Mr Simms Knutsford Limited Company Accounts

KNUTSFORD SWEETS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07872977

Mr Simms Knutsford Limited

Filleted Unaudited Financial Statements

31 December 2016

Mr Simms Knutsford Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Mr Simms Knutsford Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	5	51,462	54,912
Tangible assets	6	11,116	12,528
		--------	--------
		62,578	67,440

Current assets

Stocks		14,000	14,000
Debtors	7	3,934	3,555
Cash at bank and in hand		11,495	8,915
		--------	--------
		29,429	26,470

Creditors: amounts falling due within one year	8	22,189		19,539
		--------		--------
Net current assets			7,240	6,931
			--------	--------
Total assets less current liabilities			69,818	74,371

Creditors: amounts falling due after more than one year	9		45,000	50,000

Provisions

Taxation including deferred tax	2,034	2,316
	--------	--------
Net assets	22,784	22,055
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	22,783	22,054
	--------	--------
Member funds	22,784	22,055
	--------	--------

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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mr Simms Knutsford Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 22 June 2017 , and are signed on behalf of the board by:

Miss J K Chard
Director

Company registration number: 07872977

Mr Simms Knutsford 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 119 King Street, Knutsford, Cheshire, WA16 6EH, United Kingdom.

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

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 11.

Revenue recognition

Turnover represents shop takings for the sale of confectionery, exclusive of Value Added Tax. Turnover is recognised at the point of sale over the counter on a strict daily time basis.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.

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.

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	-	5% 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.

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	-	15% reducing balance
Shop & Office Equipment	-	33% straight line

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the reporting date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 7 (2015: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 Jan 2016 and 31 Dec 2016	69,000
	--------
Amortisation
At 1 January 2016	14,088
Charge for the year	3,450
	--------
At 31 December 2016	17,538
	--------
Carrying amount
At 31 December 2016	51,462
	--------
At 31 December 2015	54,912
	--------

6. Tangible assets

	Fixtures and fittings	Shop and Office Equipment	Total
	£	£	£
Cost
At 1 January 2016	21,196	2,292	23,488
Additions	995	–	995
	--------	-------	--------
At 31 December 2016	22,191	2,292	24,483
	--------	-------	--------
Depreciation
At 1 January 2016	9,859	1,101	10,960
Charge for the year	1,757	650	2,407
	--------	-------	--------
At 31 December 2016	11,616	1,751	13,367
	--------	-------	--------
Carrying amount
At 31 December 2016	10,575	541	11,116
	--------	-------	--------
At 31 December 2015	11,337	1,191	12,528
	--------	-------	--------

7. Debtors

	2016	2015
	£	£
Other debtors	3,934	3,555
	-------	-------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	5,039	2,918
Corporation tax	1,365	1,177
Social security and other taxes	3,337	3,599
Other creditors	12,448	11,845
	--------	--------
	22,189	19,539
	--------	--------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	45,000	50,000
	--------	--------

10. Operating leases

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

	2016	2015
	£	£
Not later than 1 year	13,800	13,200
Later than 1 year and not later than 5 years	55,200	–
	--------	--------
	69,000	13,200
	--------	--------

11. 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.