Gwythers (Tenbury Wells) Limited - Limited company accounts 11.4

REGISTERED NUMBER: 02462030 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2014

FOR

GWYTHERS (TENBURY WELLS) LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

R.H Gwyther

R J Gardiner

P G Gardiner

SECRETARY:

R.H Gwyther

REGISTERED OFFICE:

15 Broad Street

Knighton

Powys

LD7 1BL

REGISTERED NUMBER:

02462030 (England and Wales)

ACCOUNTANTS:

Baker & Co.

Chartered Certified Accountants

Arran House

42 Gravel Hill

Ludlow

Shropshire

SY8 1QR

The directors present their report with the financial statements of the company for the year ended

31 January 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of shoe retailing.

REVIEW OF BUSINESS

During the year trading continued at the Knighton shop. The lease at Welshpool terminates in May 2014 and is

let until then.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

50% of the issued share capital is owned by H. Gwyther & Son Limited and 50% by Gardiner Bros. & Co.

(Leathers) Limited.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

P G Gardiner - Director

20 October 2014

TURNOVER

50,316

80,891

Cost of sales

25,660

54,028

GROSS PROFIT

24,656

26,863

Administrative expenses

37,062

61,786

(12,406

)

(34,923

)

Other operating income

6,966

7,807

OPERATING LOSS

2

(5,440

)

(27,116

)

Interest receivable and similar income

-

17

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

(5,440

)

(27,099

)

Tax on loss on ordinary activities

3

-

(1,328

)

LOSS FOR THE FINANCIAL YEAR

(5,440

)

(25,771

)

FIXED ASSETS

Tangible assets

4

53,591

55,257

CURRENT ASSETS

Stocks

33,792

33,082

Debtors

5

4,710

4,560

Cash at bank and in hand

13,634

16,002

52,136

53,644

CREDITORS

Amounts falling due within one year

6

35,332

33,066

NET CURRENT ASSETS

16,804

20,578

TOTAL ASSETS LESS CURRENT LIABILITIES

70,395

75,835

CREDITORS

Amounts falling due after more than one year

7

90,000

90,000

NET LIABILITIES

(19,605

)

(14,165

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Profit and loss account

9

(20,605

)

(15,165

)

SHAREHOLDERS' FUNDS

(19,605

)

(14,165

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 20 October 2014 and were signed on its behalf by:

P G Gardiner - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Improvements to rented property - 5% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Deferred tax

The charge for deferred taxation takes into account taxation deferred as a result of timing differences

between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation

is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date. However, deferred tax assets are recognised only to the extent that the directors consider that it is

more likely than not that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates

that would apply when the timing differences are expected to reverse, based on tax rates and laws that

have been enacted by the balance sheet date.

2.	OPERATING LOSS

The operating loss is stated after charging:

2014

2013

£

£

Depreciation - owned assets

1,666

3,163

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax credit

The tax credit on the loss on ordinary activities for the year was as follows:

2014

2013

£

£

Deferred tax

-

(1,328

)

Tax on loss on ordinary activities

-

(1,328

)

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 February 2013

and 31 January 2014

88,307

29,640

117,947

DEPRECIATION

At 1 February 2013

33,050

29,640

62,690

Charge for year

1,666

-

1,666

At 31 January 2014

34,716

29,640

64,356

NET BOOK VALUE

At 31 January 2014

53,591

-

53,591

At 31 January 2013

55,257

-

55,257

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Associated company trade

debtor

2,043

1,633

Prepayments

2,667

2,927

4,710

4,560

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade creditors

204

342

Social security and other taxes

920

956

Associated co's current a/cs

30,657

28,256

Accrued expenses

3,551

3,512

35,332

33,066

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2014

2013

£

£

Loans from associated companies

90,000

90,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

1

1,000

1,000

9.

RESERVES

Profit

and loss

account

£

At 1 February 2013

(15,165

)

Deficit for the year

(5,440

)

At 31 January 2014

(20,605

)

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

11.	POST BALANCE SHEET EVENTS

In August 2011 the decision was made to have a closing down sale in all three related entities, two

branches have closed with the third remaining open to realise stock in trade. The directors are of the

opinion that the fixed and current assets of the business at 31 January 2014 should eventually realise at or

above their book values and therefore no reinstatement is necessary.

The lease on the Welshpool shop came to an end on 16 May 2014 and the Company is liable for a

dilapidation charge of approximately £10,000 in the current year.