Joseph Storey and Company Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 02974260 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

JOSEPH STOREY AND COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

6

DIRECTOR:

Mr E Medioli

SECRETARY:

Mr N M Slater

REGISTERED OFFICE:

95 King Street

Lancaster

Lancashire

LA1 1RH

REGISTERED NUMBER:

02974260 (England and Wales)

ACCOUNTANTS:

Taylor, Robertson & Willett Ltd

95 King Street

Lancaster

Lancashire

LA1 1RH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

330,847

338,645

330,847

338,645

CURRENT ASSETS

Debtors

6

1,166

1,248

Cash at bank and in hand

-

23,951

1,166

25,199

CREDITORS

Amounts falling due within one year

7

363,450

350,821

NET CURRENT LIABILITIES

(362,284

)

(325,622

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,437

)

13,023

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

(61,437

)

(16,977

)

SHAREHOLDERS' FUNDS

(31,437

)

13,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 3 April 2017 and were signed by:

Mr E Medioli - Director

1.	STATUTORY INFORMATION

Joseph Storey and Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

Apart from the adoption of the amortisation policy regarding intangible assets, described below, there have been

no changes to the accounting policies of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Registration, Evaluation, Authorisation and restriction of Chemicals ("REACH") EU regulation costs are

capitalised. REACH costs are amortised over ten years using the straight line method of calculation commencing

in the year ended 31 December 2011. Having ceased its manufacturing activities this expenditure is no longer of

any value to the company and consequently has been written off..

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

Plant and machinery

-

at variable rates on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

REACH

£

COST

At 1 January 2016

and 31 December 2016

96,449

AMORTISATION

At 1 January 2016

and 31 December 2016

96,449

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

451,968

363,690

815,658

DEPRECIATION

At 1 January 2016

113,323

363,690

477,013

Charge for year

7,798

-

7,798

At 31 December 2016

121,121

363,690

484,811

NET BOOK VALUE

At 31 December 2016

330,847

-

330,847

At 31 December 2015

338,645

-

338,645

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

1,166

1,248

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

213

-

Amounts owed to participating interests

363,237

349,321

Other creditors

-

1,500

363,450

350,821

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2016 set out on pages to and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Our report is prepared solely for the confidential use of the above-named and should not be relied

upon by any third party without prior reference to ourselves.

Taylor, Robertson & Willett Ltd

95 King Street

Lancaster

Lancashire

LA1 1RH

3 April 2017