Amica Accessories Limited Company Accounts

AMICA ACCESSORIES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-01-01 Sage Accounts Production Advanced 2017 - FRS 10,000 7,500 2,500 10,000 2,500 2,276 582 2,858 1,578 753 2,331 527 698 xbrli:pure xbrli:shares iso4217:GBP 08241188 2016-01-01 2016-12-31 08241188 2016-12-31 08241188 2015-12-31 08241188 2015-01-01 2015-12-31 08241188 2015-12-31 08241188 core:NetGoodwill 2016-01-01 2016-12-31 08241188 core:FurnitureFittings 2016-01-01 2016-12-31 08241188 bus:LeadAgentIfApplicable 2016-01-01 2016-12-31 08241188 bus:Director1 2016-01-01 2016-12-31 08241188 core:NetGoodwill 2015-12-31 08241188 core:NetGoodwill 2016-12-31 08241188 core:FurnitureFittings 2015-12-31 08241188 core:FurnitureFittings 2016-12-31 08241188 core:WithinOneYear 2016-12-31 08241188 core:WithinOneYear 2015-12-31 08241188 core:ShareCapital 2016-12-31 08241188 core:ShareCapital 2015-12-31 08241188 core:RetainedEarningsAccumulatedLosses 2016-12-31 08241188 core:RetainedEarningsAccumulatedLosses 2015-12-31 08241188 core:NetGoodwill 2015-12-31 08241188 core:FurnitureFittings 2015-12-31 08241188 bus:FRS102 2016-01-01 2016-12-31 08241188 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 08241188 bus:FullAccounts 2016-01-01 2016-12-31 08241188 bus:SmallCompaniesRegimeForAccounts 2016-01-01 2016-12-31 08241188 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31

COMPANY REGISTRATION NUMBER: 08241188

Amica Accessories Limited

Unaudited Financial Statements

31 December 2016

HOLLINGDALE POOLEY

Chartered accountant

Bramford House

23 Westfield Park

Clifton

Bristol

BS6 6LT

Amica Accessories Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Amica Accessories Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Amica Accessories Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amica Accessories Limited for the year ended 31 December 2016, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

HOLLINGDALE POOLEY Chartered accountant

Bramford House 23 Westfield Park Clifton Bristol BS6 6LT

25 May 2017

Amica Accessories Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	6	–	2,500
Tangible assets	7	527	698
		----	-------
		527	3,198

Current assets

Stocks	8	39,925	25,000
Debtors	9	63,791	68,430
Cash at bank and in hand		265,511	189,901
		---------	---------
		369,227	283,331

Creditors: amounts falling due within one year	10	227,605		157,929
		---------		---------
Net current assets			141,622	125,402
			---------	---------
Total assets less current liabilities			142,149	128,600
			---------	---------
Net assets			142,149	128,600
			---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	142,148	128,599
	---------	---------
Member funds	142,149	128,600
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 May 2017 , and are signed on behalf of the board by:

Ms J Weddell
Director

Company registration number: 08241188

Amica Accessories Limited

Notes to the Financial Statements

Year ended 31 December 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 Bramford House, 23 Westfield Park, Clifton, Bristol, BS6 6LT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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	-	25% 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 & Fittings	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 3 (2015: 1).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Amortisation of intangible assets	2,500	2,500
Depreciation of tangible assets	753	608
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Jan 2016 and 31 Dec 2016	10,000
	--------
Amortisation
At 1 January 2016	7,500
Charge for the year	2,500
	--------
At 31 December 2016	10,000
	--------
Carrying amount
At 31 December 2016	–
	--------
At 31 December 2015	2,500
	--------

7. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2016	2,276
Additions	582
	-------
At 31 December 2016	2,858
	-------
Depreciation
At 1 January 2016	1,578
Charge for the year	753
	-------
At 31 December 2016	2,331
	-------
Carrying amount
At 31 December 2016	527
	-------
At 31 December 2015	698
	-------

8. Stocks

	2016	2015
	£	£
Raw materials and consumables	39,925	25,000
	--------	--------

9. Debtors

	2016	2015
	£	£
Trade debtors	33,619	39,719
Other debtors	30,172	28,711
	--------	--------
	63,791	68,430
	--------	--------

10. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	2,964	8,994
Corporation tax	24,684	18,330
Social security and other taxes	53,790	27,368
Other creditors	146,167	103,237
	---------	---------
	227,605	157,929
	---------	---------

11. Director's advances, credits and guarantees

At the year end the company owed Ms J Weddell £142,530 (2015 - £101,571). The loan was interest free. During the year Ms J Weddell received dividends of £83,000 (2015- £30,000).

12. Related party transactions

The company was under the control of Ms J Weddell throughout the current period. Ms J Weddell is the managing director and majority shareholder.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.