Ena Mill (Tarleton) Ltd - Period Ending 2016-08-31

Registration number: 07439263

Ena Mill (Tarleton) Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2016

Haleys Business Advisers Limited
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

Ena Mill (Tarleton) Ltd

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Abridged Balance Sheet	4 to 5
Notes to the Abridged Financial Statements	6 to 12

Ena Mill (Tarleton) Ltd

Company Information

Directors

Mr Jonathan Neville Addis Mr Simon Paul Yates

Company secretary

Mr Jonathan Neville Addis

Registered office

Ena Mill Flapperfold Lane Atherton Greater Manchester M46 0HB

Accountants

Haleys Business Advisers Limited Thomas House Meadowcroft Business Park Pope Lane Whitestake Lancashire PR4 4AZ

Page 1

Ena Mill (Tarleton) Ltd

Directors' Report for the Year Ended 31 August 2016

The directors present their report and the abridged financial statements for the year ended 31 August 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr Jonathan Neville Addis - Company secretary and director

Mr Simon Paul Yates

Principal activity

The principal activity of the company is that of a retail outlet.

Going concern

At the balance sheet date the company had net current liabilities. The directors have provided assurance to continue to support the company to ensure it meets it's debts as they fall due.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 31 May 2017 and signed on its behalf by:

.........................................
Mr Jonathan Neville Addis
Company secretary and director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ena Mill (Tarleton) Ltd
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ena Mill (Tarleton) Ltd for the year ended 31 August 2016 as set out on pages 4 to 12 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Ena Mill (Tarleton) Ltd, 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 Ena Mill (Tarleton) Ltd and state those matters that we have agreed to state to the Board of Directors of Ena Mill (Tarleton) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ena Mill (Tarleton) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ena Mill (Tarleton) Ltd 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 Ena Mill (Tarleton) Ltd. You consider that Ena Mill (Tarleton) Ltd 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 Ena Mill (Tarleton) Ltd. 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.

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

Haleys Business Advisers Limited
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

31 May 2017

Page 3

Ena Mill (Tarleton) Ltd

(Registration number: 07439263)
Abridged Balance Sheet as at 31 August 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	5	37,656	42,674
Current assets
Stocks	6	421	2,356
Debtors		4,020	-
Cash at bank and in hand		119,857	96,265
		124,298	98,621
Prepayments and accrued income		17,881	15,981
Creditors: Amounts falling due within one year		(149,332)	(138,264)
Net current liabilities		(7,153)	(23,662)
Total assets less current liabilities		30,503	19,012
Accruals and deferred income		(14,510)	(13,260)
Net assets		15,993	5,752
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,893	5,652
Total equity		15,993	5,752

The notes on pages 6 to 12 form an integral part of these abridged financial statements.

Page 4

Ena Mill (Tarleton) Ltd

(Registration number: 07439263)
Abridged Balance Sheet as at 31 August 2016

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 May 2017 and signed on its behalf by:
 

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

Mr Simon Paul Yates

Director

The notes on pages 6 to 12 form an integral part of these abridged financial statements.

Page 5

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Ena Mill
Flapperfold Lane
Atherton
Greater Manchester
M46 0HB

These financial statements were authorised for issue by the Board on 31 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

Page 6

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

Basis of preparation

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

These financial statements for the year ended 31 August 2016 are the first financial statements that comply with FRS102 Section 1A small entities. The date of transition was 1 September 2014.

The transition to FRS102 Section 1A for small entities has resulted in a small number of changes in accounting policies to those used previously.

Although there has been changes these have not impacted on the shareholders funds at the transition date, as explained in the notes.

The financial statements have been prepared under the historical cost convention.

The company's presentational currency is pounds sterling.5

Judgements

No significant judgements have had to be made by management and directors in preparing these financial statements.

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £37,656 (2015 -£42,675).

Revenue recognition

Turnover represents the net sale of goods, excluding value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 7

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% Straight line
Computer equipment	20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 8

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
 

Page 9

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2015 - 12).

4	Profit before tax

Arrived at after charging/(crediting)

	2016 £	2015 £
Depreciation expense	5,018	3,297

Page 10

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

5	Tangible assets

	Total £
Cost or valuation
At 1 September 2015	47,965
At 31 August 2016	47,965
Depreciation
At 1 September 2015	5,291
Charge for the year	5,018
At 31 August 2016	10,309
Carrying amount
At 31 August 2016	37,656
At 31 August 2015	42,674

6

Stocks

	2016 £	2015 £
Other inventories	421	2,356

7	Related party transactions

Key management personnel

Ena Mill Retail Limited is regarded by the directors as being the company's ultimate parent company.

During the year the company was under the control of the directors.

Summary of transactions with key management

Ena Mill Retail Limited
Ulimate Parent Company

Amount due from the related party at the balance sheet date £4,020 (2015- £Nil).
 

Page 11

Ena Mill (Tarleton) Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 August 2016

8	Transition to FRS 102

First Year Adoption

The company has adopted FRS102 (Section 1A) for the year end 31st August 2016. The directors have considered the requirements of FRS102 (Section 1A) and confirm that there are no adjustments to the comparative prior year amount as a result of this.

Page 12