Teddy Bears of Witney Limited Company Accounts
Teddy Bears of Witney Limited Company Accounts
COMPANY REGISTRATION NUMBER:
03809042
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Financial Statements |
Year ended 31 January 2017
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Investments |
8 |
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– |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
9 |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
5 July 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
03809042
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Notes to the Financial Statements |
Year ended 31 January 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 High Street, Witney, Oxfordshire, OX8 6LY.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Old bears and memorabilia
Old Bears and memorabilia are held for display and publicity purposes. No depreciation is charged as, in the opinion of the director, the residual value of these assets is not significantly less than their cost, and any depreciation would not therefore be material.
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. There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.
Revenue recognition
Income tax
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 |
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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
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:
Computer equipment |
- |
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Equipment |
- |
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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
Provisions
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
8
(2016:
7
).
5.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1 Feb 2016 and 31 Jan 2017 |
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Amortisation |
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At 1 Feb 2016 and 31 Jan 2017 |
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Carrying amount |
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At 31 January 2017 |
– |
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6.
Tangible assets
Old bears and memorabilia |
Plant and machinery |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 February 2016 |
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Additions |
– |
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Disposals |
(
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– |
– |
(
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At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
– |
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Charge for the year |
– |
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At 31 January 2017 |
– |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Other debtors |
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---- |
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8.
Investments
2017 |
2016 |
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£ |
£ |
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Other investments |
50,965 |
– |
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9.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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10.
Director's advances, credits and guarantees
At the year end the directors had made advances to the company and they are disclosed in the creditors note above.
11.
Related party transactions
The company was under the control of Mr I.A.Pout throughout the period. Mr I.A.Pout is the managing director and majority shareholder. The company occupies a freehold property owned by Ian Pout but no rent was payable during the period of these accounts. During the year dividends of £4,941 were paid to the director.