Nottingham Stamp Centre Limited Company Accounts

NOTTINGHAM STAMP CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09620685

Nottingham Stamp Centre Limited

Unaudited Financial Statements

For the period ended

30 June 2016

SWANDEC

Chartered accountant

550 Valley Road

Basford

Nottingham

NG5 1JJ

Nottingham Stamp Centre Limited

Financial Statements

Period from 3 June 2015 to 30 June 2016

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Nottingham Stamp Centre Limited

Officers and Professional Advisers

The board of directors	Mr DK Hardy
	Mrs AJ Hardy

Registered office	3 Wollaton Street
	Nottingham
	NG1 5FW

Accountants	SWANDEC
	Chartered accountant
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Royal Bank of Scotland
	189 Bramcote Lane
	Wollaton
	Nottingham
	NG8 2QJ

Nottingham Stamp Centre Limited

Statement of Financial Position

30 June 2016

	30 Jun 16
Note	£

Fixed assets

Intangible assets	5	81,000
Tangible assets	6	4,670
		--------
		85,670

Current assets

Stocks	7	48,000
Debtors	8	7,263
Cash at bank and in hand		3,154
		--------
		58,417

Creditors: amounts falling due within one year	9	134,399
		---------
Net current liabilities		75,982
		--------
Total assets less current liabilities		9,688

Provisions	934
	-------
Net assets	8,754
	-------

Capital and reserves

Called up share capital	10	100
Profit and loss account		8,654
		-------
Members funds		8,754
		-------

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 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 income statement has not been delivered.

For the period ending 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period 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 financial statements .

Nottingham Stamp Centre Limited

Statement of Financial Position (continued)

30 June 2016

These financial statements were approved by the board of directors and authorised for issue on 1 March 2017 , and are signed on behalf of the board by:

Mr DK Hardy

Director

Company registration number: 09620685

Nottingham Stamp Centre Limited

Notes to the Financial Statements

Period from 3 June 2015 to 30 June 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Wollaton Street, Nottingham, NG1 5FW.

2. 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.

Revenue recognition

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.

Income tax

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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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 five 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 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

The stock valuation has been estimated by the directors in the light of the existing stocks and gross profits obtained.

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

3. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to 2.

4. Profit before taxation

Profit before taxation is stated after charging:

	Period from
	3 Jun 15 to
	30 Jun 16
	£
Amortisation of intangible assets	9,000
Depreciation of tangible assets	1,661
	-------

5. Intangible assets

	Goodwill
	£
Cost
Additions	90,000
	--------
At 30 June 2016	90,000
	--------
Amortisation
Charge for the period	9,000
	--------
At 30 June 2016	9,000
	--------
Carrying amount
At 30 June 2016	81,000
	--------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
Additions	5,000	1,331	6,331
	-------	-------	-------
At 30 June 2016	5,000	1,331	6,331
	-------	-------	-------
Depreciation
Charge for the period	1,354	307	1,661
	-------	-------	-------
At 30 June 2016	1,354	307	1,661
	-------	-------	-------
Carrying amount
At 30 June 2016	3,646	1,024	4,670
	-------	-------	-------

7. Stocks

	30 Jun 16
	£
Raw materials and consumables	48,000
	--------

8. Debtors

	30 Jun 16
	£
Trade debtors	1,232
Other debtors	6,031
	-------
	7,263
	-------

9. Creditors: amounts falling due within one year

	30 Jun 16
	£
Trade creditors	9,259
Corporation tax	1,886
Other creditors	123,254
	---------
	134,399
	---------

10. Called up share capital

Issued, called up and fully paid

	30 Jun 16
	No.	£
Ordinary shares of £ 1 each	100	100
	----	----

Share movements

	No.	£

At 3 June 2015	–	–
Issue of shares	100	100
	----	----
At 30 June 2016	100	100
	----	----

11. Operating leases

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	30 Jun 16
	£
Later than 1 year and not later than 5 years	27,600
	--------

12. Directors' advances, credits and guarantees

At the balance sheet date £122,797 was owed to the directors in their directors loan account. This amount is unsecured, interest free and repayable on demand.

13. Related party transactions

During the period the directors paid for stock for the value of £40,000. The purchase of goodwill of £90,000, fixtures and fittings for £5,000 and stock of £5,000 were also paid for by the directors. These transactions were made at arms length and for full commercial vale.

14. Early adoption of frs102

This is the first period that the company has traded. The company has prepared the financial statements under FRS102.