from a subsidiary company, a debenture over the assets of a subsidiary company, and a charge over the property owned by a subsidiary company.

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

13. Creditors: Amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £nil (2021 - £90,572).

14. Provisions

	Deferred tax (note 15)
	£
At 1 February 2021	65,435
Charge against provision	( 1,472)
	--------
At 31 January 2022	63,963
	--------

15. Deferred tax

The deferred tax included in the abridged statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions (note 14)	63,963	65,435
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	63,963	65,435
	--------	--------

16. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	53,000	53,000	53,000	53,000
	--------	--------	--------	--------

17. Reserves

Profit and loss account - this reserve records retained earnings and accumulated losses.

18. Contingencies

Cross company guarantees in relation to bank overdrafts and loans are in place between the company and group undertakings. At the balance sheet date, group undertakings did not have any such borrowings.

19. Related party transactions

During the year the company received management charge income of £60,000 (2021 - £45,000) from group undertakings. During the period the company received net funds of £153,313 from group undertakings (2021 - advanced net funds of £168,243). At the balance sheet date the company was owed £3,905 by group undertakings on an interest free basis, which is repayable on demand (2021 - £157,218). During the year the company received net funds from directors totalling £43,740 (2021 - made net repayments of £57,006). At the balance sheet date the company owed the directors £53,793 in total (2021 - £10,053).

20. Controlling party

The ultimate controlling party is Mr John Cameron.