Now & Then Limited Company Accounts

NOW & THEN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC303136

Now & Then Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2017

Now & Then Limited

Financial Statements

Year ended 31 May 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Now & Then Limited

Officers and Professional Advisers

The board of directors	Mr C Nicholson
	Mrs S J Nicholson

Company secretary	Mr C Nicholson

Registered office	8 Church Street
	Lochwinnoch
	Renfrewshire
	Scotland
	PA12 4AD

Accountants	Stranville John
	Chartered Certified Accountants
	First Floor
	80 High Street
	Johnstone
	Renfrewshire
	PA5 8SP

Bankers	Santander
	Bridle Road
	Bootle
	Merseyside
	L30 4GB

Now & Then Limited

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		3,270	4,360

Current assets

Stocks		32,946	33,125
Debtors	6	489	416
Cash at bank and in hand		2,105	1,453
		--------	--------
		35,540	34,994

Creditors: amounts falling due within one year	7	27,182		37,756
		--------		--------
Net current assets/(liabilities)			8,358	( 2,762)
			--------	-------
Total assets less current liabilities			11,628	1,598

Provisions

Taxation including deferred tax	8	621	872
		--------	-------
Net assets		11,007	726
		--------	-------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		10,907	626
		--------	----
Members funds		11,007	726
		--------	----

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 comprehensive income has not been delivered.

For the year ending 31 May 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Now & Then Limited

Statement of Financial Position (continued)

31 May 2017

These financial statements were approved by the board of directors and authorised for issue on 23 August 2017 , and are signed on behalf of the board by:

Mrs S J Nicholson

Director

Company registration number: SC303136

Now & Then Limited

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Church Street, Lochwinnoch, Renfrewshire, PA12 4AD, Scotland.

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, measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Judgements and key sources of estimation uncertainty

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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, which is recognised on taxable profit for the current and past periods, 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 material 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, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 that 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 estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Equipment	-	25% reducing balance
Motor Vehicle	-	25% reducing balance

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 recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 2 ).

5. Tangible assets

Fixtures and fittings	Motor vehicles	Total
£	£	£

Cost
At 1 June 2016 and 31 May 2017	4,178	7,000	11,178
	-------	-------	--------
Depreciation
At 1 June 2016	3,756	3,062	6,818
Charge for the year	105	985	1,090
	-------	-------	--------
At 31 May 2017	3,861	4,047	7,908
	-------	-------	--------
Carrying amount
At 31 May 2017	317	2,953	3,270
	-------	-------	--------
At 31 May 2016	422	3,938	4,360
	-------	-------	--------

6. Debtors

	2017	2016
	£	£

Other debtors	489	416
	----	----

7. Creditors: amounts falling due within one year

	2017	2016
	£	£

Trade creditors	5,464	5,609
Corporation tax	7,198	7,915
Social security and other taxes	1,940	1,859
Other creditors	12,580	22,373
	--------	--------
	27,182	37,756
	--------	--------

8. Provisions

	Deferred tax (note 9)
	£

At 1 June 2016	872
Unused amounts reversed	( 251)
	----
At 31 May 2017	621
	----

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£

Included in provisions (note 8)	621	872
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£

Accelerated capital allowances	621	872
	----	----

10. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Operating leases

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

	2017	2016
	£	£

Not later than 1 year	–	4,200
Later than 1 year and not later than 5 years	21,163	–
	--------	-------
	21,163	4,200
	--------	-------

12. Directors' advances, credits and guarantees

As at 31 May 2017, the directors, Mr C Nicholson and Mrs S J Nicholson , had advanced a total sum of £11,233 (2016 - £21,206) to the company. No interest is charged on these unsecured loans which are repayable on demand.

13. Related party transactions

During the year, dividends were paid to the directors as follows: Mr C Nicholson £9,000 (2016 - £18,000) Mrs S J Nicholson £9,000 (2016 - £18,000)

14. Transition to FRS 102

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

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