J.M. Weston UK Limited - Period Ending 2020-12-31
J.M. Weston UK Limited - Period Ending 2020-12-31
Registration number:
J.M. Weston UK Limited
for the Year Ended 31 December 2020
J.M. Weston UK Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
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Judgements |
J.M. Weston UK Limited
Company Information
Directors |
Jean-Marc Laborde Marc Durie |
Company secretary |
Castlegate Secretaries Limited |
Registered office |
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Auditors |
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J.M. Weston UK Limited
(Registration number: 05073034)
Abridged Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Profit and loss account |
79,371 |
74,664 |
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Shareholders' funds |
89,371 |
84,664 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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J.M. Weston UK Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the group has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the group has positive reserves and cash balances. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future period. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of shoes and assciated products net of sales/value added tax, returns, rebates and discounts.
J.M. Weston UK Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Lease acquisition |
equal instalments over period of lease |
Ship fit-out |
12.5% on cost |
Fixtures, fittings & equipment |
20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
J.M. Weston UK Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
J.M. Weston UK Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Included within the net book value of land and buildings above is £12,246 (2019 - £49,001) in respect of short leasehold land and buildings.
Stocks |
2020 |
2019 |
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Finished goods and goods for resale |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
J.M. Weston UK Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020 (continued)
Related party transactions |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Auditor information |
Audit report qualification
The name of the Senior Statutory Auditor who signed the audit report on