Reagans Jewellers Limited - Period Ending 2015-03-31

Registration number: 08445512

Reagans Jewellers Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Beckett Rawcliffe
Chartered Accountants
Beckett House Sovereign Court
Wyrefields Poulton Industrial Estate
Poulton-Le-Fylde
Lancashire
FY6 8JX

Reagans Jewellers Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reagans Jewellers Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reagans Jewellers Limited for the year ended 31 March 2015 set out on pages 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Reagans Jewellers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reagans Jewellers Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reagans Jewellers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Reagans Jewellers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Reagans Jewellers Limited. You consider that Reagans Jewellers 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 accounts of Reagans Jewellers 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 accounts.

......................................

Beckett Rawcliffe
Chartered Accountants
Beckett House Sovereign Court
Wyrefields Poulton Industrial Estate
Poulton-Le-Fylde
Lancashire
FY6 8JX

26 May 2015

Page 1

Reagans Jewellers Limited
(Registration number: 08445512)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					25,000			25,000
Tangible fixed assets					229			269
					25,229			25,269
Current assets
Stocks					17,000			7,700
Debtors					292			-
Cash at bank and in hand					2,884			3,825
					20,176			11,525
Creditors: Amounts falling due within one year					(12,111)			(13,567)
Net current assets/(liabilities)					8,065			(2,042)
Net assets					33,294			23,227
Capital and reserves
Called up share capital		3			200			200
Profit and loss account					33,094			23,027
Shareholders' funds					33,294			23,227

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 May 2015 and signed on its behalf by:

.........................................
Mr Derek Colclough
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Reagans Jewellers Limited
(Registration number: 08445512)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Mrs Linda Colclough
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Reagans Jewellers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

General amortisation accounting policy

Amortisation rates

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over the expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	15% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Reagans Jewellers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		25,000			316			25,316
At 31 March 2015		25,000			316			25,316
Depreciation
At 1 April 2014		-			47			47
Charge for the year		-			40			40
At 31 March 2015		-			87			87
Net book value
At 31 March 2015		25,000			229			25,229
At 31 March 2014		25,000			269			25,269

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		200			200			200			200

Page 5